Company: LTRYW
Filing Date: 2025-04-22
Form Type: 10-K/A
Source: 0001641172-25-005663
Chunk: 116

Company: Lottery.com Inc.
Filing Date: 2025-04-22
Form: 10-K/A
Chunk 116
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 were not met within the designated deadline and all potential earnout shares were forfeited.

Reverse Stock Split

On August 9, 2023, the Company amended its Charter to implement, effective at 5:30 p.m., Eastern time, a 1-for-20 Reverse Stock Split. At the effective time of the Reverse Stock Split, every 20 shares of common stock either issued and outstanding or held as treasury stock were automatically combined into one issued and outstanding share of common stock, without any change in the par value per share. Stockholders who would have otherwise been entitled to fractional shares of common stock as a result of the Reverse Stock Split received a cash payment in lieu of receiving fractional shares. In addition, as a result of the Reverse Stock Split, proportionate adjustments were made to the number of shares of common stock underlying the Company’s outstanding equity awards, the number of shares issuable upon the exercise of the Company’s outstanding warrants and the number of shares issuable under the Company’s equity incentive plans and certain existing agreements, as well as the exercise, grant and acquisition prices of such equity awards and warrants, as applicable. The Reverse Stock Split was approved by the Company’s stockholders at the Company’s 2023 Annual Meeting of Stockholders on August 7, 2023 and was subsequently approved by the Board of Directors on August 7, 2023.

An adjustment was made to the Company’s warrants based on the 1-for-20 split ratio. The adjustment was made
automatically. The number of shares of common stock issued subject to stock options, warrants, or convertible securities was automatically
decreased by the split ratio and the exercise price or conversion ratio will automatically be proportionately increased by the same split
ratio.

The effects of the Reverse Stock Split were reflected in the Quarterly Report on Form 10-Q for the period ended September 30, 2023 and in all subsequent reports for all periods presented.

International Expansion

In June 2021, we closed the
acquisition of Global Gaming, which held 80% of the equity of each of Aganar and JuegaLotto. Aganar operates in the licensed Online
Lottery market in Mexico and is licensed to sell Mexican National Lottery draw games, instant win tickets, and other games of chance
online with access to a federally approved online casino and sportsbook gaming license. JuegaLotto is licensed by Mexico authorities
to commercialize international lottery games in Mexico through an authorized gaming portal and to commercialize