LTRYW - Lottery.com secures $50 million credit facility fulfills Nasdaq compliance
2023-08-03 07:04:17 ET
- Lottery.com ( NASDAQ: LTRY ) ( NASDAQ: LTRYW ) said it reached a definitive agreement with United Capital Investments London ("UCIL") and regained compliance with another Nasdaq listing requirement.
- The agreement provides Lottery.com with an initial loan of $1 million, along with an additional credit facility of up to $49 million.
- To secure the initial loan, the Company issued a number of warrants to UCIL, allowing the latter to purchase shares of Lottery.com's common stock, capped at 15% of the Company's issued and outstanding shares.
- Additionally, the company also made appointments of independent non-executive directors, thus, addressing the deficiency raised by Nasdaq.
- LTRY -16.9% premarket to $0.3409
- Source: Press Release
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Lottery.com secures $50 million credit facility, fulfills Nasdaq compliance