Lottery.com Inc (LTRY)

[Willymon]

LTRY - Under Nasdaq Listing Rule 5550(a)(2), if the bid price of our Common Stock is under $1.00 per share over a period of 30 consecutive trading days, Nasdaq may delist our Common Stock from trading.


On August 24, 2022, the Listing Qualifications department of Nasdaq (the “Staff”) notified the Company that the bid price of its Common Stock did not comply with Listing Rule 5550(a)(2) (the “Bid Price Rule”). In accordance with Listing Rule 5810(c)(3)(A), the Company was provided 180 calendar days, or until February 20, 2023, to regain compliance with the Bid Price Rule.

On June 8, 2023 (the “June 8th Decision”), the Panel notified the Company that it had determined to reverse its prior decision and grant the Company’s request for continued listing subject to the Company’s timely compliance with a number of conditions, including implementing the Reverse Stock Split, to the extent necessary to regain compliance with the Bid Price Rule by August 17, 2023. Accordingly, our Board adopted resolutions, subject to approval by our stockholders, to amend our Certificate of Incorporation to effect a Reverse Stock Split of our Common Stock at a ratio in the range of one-for-two to one-for-thirty, such ratio to be determined in the discretion of our Board. These resolutions were approved as a means of increasing the share price of our Common Stock above $1.00, which is required for continued listing on Nasdaq.

Source: https://www.sec.gov/Archives/edgar/data/1673481/000149315223022554/formdef14a.htm#a_004

AS: 500M
OS: 51M

1 for 2 reduces OS to 25M shares without affecting preferred.

Today's close, the price was $0.21, and to meet the $1.00 requirement LTRY would need to reverse split 1 for 5, which would pop the share price to $1.07, and the OS would adjust to 10.2M.


With AS=500M and a OS=10M I see the creation of a dilution machine!


Guess it's hurry up and wait for the vote at the shareholders meeting on August 7, 2023, at 10 a.m. Central Time online at https://www.cstproxy.com/lottery/2023.