{"id":231209,"date":"2022-09-09T18:39:26","date_gmt":"2022-09-09T23:39:26","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=231209"},"modified":"2022-09-09T18:51:11","modified_gmt":"2022-09-09T23:51:11","slug":"lottery-com-loses-four-board-members-as-stock-slump-continues","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/lottery-com-loses-four-board-members-as-stock-slump-continues\/","title":{"rendered":"Lottery.com Endures Another Miserable Week Amid Executive Mass Exodus"},"content":{"rendered":"<p>Shares of embattled Lottery.com (NASDAQ:LTRY) closed higher today. But that doesn\u2019t obfuscate a weekly decline of 15.50% &#8212; one that was hastened by news of four resignations by board members.<\/p>\n<figure id=\"attachment_231210\" aria-describedby=\"caption-attachment-231210\" data-style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-231210\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/TD-142x80.jpg\" alt=\"Lottery.com\" width=\"1200\" height=\"675\" \/><figcaption  id=\"caption-attachment-231210\"class=\"text-description\">Former Lotter.com Director Anthony DiMatteo. He&#8217;s one of several board members that resigned this week. (Image: <em>CBS News<\/em>)<\/figcaption><\/figure>\n<p>This week\u2019s slump by the internet lottery company extends the stock\u2019s year-to-date loss to 95%, while raising further questions about the firm\u2019s prospects for survival.<\/p>\n<blockquote class=\"main-blockquote\"><p><strong>On September 2, 2022, Lisa M. Borders, Steven M. Cohen and William C. Thompson, Jr. each resigned as a member of the Board of the Company and any committees. On September 8, 2022, Lawrence Anthony DiMatteo III resigned as a member of the Board of the Company and any committees. All resignations were effective immediately,\u201d<\/strong> according to a Form 8-K filing with the Securities and Exchange Commission (SEC).<\/p><\/blockquote>\n<p>That adds to Lottery.com\u2019s mounting woes, which include the recent delay of its second-quarter 10-Q filing and warnings that it <a href=\"https:\/\/www.casino.org\/news\/lottery-com-may-not-have-cash-to-survive-12-months\/\">may not have the capital to survive<\/a>.<\/p>\n<h2>Lottery.com on Brink of Losing Nasdaq Listing<\/h2>\n<p>AutoLotto, which does business as Lottery.com, debuted as a standalone public company last November. That\u2019s <a href=\"https:\/\/www.casino.org\/news\/lottery-com-spac-deal-closed-debuts-as-public-company-on-nov-1\/\">following a merger with<\/a> special purpose acquisition company (SPAC) Trident Acquisitions Corp.<\/p>\n<div class=\"callout\">\n<p>Owing to the stock\u2019s now lengthy run below $5 &#8212; and more recently $1 &#8212; it\u2019s possible Nasdaq could warn the gaming company that delisting is a possibility if the share price doesn\u2019t increase. As it is, Lottery.com is telling the exchange operator it\u2019s in violation of other listing standards.<\/p>\n<\/div>\n<p>\u201cOn September 9, 2022, the Company notified The Nasdaq Stock Market LLC (\u201cNasdaq\u201d) that, as a result of such Director Resignations, the Company was no longer in compliance with Nasdaq Listing Rule 5605(b)(1), which requires a majority of the Board to be comprised of Independent Directors as defined in Rule 5605(a)(2), and Nasdaq Listing Rule 5605(c)(2), <strong>which requires the Audit Committee of the Board to consist of at least three members, each of whom is an independent director under the Nasdaq Listing Rules and who meets heightened independence standards for Audit Committee members,\u201d <\/strong>according to the 8-K.<\/p>\n<p>With the four aforementioned departures, Lottery.com\u2019s board dwindles to five members. The company said it\u2019s making efforts to identify and appoint \u201cnew independent directors as soon as practicable.\u201d<\/p>\n<h2>Lottery.com Lifeline<\/h2>\n<p>Lottery.com\u2019s woes, which are in large part attributable <a href=\"https:\/\/www.casino.org\/news\/lottery-com-faces-investor-lawsuit-in-deceitful-accounting-scandal\/\">to an accounting scandal<\/a> and subsequent shareholder class-action lawsuit, place the company in a precarious financial position. Some of that pressure may be easy, as the gaming firm reached a loan agreement with Woodford Eurasia Assets Ltd.<\/p>\n<p><strong>\u201cThe Term Sheet provides for a $2.5 million convertible loan to be funded no later than five business days following the fulfillment of its conditions, such as, the receipt of the Director Resignations and appointment of two new members of the Board and an interim chief executive officer of the Company,\u201d <\/strong>according to the SEC filing.<\/p>\n<p>Lottery.com won\u2019t pay interest on the loan, but it is exchanging 15% of its equity at a 25% discount to the average closing price in the 10 days prior to Sept. 6.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shares of embattled Lottery.com (NASDAQ:LTRY) closed higher today. But that doesn\u2019t obfuscate a weekly decline of 15.50% &#8212; one that was hastened by news of four resignations by board members. This week\u2019s slump by the internet lottery company extends the stock\u2019s year-to-date loss to 95%, while raising further questions about the firm\u2019s prospects for survival. [&hellip;]<\/p>\n","protected":false},"author":46,"featured_media":231210,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,13699],"tags":[81903,13701],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lottery.com Loses Four Board Members As Stock Slump Continues<\/title>\n<meta name=\"description\" content=\"Lottery.com controvesy continues as four directors depart board.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/lottery-com-loses-four-board-members-as-stock-slump-continues\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lottery.com Loses Four Board Members As Stock Slump Continues\" \/>\n<meta property=\"og:description\" content=\"Lottery.com controvesy continues as four directors depart board.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/lottery-com-loses-four-board-members-as-stock-slump-continues\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-09T23:39:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-09T23:51:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/TD.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/lottery-com-loses-four-board-members-as-stock-slump-continues\/\",\"url\":\"https:\/\/www.casino.org\/news\/lottery-com-loses-four-board-members-as-stock-slump-continues\/\",\"name\":\"Lottery.com Loses Four Board Members As Stock Slump Continues\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/lottery-com-loses-four-board-members-as-stock-slump-continues\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/lottery-com-loses-four-board-members-as-stock-slump-continues\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/TD.jpg\",\"datePublished\":\"2022-09-09T23:39:26+00:00\",\"dateModified\":\"2022-09-09T23:51:11+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Lottery.com controvesy continues as four directors depart board.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/lottery-com-loses-four-board-members-as-stock-slump-continues\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/lottery-com-loses-four-board-members-as-stock-slump-continues\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/lottery-com-loses-four-board-members-as-stock-slump-continues\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/TD.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/TD.jpg\",\"width\":1920,\"height\":1080,\"caption\":\"Former Lotter.com Director Anthony DiMatteo. He's one of several board members that resigned this week. (Image: CBS News)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/lottery-com-loses-four-board-members-as-stock-slump-continues\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Lottery.com Endures Another Miserable Week Amid Executive Mass Exodus\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Lottery.com Loses Four Board Members As Stock Slump Continues","description":"Lottery.com controvesy continues as four directors depart board.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/lottery-com-loses-four-board-members-as-stock-slump-continues\/","og_locale":"en_US","og_type":"article","og_title":"Lottery.com Loses Four Board Members As Stock Slump Continues","og_description":"Lottery.com controvesy continues as four directors depart board.","og_url":"https:\/\/www.casino.org\/news\/lottery-com-loses-four-board-members-as-stock-slump-continues\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2022-09-09T23:39:26+00:00","article_modified_time":"2022-09-09T23:51:11+00:00","og_image":[{"width":1920,"height":1080,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/TD.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/lottery-com-loses-four-board-members-as-stock-slump-continues\/","url":"https:\/\/www.casino.org\/news\/lottery-com-loses-four-board-members-as-stock-slump-continues\/","name":"Lottery.com Loses Four Board Members As Stock Slump Continues","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/lottery-com-loses-four-board-members-as-stock-slump-continues\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/lottery-com-loses-four-board-members-as-stock-slump-continues\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/TD.jpg","datePublished":"2022-09-09T23:39:26+00:00","dateModified":"2022-09-09T23:51:11+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Lottery.com controvesy continues as four directors depart board.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/lottery-com-loses-four-board-members-as-stock-slump-continues\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/lottery-com-loses-four-board-members-as-stock-slump-continues\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/lottery-com-loses-four-board-members-as-stock-slump-continues\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/TD.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/TD.jpg","width":1920,"height":1080,"caption":"Former Lotter.com Director Anthony DiMatteo. He's one of several board members that resigned this week. (Image: CBS News)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/lottery-com-loses-four-board-members-as-stock-slump-continues\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Lottery.com Endures Another Miserable Week Amid Executive Mass Exodus"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/231209"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=231209"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/231209\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/231210"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=231209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=231209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=231209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}