AUSTIN, Texas, June 14, 2023 (GLOBE NEWSWIRE) -- Lottery.com, Inc. (NASDAQ: LTRY, LTRYW) ("Lottery.com" or "the Company") has returned to trading on The Nasdaq Stock Market (“Nasdaq” or the “Exchange”). This announcement follows a period of consultation with Nasdaq that ultimately led to the Company’s securities being reinstated for trading on the Exchange effective with the open of the market on Monday, June 12, 2023.
Commenting on this significant development, Mr. Matthew McGahan, Chairman of Lottery.com, expressed his satisfaction with the turnaround, stating:
"We have worked very closely alongside Nasdaq to swiftly return the Company to trading on the global Exchange. I am glad that the Nasdaq Panel Members reconsidered their prior decision and reinstated the Company’s securities for trading. This result speaks volumes for the persistent effort we have made at the Company into implementing the disclosure and reporting rules set forth by Nasdaq. Nasdaq’s reversal and reinstatement of the Company’s stock on its Exchange is an acknowledgment of the considerable progress the Company has made to that end. I extend my heartfelt gratitude to our shareholders and investors for their patience during this challenging period. The new team at Lottery.com is carefully addressing the legacy issues, ensuring that we remain up to date with our filings moving forward. Now, we can continue shifting our attention to the operational aspects of our business, which are robust.”
“Operationally speaking, we have had a clear strategy in place to capitalize on numerous exciting near-term revenue-generating prospects and partnerships. One such opportunity is the commencement of international sales, with the Dominican Republic being our first targeted market. We are eager to redirect more of our focus towards leveraging our technology and platform to re-establish a leading position in the lottery industry.”
About Lottery.com, Inc.
Lottery.com, Inc. is a leading technology company that is transforming how, where and when lotteries are played. Its engaging mobile and online platforms enable players and commercial partners located throughout the United States and other countries to remotely purchase safe and legally sanctioned lottery games. Lottery participants look to the Company’s website, Lottery.com, for compelling, real-time results on over 800 lottery games from over 40 countries. In all that it does, the Company’s mission remains the same: an uncompromising passion to innovate, grow a new demographic of enthusiasts, deliver responsible and trusted solutions, and promote community and philanthropic initiatives through its Lottery.com and Sports.com brands.
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 “Exchange Act”). All statements, other than statements of present or historical fact included in this press release, regarding the company’s future financial performance, as well as the company’s strategy, future operations, revenue guidance, 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 such 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 about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Lottery.com disclaims any duty 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 numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Lottery.com. In addition, Lottery.com cautions you that the forward-looking statements contained in this press release are subject to the following factors: (i) the outcome of any legal proceedings that may be instituted against Lottery.com; (ii) the Company’s ability to maintain effective internal controls over financial reporting, including the remediation of identified material weaknesses in internal control over financial reporting relating to segregation of duties with respect to, and access controls to, its financial record keeping system, and its accounting staffing levels; (iii) the effects of competition on Lottery.com’s future business; (iv) risks related to its dependence on its intellectual property and the risk that technology could have undetected defects or errors; (v) changes in applicable laws or regulations; (vi) risks related to the COVID-19 pandemic or other pandemic and their effect directly on Lottery.com and the economy generally; (vii) risks relating to privacy and data protection laws, privacy or data breaches, or the loss of data; (viii) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (ix) the ability of Lottery.com to achieve its strategic and growth objectives as stated or at all; and (x) those factors discussed in the proxy statement/prospectus filed by Lottery.com, Inc. with the U.S. Securities and Exchange Commission (“SEC”) under the heading “Risk Factors” and the other documents filed, or to be filed, by the Company with the SEC. Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that Lottery.com has filed and will file from time to time with the SEC. These SEC filings are available publicly on the SEC’s website at www.sec.gov.