LTRYW - Lottery.com Inc. Secures Increased Funding From Univest | Benzinga
AUSTIN, Texas, Feb. 09, 2024 (GLOBE NEWSWIRE) -- Lottery.com Inc. (NASDAQ:LTRY, LTRYW)) ("Lottery.com" or the "Company"), a leading technology company revolutionizing the lottery experience, today announces a substantial expansion in its fundraising efforts.
The Company has amended its placement agent agreement with Univest Securities, LLC ("Univest"), significantly increasing the commitment from new and existing investors. This move underscores the confidence in Lottery.com's vision and operational strategy, setting a solid foundation for the Company's growth and expansion.
Under the revised terms of the agreement, the offering amount has been increased from $1,000,000 to $5,000,000 due to strong investor interest. Each unit in the offering consists of a convertible promissory note, paired with a common stock purchase warrant, providing investors with significant opportunities for engagement and investment in Lottery.com's future.
The committed funds will be used for general working capital; to explore new acquisition opportunities; and to invest in operations which will ensure the normalization of services, expected to recommence this month.
Matthew McGahan, CEO of Lottery.com, commented:
"We are thrilled with the overwhelming support from our investors, which reflects their confidence in our strategy and our team's ability to execute it. This increased funding commitment enables us to accelerate our growth plans, further innovate our platform, and continue to redefine the lottery experience worldwide. Our partnership with Univest and our investors is pivotal as we embark on this exciting phase of expansion and innovation."
Bradley Richmond at Univest added:
"Lottery.com under its current leadership are back on the right track. This is why our investor network has increased its commitment substantially. We look forward to working together to support the Company along its growth journey."