Lottery.com Shareholders Overwhelmingly Approve Reverse Stock Split at Annual Meeting

UCIL Option to Purchase Sports.com Removed by Board

AUSTIN, Texas, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Lottery.com, Inc. (NASDAQ: LTRY, LTRYW) ("Lottery.com" or the "Company") announces the successful conclusion of its 2023 Annual Meeting of Stockholders (the “Meeting”), held in a virtual-only format. The Meeting yielded significant positive outcomes, instilling confidence in the Company's trajectory among investors and stakeholders with shareholders embracing the reverse stock split and showing overwhelming support for the Company's vision.

After the Meeting, the Company’s Board of Directors (the “Board”) approved a final ratio of 20-for-1 for the reverse stock split (the “Split”), which was within the parameters approved by the shareholders. The Split will become effective at 5:01 p.m. Eastern Time of August 9, 2023. The Company's common stock will begin trading on a reverse-split adjusted basis at the market open on August 10, 2023, under the Company's existing trading symbol "LTRY."

The Split reduces the number of shares of the Company's outstanding common stock from approximately 50.1 million shares to approximately 2.5 million shares, subject to adjustment due to the payment of cash in lieu of fractional shares. As a result of the Split, proportionate adjustments will be made to the number of shares of the Company's common stock underlying the Company's outstanding equity awards, warrants and convertible notes and the number of shares issuable under the Company's equity incentive plans and other existing agreements, as well as the exercise or conversion price, as applicable. There will be no change to the number of authorized shares.

The preliminary vote tally from the Meeting each of the issues on the ballot are as follows:

• 99.2% of votes cast to support the election of Kounoupias as a Class II Director;
• 98.6% of votes cast to ratify the appointment of Yusufali & Associates, LLC; and
• 87.5% of votes cast to support the proposed reverse stock split.
  

As a result, shareholders have indicated that they support the election of Nick Kounoupias as a Class II Director, bringing valuable expertise and insights to the Board. Additionally, shareholders ratified the appointment of Yusufali & Associates, LLC as the Company's independent registered public accounting firm for the year ending December 31, 2023, ensuring strong financial oversight.