Lottery.com, the lottery-technology company, has announced that it has regained compliance with a Nasdaq listing requirement. This news led to an 89% increase in shares, now valued at 40 cents. The compliance was achieved due to recent appointments made to the company’s board and audit committee.
Strengthening Board and Audit Committee
In order to comply with the Nasdaq listing requirement, two new members were added to Lottery.com’s board and audit committee. Tamer Hassan and Paul Jordan have been appointed to these key positions, ensuring the company’s adherence to the requirements set forth by Nasdaq.
Financing Agreement Details Revealed
Lottery.com has also disclosed further details about its financing agreement with United Capital Investments London (UCIL). Under this agreement, a $1 million initial loan has been provided to the company. Additionally, an additional credit facility of up to $49 million is now available.
Warrants Issued for Initial Loan
In order to secure the initial loan from UCIL, Lottery.com has issued warrants. These warrants allow for the purchase of stock, with a cap set at 15% of the company’s issued and outstanding shares.
Transparency Regarding Board Members’ Interests
It is worth noting that two of Lottery.com’s board members, Barney Battles and Matthew McGahan, have a direct or indirect interest in UCIL. However, the company has ensured transparency and compliance by declaring their interests prior to proceeding with the financing arrangement. Importantly, neither Battles nor McGahan participated in the vote regarding the acceptance of the agreement.