Form 8-K - Current report
December 18 2023 - 11:28AM
Edgar (US Regulatory)
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0001673481
0001673481
2023-12-11
2023-12-11
0001673481
LTRY:CommonStockParValue0.001PerShareMember
2023-12-11
2023-12-11
0001673481
LTRY:WarrantsToPurchaseOneShareOfCommonStockEachAtExercisePriceOf230.00Member
2023-12-11
2023-12-11
iso4217:USD
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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): December 11, 2023
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
1.01. Entry into Material Definitive Agreement.
The
Offering
On
December 6, 2023, the Company entered into a placement agent agreement (the “Placement Agent Agreement”) with Univest Securities,
LLC (the “Placement Agent”), whereby the Placement Agent agreed to act as placement agent in connection with the Company’s
offering (“Offering”) of units (“Units”) up to $1,000,000; each Unit consisting of a convertible promissory note
(each, a “Convertible Note” or collectively, the “Convertible Notes”), and a common stock purchase warrant (each,
a “Warrant”, or collectively, the “Warrants”) to purchase shares of common stock of the Company, par value $0.001
per share (the “Common Stock”) which include specific registration rights (“Registration Rights”), directly to
one or more investors (each, an “Investor” and, collectively, the “Investors”) through the Placement Agent.
The Securities (as defined below) shall be offered and sold pursuant to Section 4(a)(2) under the Securities Act of 1933, as amended
(the “Securities Act”).
Promissory
Notes
The
Convertible Notes may be converted into shares of the Company’s common stock, par value $0.001, at any time at a convertible price
of $2.2751 per share (the “Shares”). The Offering is to select institutional and accredited investors and is concurrent with
the private placement of the Warrants and Registration Rights. The Company will be prohibited from effecting any conversion to the extent
that, as a result of such conversion, an Investor would beneficially own more than 4.99% of the shares of common stock outstanding immediately
upon such conversion.
Private
Placement of Warrants
Concurrent
with the closing of the Offering, each Investor will receive as part of their Unit, an unregistered Warrant to purchase the
Company’s common stock at an exercisable price of $2.2751. The ability to exercise each Warrant expires on December 5, 2028,
and each includes a “Most Favored Nation” clause which grants to each Investor the right to claim better conversion
terms should the Company provide such to any other investor prior to exercise of the Warrant. The Company will be prohibited from
effecting an exercise of Warrants to the extent that, as a result of such exercise, an Investor would beneficially own more than
9.9% of the shares of common stock outstanding immediately after giving effect to such exercise of a Warrant.
Registration
Rights
Pursuant
to the terms of the Units, the Company will register the Convertible Note and Warrant Shares for resale under a Registration Statement
on Form S-3 (if Form S-3 is not available), pursuant the Securities Act of 1933, as amended (the “Securities Act”), then
another form of registration will be utilized as available. The Company must file a registration statement by March 5, 2024.
Placement
Agent Agreement
Pursuant
to the Placement Agent Agreement, the Company agreed to pay the Placement Agent a cash fee of $7,500 of the gross proceeds from the Offering
raised from the Investors. In addition, the Company agreed to issue to the Placement Agent (or its assigns) upon payment of $100.00 by
the Placement Agent on the Closing Date, a common stock purchase warrant (the “Placement Agent Warrant”) to purchase 10,000
shares of Common Stock at a price of $2.2751. The Placement Agent Warrant agreement shall be exercisable, in whole or in part, commencing
on the final Closing Date and shall be exercisable for a period of five years. The Placement Agent’s Warrant may be exercisable
on a cashless basis. The Exercise price of the Placement Agent Warrant shall be the same as the Conversion Price of each Convertible
Note. The Placement Agent’s Warrant Agreement and the shares of Common Stock issuable upon exercise thereof (the “PA Warrant
Shares”) are hereinafter referred to together as the “Placement Agent’s Securities.”
The
foregoing descriptions of the Placement Agent Agreement, Purchase Agreements, the Warrants the Registration Rights, and the Placement
Agent Warrants are subject to, and qualified in their entirety by, the forms that will be filed and attached hereto as Exhibits to the
Company’s forthcoming 10-K.
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:
December 18, 2023 |
|
|
v3.23.4
Cover
|
Dec. 11, 2023 |
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Dec. 11, 2023
|
Entity File Number |
001-38508
|
Entity Registrant Name |
Lottery.com
Inc.
|
Entity Central Index Key |
0001673481
|
Entity Tax Identification Number |
81-1996183
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
20808
State Hwy 71 W
|
Entity Address, Address Line Two |
Unit B
|
Entity Address, City or Town |
Spicewood
|
Entity Address, State or Province |
TX
|
Entity Address, Postal Zip Code |
78669
|
City Area Code |
(737)
|
Local Phone Number |
309-4500
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Entity Emerging Growth Company |
true
|
Elected Not To Use the Extended Transition Period |
false
|
Common Stock Par Value 0. 001 Per Share [Member] |
|
Title of 12(b) Security |
Common Stock, par value
$0.001 per share
|
Trading Symbol |
LTRY
|
Security Exchange Name |
NASDAQ
|
Warrants To Purchase One Share Of Common Stock Each At Exercise Price Of 230. 00 [Member] |
|
Title of 12(b) Security |
Warrants to purchase one
share of common stock, each at an exercise price of $230.00
|
Trading Symbol |
LTRYW
|
Security Exchange Name |
NASDAQ
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