Company: LTRYW
Filing Date: 2025-05-14
Form Type: S-1/A
Source: 0001641172-25-010091
Chunk: 85

Company: Lottery.com Inc.
Filing Date: 2025-05-14
Form: S-1/A
Chunk 85
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2025, on May 2, 2025, Company received a letter from the Nasdaq Listings Qualifications Staff (“Nasdaq Staff”) Indicating
they had determined that the Company failed to comply with Nasdaq’s shareholder approval requirements set forth in Listing Rule
5635(c) (the “Rule”).

The Company was
required to obtain shareholder approval under Listing Rule 5635(b) prior to the establishment of the 2023 Employees’ Directors’
and Consultants Stock Issuance and Option Plan (the “2023 Plan”) and the Ad Hoc Grants and the shares issued in connection
therewith. Under Nasdaq Rules the Company has 45 calendar days to submit a plan to regain compliance. If the plan is accepted, Nasdaq
Staff can grant an extension of up to 180 calendar days or October 26, 2025 to evidence compliance.

As reported on
Form 8-K filed on May 9, 2025, the Company received a written notice from the Listing Qualifications Staff of Nasdaq advising the Company
that the bid price for its common stock had closed at less than $1 per share over the previous 30 consecutive business days, and, as
a result, the Company did not comply with Nasdaq Listing Rule 5450(a)(1). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), Nasdaq
is granting the Company up to 180 calendar days, or until November 5, 2025, to regain compliance with said Nasdaq Listing Rule 5450(a)(1).
If, however, at any time during said 180 calendar day period, the closing bid price of the Company’s common stock is at least $1
for a minimum of ten consecutive business days, the Nasdaq will then provide the Company with a written confirmation of compliance and
this matter will be closed. In the event the Company does not regain compliance with the rule prior to the expiration of the compliance
period, the Company will receive written notification that its securities are subject to delisting.

Furthermore,
the requirement that we maintain a majority of independent directors and at least three members on our audit committee are Nasdaq requirements
that we currently meet but have not met from time to time.

If
the Company’s securities are delisted from Nasdaq, it could be more difficult to buy and sell the Company’s common stock
and warrants or to obtain accurate quotations, and the price of the Company’s common stock and warrants could suffer a