Lottery.com Regains Nasdaq Compliance
September 12 2023 - 8:50AM
Lottery.com, Inc. (NASDAQ: LTRY, LTRYW) ("Lottery.com" or the
"Company") announced today that on September 8, 2023, it
received formal notice (the "Notification Letter") from the Listing
Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq")
notifying the Company that it has evidenced compliance with the
minimum bid price requirement set forth in the Nasdaq Listing Rule
5450(a)(1) (the "Minimum Bid Price Requirement") and the filing
requirement Listing Rule 5250(c) (the “Periodic Filing Rule”).
As announced on August 24, 2022, the company was notified
that its ordinary shares failed to maintain a minimum bid price
of $1.00 over the previous 30 consecutive business days
as required by the Minimum Bid Price Requirement. As announced
on August 8, 2023, the Company's shareholders overwhelmingly
approved a reverse stock split. The Company’s board then voted to
approve a 1-for-20 reverse split (the “Split”) which was in the
range approved by the shareholders. The Split became effective at
the close of trading on August 9, 2023. On June 8, 2023, the Nasdaq
Hearings Panel (the “Panel”) granted the Company until June
15, 2023 to file an Annual Report on Form 10-K for the period ended
December 31, 2022 and a Quarterly Report on Form 10-Q for the
period ended March 31, 2023. The Panel also granted the company
until August 24, 2023, to regain compliance with the Minimum Bid
Price Requirement for continued listing. To regain compliance with
the Minimum Bid Price Requirement, the closing bid of the Company's
ordinary shares needed to be at least $1.00 for a
minimum of 10 consecutive business days.
The Notification Letter confirmed that the Company evidenced a
closing bid price at or greater than the $1.00 per
ordinary share minimum requirement for the last 10 consecutive
business days from August 10, 2023 to August 31,
2023 and that the Company has regained compliance with the
Minimum Bid Price Requirement. The Notification Letter also
confirmed that the Company was in compliance with the Periodic
Filing Rule.
For more information please contact:
ir@lottery.com, or visit:
http://www.lottery.com
About Lottery.com, Inc.
Lottery.com, Inc. is a leading technology
company that is transforming how, where and when lotteries are
played. Its engaging mobile and online platforms enable players and
commercial partners located throughout the United States and other
countries to remotely purchase safe and legally sanctioned lottery
games. Lottery participants look to the Company’s website,
Lottery.com, for compelling, real-time results on over 800 lottery
games from over 40 countries. In all that it does, Lottery.com’s
mission remains the same: an uncompromising passion to innovate,
grow a new demographic of enthusiasts, deliver responsible and
trusted solutions, and promote community and philanthropic
initiatives.
Important Notice Regarding
Forward-Looking Statements
This press release contains statements that constitute
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended (the “Securities Act”), and
Section 21E of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). All statements, other than statements of present
or historical fact included in this press release, regarding the
company’s future financial performance, as well as the company’s
strategy, future operations, revenue guidance, projected costs,
prospects, plans and objectives of management are forward-looking
statements. When used in this press release, the words “could,”
“should,” “will,” “may,” “believe,” “anticipate,” “intend,”
“estimate,” “expect,” “project,” the negative of such terms and
other similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
such identifying words. These forward-looking statements are based
on management’s current expectations and assumptions about future
events and are based on currently available information as to the
outcome and timing of future events. Except as otherwise required
by applicable law, Lottery.com disclaims any duty to update any
forward-looking statements, all of which are expressly qualified by
the statements in this section, to reflect events or circumstances
after the date of this press release. Lottery.com cautions you that
these forward-looking statements are subject to numerous risks and
uncertainties, most of which are difficult to predict and many of
which are beyond the control of Lottery.com. In addition,
Lottery.com cautions you that the forward-looking statements
contained in this press release are subject to the following
factors: (i) the outcome of any legal proceedings that may be
instituted against Lottery.com; (ii) the Company’s ability to
maintain effective internal controls over financial reporting,
including the remediation of identified material weaknesses in
internal control over financial reporting relating to segregation
of duties with respect to, and access controls to, its financial
record keeping system, and its accounting staffing levels; (iii)
the effects of competition on Lottery.com’s future business; (iv)
risks related to its dependence on its intellectual property and
the risk that technology could have undetected defects or errors;
(v) changes in applicable laws or regulations; (vi) risks related
to the COVID-19 pandemic or other pandemic and their effect
directly on Lottery.com and the economy generally; (vii) risks
relating to privacy and data protection laws, privacy or data
breaches, or the loss of data; (viii) the possibility that the
Company may be adversely affected by other economic, business,
and/or competitive factors; (ix) the ability of Lottery.com to
achieve its strategic and growth objectives as stated or at all;
and (x) those factors discussed in the proxy statement/prospectus
filed by Lottery.com, Inc. with the U.S. Securities and Exchange
Commission (“SEC”) under the heading “Risk Factors” and the other
documents filed, or to be filed, by the Company with the SEC.
Should one or more of the risks or uncertainties described in this
press release materialize or should underlying assumptions prove
incorrect, actual results and plans could differ materially from
those expressed in any forward-looking statements. Additional
information concerning these and other factors that may impact the
operations and projections discussed herein can be found in the
reports that Lottery.com has filed and will file from time to time
with the SEC. These SEC filings are available publicly on the SEC’s
website at www.sec.gov.
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