Lottery.Com, Inc. Stock Returns to Trading on Nasdaq
June 14 2023 - 6:00AM
Lottery.com, Inc. (NASDAQ: LTRY, LTRYW) ("Lottery.com" or "the
Company") has returned to trading on The Nasdaq Stock Market
(“Nasdaq” or the “Exchange”). This announcement follows a period of
consultation with Nasdaq that ultimately led to the Company’s
securities being reinstated for trading on the Exchange effective
with the open of the market on Monday, June 12, 2023.
Commenting on this significant
development, Mr. Matthew McGahan, Chairman of Lottery.com,
expressed his satisfaction with the turnaround,
stating:
"We have worked very closely alongside Nasdaq to
swiftly return the Company to trading on the global Exchange. I am
glad that the Nasdaq Panel Members reconsidered their prior
decision and reinstated the Company’s securities for trading. This
result speaks volumes for the persistent effort we have made at the
Company into implementing the disclosure and reporting rules set
forth by Nasdaq. Nasdaq’s reversal and reinstatement of the
Company’s stock on its Exchange is an acknowledgment of the
considerable progress the Company has made to that end. I extend my
heartfelt gratitude to our shareholders and investors for their
patience during this challenging period. The new team at
Lottery.com is carefully addressing the legacy issues, ensuring
that we remain up to date with our filings moving forward. Now, we
can continue shifting our attention to the operational aspects of
our business, which are robust.”
“Operationally speaking, we have had a clear
strategy in place to capitalize on numerous exciting near-term
revenue-generating prospects and partnerships. One such
opportunity is the commencement of international sales, with the
Dominican Republic being our first targeted market. We are eager to
redirect more of our focus towards leveraging our technology and
platform to re-establish a leading position in the lottery
industry.”
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, the Company’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 through its Lottery.com and Sports.com brands.
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.
For more information contact: ir@lottery.com , or visit: http://www.lottery.com.
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