Company: LTRYW
Filing Date: 2025-10-15
Form Type: 10-Q/A
Source: 0001493152-25-018121
Chunk: 57

Company: Lottery.com Inc.
Filing Date: 2025-10-15
Form: 10-Q/A
Chunk 57
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 and sold pursuant to Section 4(a)(2) under the Securities Act of 1933, as amended (the “Securities
Act”).

Business Combination

On October 29, 2021, we, as AutoLotto,
Inc. (“AutoLotto”), consummated the Business Combination with Trident Acquisitions Corp. (“TDAC” and after the
Business Combination described herein, the “Company”), pursuant to the terms of that certain Business Combination Agreement,
dated as of February 21, 2021 (the “Business Combination Agreement”), by and among TDAC, Trident Merger Sub II Corp., a wholly-owned
subsidiary of TDAC (“Merger Sub”) and AutoLotto. Pursuant to the terms of the Business Combination Agreement, Merger Sub merged
with and into AutoLotto with AutoLotto surviving the merger as a wholly owned subsidiary of TDAC, which was renamed “Lottery.com
Inc.” The aggregate value of the consideration paid by TDAC to the holders of AutoLotto common stock in the Business Combination
(excluding shares that may be issued to former AutoLotto stockholders (the “Sellers”) as earnout consideration) was approximately
$440 million, consisting of approximately 2,000,000 shares of common stock valued at $220.00 per share. In addition, each Seller was entitled to
receive its pro rata portion of 150,000 Seller Earnout Shares and each Founder Holder was entitled to receive one-third of 100,000 Founder Holders
Earnout Shares, subject to adjustments in the normal course of business.

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 will be 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
out