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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d)
of
the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): May 6, 2024
Lottery.com
Inc.
(Exact
Name of Registrant as Specified in Its Charter)
Delaware |
|
001-38508 |
|
No.
81-1996183 |
(State
or Other Jurisdiction
of
Incorporation) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer
Identification
No.) |
20808
State Hwy 71 W, Unit B
Spicewood,
Texas |
|
78669 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
(737)
309-4500
(Registrant’s
Telephone Number, Including Area Code)
N/A
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Exchange Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.001 per share |
|
LTRY |
|
The
Nasdaq Stock Market LLC |
Warrants
to purchase one share of common stock, each at an exercise price of $230.00 |
|
LTRYW |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act.
Item
8.01. Other Events
Engagement of Services
On
May 6, 2024, the Company entered into an engagement of services agreement with”) J.V.B. Financial Group, LLC, acting
through its Cohen & Company Capital Markets division (“CCM”), to act as its financial advisor in connection
with a possible acquisition of a third party whether by merger, consolidation, acquisition of stock or assets or other business combinations.
Any offering will be conducted on a private
placement basis pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”). CCM is authorized
to solicit offers to purchase the Securities from “accredited investors” as defined in Rule 501 promulgated pursuant
to the Act. CCM shall be obligated only to perform the Services on a “best efforts” basis only.
The
Company shall pay CCM a non-refundable retainer fee in an amount equal to $60,000 per quarter. The retainer fee shall
be payable, at Client’s discretion, in whole either in U.S. dollars or in shares of Client’s common stock.
The
Securities shall be offered and sold pursuant to Section 4(a)(2) under the Securities Act of 1933, as amended (the “Securities
Act”).
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
Lottery.com
Inc. |
|
|
|
|
By: |
/s/
Matthew McGahan |
|
Name: |
Matthew
McGahan |
|
Title: |
Chief
Executive Officer |
Date:
May 13, 2024
Exhibit
99.1
|
FOR OFFICIAL RELEASE |
|
20808 State Highway 71 W Unit B |
|
Spicewood, TX 78669 -6824 |
LOTTERY.COM
ANNOUNCES APPOINTMENT OF NEW STRATEGIC FINANCIAL ADVISER
TO
ACCELERATE AND EXPAND GLOBAL REACH AND ACQUISITION STRATEGY
NYC,
May 13, 2024 — Lottery.com Inc. (Nasdaq: LTRY, LTRYW), a leading technology company transforming how, where, and when lottery
and sports media content is delivered, today announces a significant step to accelerate its global expansion efforts. Lottery.com has
engaged Cohen & Company Capital Markets division (“CCM”), a division of J.V.B. Financial Group LLC, as its financial
advisor to help oversee and structure its acquisition strategy. The Company’s “buy and build” strategy is backed by
the United Capital Investments Limited (“UCIL”) $150 million loan facility with support from strategic investors, such as
Prosperity Investment Management.
Under
the new agreement, effective May 6, 2024, CCM will assist Lottery.com in navigating potential acquisitions and other business combinations
aimed at enhancing the Company’s product offerings and market reach. This partnership is designed to support the Company’s
“buy and build” strategy, targeting a pipeline of potential acquisitions over the next 12 months to bolster both domestic
and international operations, as well as boosting technological and market capabilities.
Lottery.com
looks to develop its lottery market through acquisitions and strategic alliances by pursuing innovative technology partners that will
enhance the Company’s customer engagement, both domestically and internationally.
Another
major initiative includes developing Sports.com into the first mainstream fully immersive streaming platform, providing live, full-engagement
experiences to sports fans around the world. This development will focus on motor sports across the US, Europe, and the Middle East,
along with mainstream American sports, including NFL, NBA, MLS, and USL. The newly launched Sports.com app that is now available on Apple
and Google App Stores, further enhances user access and engagement. This follows successful collaborations and live streaming of major
sports events, including widely acclaimed boxing, mixed martial arts (MMA) and EFC bouts and events.
In
conjunction with CCM as its new strategic financial advisor, the Company is targeting the soccer market. With CCM assisting the Company
to structure and oversee the potential acquisition of certain soccer clubs already identified, the Company hopes to develop and grow
those brands using its Sports.com platform.
Marc
Bircham, Director of Sports.com (and former professional player for Queens Park Rangers FC) commented:
“I’m
delighted to be working with Cohen & Company Capital Markets. Their expertise in financial structuring and fundraising will be crucial
as we lead the Sports.com acquisition program. My focus, along with our team led by Sport.com’s president Majed Al Sorour, will
be to work with Cohen & Company to help close on the acquisition of one UK football club this year.”
Matthew
McGahan, CEO and President of Lottery.com, said:
“Partnering
with Cohen & Company Capital Markets is a major step forward for our business. Their expertise in financial structuring and fund
raising will be crucial as we implement our strategy to expand globally through significant acquisitions, including our focused efforts
on enhancing the Sports.com platform and our target to look at the UK football club market. We also intend to reach into new markets,
especially in the sports media sector, where the company is planning to revolutionise fan engagement through live event streaming accessed
on our wholly owned subsidiary sports.com. With a focus on both domestic and international markets, we are poised to further leverage
our content verticals, including among others ESports and SimRacing, to broaden our reach.
He
added:
“By
leveraging CCM’s expertise, we are better positioned to identify and capitalize on new opportunities that align with our vision
of creating a more connected and engaging experience for lottery and sports fans worldwide. Access to enhanced financial facilities and
different capital structures amplifies our ‘buy and build’ strategy. Our aim is to propel ticket sales in the international
lottery market and rapidly expand the Sports.com audience base in order to best monetize our online assets and technical expertise. Acquisitions
will be structured by utilizing the UCIL $150 million loan facility as voted on by the Company’s shareholders in November 2023,
as well as new capital structures introduced by CCM.”
-ends-
Lottery.com
Contact: press@lottery.com
Lottery.com
is a leading technology company that is transforming how, where and when lottery is played. Its engaging mobile and online platforms
enable players and commercial partners located in the United States and internationally to remotely purchase legally sanctioned lottery
games. Fans and subscribers look to Lottery.com for compelling, real-time results on more than 800 lottery games from more than 40 countries.
Additionally, through WinTogether.org, Lottery.com is fundamentally changing how non-profit donors are incentivized to action by gamifying
charitable giving. 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. For more
information, visit http://www.lottery.com.
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) Lottery.com’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 Lottery.com’s accounting
staffing levels; (iii) the effects of competition on Lottery.com’s future business; (iv) risks related to Lottery.com’s dependence
on its intellectual property and the risk that Lottery.com’s technology could have undetected defects or errors; (v) changes in
applicable laws or regulations; (vi) risks related to the COVID-19 pandemic and its 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
Lottery.com 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
with the SEC under the heading “Risk Factors” and the other documents filed, or to be filed, by Lottery.com 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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|
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|
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