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Lottery.com | 8-K: Current report

SEC announcement · Feb 21 17:07

LTRY -0.55%

Summary by Moomoo AI

On February 15, 2024, Lottery.com Inc., a leading online lottery services provider, announced the signing of a Memorandum of Understanding (MOU) with S&MI Ltd., known as SportLocker.com, to acquire the company in a stock-based transaction. The agreement involves Lottery.com paying S&MI Ltd. shareholders a total of $1,000,000 in restricted common stock, valued at $3.00 per share, with payments scheduled between June 15, 2024, and May 16, 2025. The MOU will be incorporated into a definitive agreement by April 15, 2024. Additionally, Lottery.com will support SportLocker.com with cash, media credits, or a combination thereof over the twelve months following the closing date, contingent on raising a minimum of new capital. This acquisition marks the launch of Sports.com, a rebranded platform from SportLocker, aiming to become a premier digital sports entertainment space with innovative features for fan engagement. The platform will offer 24-hour sports news, live streaming, original content, and interactive experiences. Initial focus regions for Sports.com include the USA, Europe, and the Middle East, with plans to expand globally. The acquisition is part of Lottery.com's strategy to diversify its digital entertainment footprint and is expected to drive growth through premium content and direct connections with Mobile Network Operators (MNOs).

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