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Poster: Tuesday, April 11, 2024 08:12h
Updated on April 11, 2020, 8:12 a.m.
Lottery.com, the online lottery service provider that was once controversial, announced Thursday its return to Nasdaq listing standards.
This was achieved after the company’s minimum value of publicly-held shares (MVPHS) of $5 million for the last 10 days. Lottery.com, based in Texas, had a $9.97-million market capitalization as of the closing of US markets on today. Find Alpha data. According to the gaming company, regaining compliance with exchange listing requirements could drive future growth.
The Nasdaq listing is essential for our business model. It promotes a democracy in decision making, and empowers stakeholders from a variety of backgrounds to influence the direction of new ventures and business opportunities for both Lottery.com & Sports.com,” CEO Matthew McGahan said.
Lottery.com shares are down by 19.19% over the last year and 76.61% in the past twelve months. In October 2021, the operator became publicly traded. After a merger, Trident Acquisitions Corp., a Special Purpose Acquisition Company (SPAC).
Lottery.com – Long Road back for Lottery.com
Regaining Nasdaq compliance is part of what’s been a long road back for Lottery.com — one filled with controversy, including a spate of executive departures in 2022 There are concerns over the viability of a firm. In that year, FBI agents began an investigation into the former Chief Compliance officer Dennis Ruggeri.
In June 2023, the Nasdaq stock was reinstated after a lengthy period of upheavals and regulatory disputes. Lottery.com, which announced new hires in December last year, also received $18million from Prosperity Investment Management.
The United States District Court for the Southern District of New York, dismissed in February a class-action lawsuit brought by an investor who was dissatisfied with Lottery.com.
McGahan continued, “We will not allow a discredited minority of individuals to influence us. We are committed to serving the needs and interests of every shareholder.”
Lottery.com has more work to be done
Lottery.com has a lot of work ahead to gain the confidence of market participants, and to expand its investor base.
The small capitalization of the company indicates that it is unlikely to be included in near term. Popular equity indexes. Lottery.com will likely be unable to purchase stocks in the future when they are added as benchmarks.
The stock price is also a problem, as many fund managers cannot buy stocks below $5 or $10.
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