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AUSTIN, Texas, October 29, 2021 (GLOBE NEWSWIRE) – Lottery.com Inc. (Nasdaq: LTRY, LTRYW) (“Lottery.com” or the “Company”), a leading technology company transforming how, where and when the lottery is played, it announced today that it has completed its previously announced business combination with Trident Acquisitions Corp. (“Trident”). The transaction was approved at a special meeting of Trident shareholders on October 28, 2021. In addition, Trident shareholders elected to retain 99.6% of the outstanding shares of Trident, which enabled the company to collect gross proceeds of over $ 63 million from the transaction.
Upon closing, the amalgamated company was renamed Lottery.com Inc. and its common shares and warrants will begin trading on the Nasdaq stock market under the ticker symbols LTRY and LTRYW, respectively, on Monday, November 1, 2021.
Tony DiMatteo, CEO of Lottery.com commented: “Today represents a momentous achievement for Lottery.com. I am grateful to all of our shareholders for their continued support and to the entire Lottery.com team for their dedication.
He continued, “Since entering our first state, our convenient online platform has resonated with consumers, which has fueled our strong growth. As a public company with improved access to capital, we plan to continue this positive momentum by leveraging our low customer acquisition cost to further expand our customer base, expand our product offering and make strategic acquisitions. and synergistic. We remain resolutely focused on realizing the profitable growth opportunities available to us and on creating long-term value for our shareholders. “
Lottery.com is a leading technology company transforming how, where and when the lottery is played. Its attractive mobile and online platforms allow players and business partners located in the United States and around the world to purchase legally sanctioned lottery games remotely. Fans and subscribers alike look to Lottery.com for compelling real-time results on over 800 lottery games in over 40 countries. Additionally, via WinTogether.org, Lottery.com is fundamentally changing the way nonprofit donors are made to act by gamifying charitable giving. In everything it does, Lottery.com’s mission remains the same: an uncompromising passion to innovate, develop a new population of enthusiasts, deliver responsible and reliable solutions, and promote community and philanthropic initiatives. For more information, visit http://www.lottery.com.
About Trident Acquisitions Corp.
Trident was a blank check company incorporated for the purpose of completing a merger, stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with a or several companies or entities. Prior to the closing of the transaction, Trident securities were listed on the Nasdaq Stock Market (Nasdaq: TDAC, TDACU and TDACW). For more information, visit www.tridentacquisitions.com/home.
Important Notice Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934. , as amended (the “Trade Act”). All statements, other than statements of present or historical fact included in this press release, regarding the future financial performance of the company, as well as the strategy of the company, future operations, estimated financial position, income and losses estimates, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words “could”, “should”, “will”, “may”, “believe”, “anticipate”, “intend”, “estimate”, ” expect “,” project “, the negative of these terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions regarding future events and are based on information currently available as to the outcome and timing of future events. Except as otherwise provided by applicable law, Lottery.com disclaims any obligation to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Lottery.com cautions you that these forward-looking statements are subject to many risks and uncertainties, most of which are difficult to predict and many of which are beyond Lottery.com’s control. In addition, Lottery.com cautions you that forward-looking statements contained in this press release are subject to the following factors: (i) the outcome of any legal proceedings that may be brought against Lottery.com; (ii) Lottery.com’s ability to realize the expected benefits of the business combination, which may be affected, among other things, by competition and Lottery.com’s ability to grow and manage its growth profitably after the business combination; (iii) costs associated with business combinations; (iv) risks related to the deployment of Lottery.com activities and the timing of expected commercial milestones; (v) Lottery.com’s reliance on obtaining and maintaining lottery retail licenses or entering into partnership agreements in various markets; (vi) The ability of Lottery.com to maintain effective internal controls over financial reporting, including the correction of material weaknesses identified in internal control over financial reporting relating to segregation of duties with respect to, and controls over access to, its financial record keeping system, and Lottery.com accounting staff levels; (vii) the effects of competition on the future business of Lottery.com; (viii) the risks associated with Lottery.com’s dependence on its intellectual property and the risk that Lottery.com’s technology presents defects or errors that are not detected; (ix) changes in applicable laws or regulations; (x) the risks associated with the COVID-19 pandemic and its direct effects on Lottery.com and the economy in general; (xi) risks related to privacy and data protection laws, privacy or data breaches, or data loss; (xii) the possibility that Lottery.com will be adversely affected by other economic, commercial and / or competitive factors; (xiii) Lottery.com’s ability to attract and retain directors of its choice in the future; and (xiv) the factors discussed in the Proxy Circular / Prospectus filed by Lottery.com with the Securities and Exchange Commission (the “SEC”) under the heading “Risk Factors” and other filings, or to file, by Lottery .com with the SEC. If one or more of the risks or uncertainties described in this press release materialize or if the underlying assumptions prove to be incorrect, actual results and plans could differ materially from those expressed in the forward-looking statements. Additional information regarding these and other factors that may affect the operations and projections discussed in this document can be found in the reports that Lottery.com has filed and will file from time to time with the SEC. These documents filed with the SEC are publicly available on the SEC’s website at www.sec.gov.
Matthew SchlarbVP, Investor Relations (512) [email protected]
Vadim KomissarovPDG (646) [email protected]