Lottery.com has announced that it has completed the proposed business combination with Trident Acquisitions and has begun publicly trading under the NASDAQ ticker LTRY.
In a shareholder meeting last week, Trident stockholders elected to retain 99.6% of Trident’s outstanding stock, resulting in the Company receiving gross proceeds of over $63m from the transaction.
From today, the combined company has been renamed Lottery.com Inc and will begin publicly trading on the Nasdaq Stock Exchange.
Tony DiMatteo, CEO of Lottery.com, commented: “Today represents a momentous achievement for Lottery.com. I am grateful to all our stockholders for their continued support and the entire Lottery.com team for their dedication.”
He continued: “Since we entered our first state, our convenient online platform has resonated with consumers, which has driven our strong growth. As a public company with enhanced access to capital, we plan to continue building on this positive momentum by leveraging our low customer acquisition cost to further expand our customer base, broadening our product offerings, and executing on strategic and synergistic acquisitions.
“We remain squarely focused on realizing the profitable growth opportunities before us and delivering long-term value to our stockholders.”
The combination has been completed shortly after lottery.com published its preliminary results for Q3, which revealed that it expected revenue to be between $22m and $24m, representing around 135% sequential growth from the $9.3m revenue reported in Q2.