Lottery.com Shareholders Overwhelmingly Approve Reverse Stock Split At Annual Meeting; Board Of Directors Approved A Final Ratio Of 20-For-1 For The Reverse Stock Split
Portfolio Pulse from Happy Mohamed
Lottery.com (NASDAQ:LTRY) shareholders have approved a 20-for-1 reverse stock split at the company's 2023 Annual Meeting. The split will reduce the number of outstanding common shares from 50.1 million to approximately 2.5 million. The split will become effective at 5:01 p.m. Eastern Time of August 9, 2023, and the stock will begin trading on a reverse-split adjusted basis on August 10, 2023. The company's board also voted to remove the 'option to purchase Sports.com' from the agreement with United Capital Investments London, Ltd.
August 08, 2023 | 3:44 pm
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NEUTRAL IMPACT
Lottery.com's approved 20-for-1 reverse stock split will significantly reduce the number of outstanding shares. This could potentially increase the stock's price, but it may also deter some investors due to the higher per-share price. The removal of the 'option to purchase Sports.com' could also impact the company's future growth strategies.
Reverse stock splits reduce the number of shares outstanding, which can increase the stock's price. However, they can also deter some investors due to the higher per-share price. The removal of the 'option to purchase Sports.com' could impact the company's future growth strategies, but it's unclear how significant this impact will be.
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