Trident Acquisitions Corp. Announces Binding Letter of Intent to Combine with Lottery.com - Seite 2

Co-founder and CEO of Lottery.com, Tony DiMatteo, commented: “Since the inception of Lottery.com, it was our aim to cooperatively transform a legacy industry with innovative technologies and capture significant market share of a large population of smartphone-using potential customers. We have already been successful in our mission, accelerating revenue growth each year, expanding our footprint and making the lottery much more accessible to modern consumers through an easy-to-use and secure mobile application and core technology. As we look to further capitalize on current trends with more consumers shopping from home and interacting through mobile applications than ever before, we believe the business combination with Trident will provide us ample capital to accelerate our growth and enter our next stage as a public company.”

Lottery.com is supported by a strong advisory board and notable investors within the venture capital, gaming and entertainment industries, including:

• Jason Robins, CEO of DraftKings
• Peter Diamandis, Chairman of XPRIZE Foundation
• Ben Narasin, Venture Partner of NEA
• Paraag Marathe, President of 49ers Enterprises
• Matthew Le Merle, Co-founder and Managing Partner of Fifth Era and Keiretsu Capital
• Jamie Gold, The Poker Philanthropist

Transaction Overview

The proposed transaction contemplates that Lottery.com’s stockholders will roll 100% of their equity into the business combination with no minimum cash requirement.

The parties intend to execute a definitive agreement, and currently anticipate closing the business combination in first quarter of 2021. No assurances can be made that the parties will successfully negotiate and enter into a definitive agreement, or that the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all. Any transaction would be subject to the approval of the two companies’ boards, regulatory and shareholder approvals as well as other customary conditions.

About Trident Acquisitions Corp.

Trident Acquisitions Corp. is a special purpose acquisition company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. Trident's securities are quoted on the Nasdaq stock exchange under the ticker symbols TDACU, TDAC and TDACW. For more information, visit tridentacquisitions.com.