LTRYW - Lottery.com Inc. Announces Successful Fundraising and Acquisition Update | Benzinga
AUSTIN, Texas, Dec. 18, 2023 (GLOBE NEWSWIRE) -- Lottery.com Inc. (NASDAQ:LTRY, LTRYW)) ("Lottery.com" or the "Company"), a leading technology company that is transforming how, where, and when the lottery is played, is pleased to announce additional new funding. This sets the stage for the Company to fully resume operations. Additionally, the Company will proceed with the acquisition of Nook Holdings Limited ("Nook") to further develop its Sports.com brand in the Middle East.
Lottery.com has enhanced its long-term growth and financial stability by entering into a placement agent agreement with Univest Securities LLC ("Univest"). As part of this agreement, Univest has introduced Lottery.com to new investors, resulting in an initial investment of $1 million. These funds are being utilized as working capital and to restart Lottery.com's core operations including the Nexus Gaming Platform, WinTogether, and the LotteryLink™ affiliate program.
The funding is in the form convertible promissory notes and common stock purchase warrants. The new investment is in addition to the ongoing funding being provided by United Capital Investments Limited ("UCIL").
Gregory Potts, COO of Lottery.com, shared insights into the operational plans following the most recent funding:
"This latest infusion of funds and continued support from UCIL marks a pivotal moment for Lottery.com. We are focusing on enhancing our technological infrastructure and customer experience, ensuring that as we restart operations, we do so with a system that is robust, scalable, and ready to meet the evolving needs of our users. The support from our investors is not just a financial boost but also a vote of confidence in our operational capabilities and future vision."
The new capital also enables Lottery.com to advance its strategic acquisitions. The Company has revised the terms of the original purchase agreement with Nook. After completing the payment of the remainder of the deposit, Lottery.com now anticipates finalizing the Nook acquisition by the end of the first quarter of 2024.
Nook is a pioneering force in the sports, fitness, and wellness industry. Known for its innovative co-working approach in Dubai, Nook has secured 200 licenses for individuals and companies in the sports sector seeking access to Dubai and the broader Middle Eastern market. ...