Lottery.com may be dropped from Nasdaq
As Lottery.com did not report the results of its financial performance, it might be removed from the US Nasdaq Stock Market by August 31sh.
According to the US Securities and Exchange Commission, the lottery platform still needs to present the results of financial performance for the time before June 30. The company is trying to submit the report but as it wasn’t made during the required time it means that Lottery.com broke the Nasdaq Listing Rule 5250(c)(1).
Nasdaq rules say the company which is not in line with listing criteria set forth in the 5000 Rule Series is contingent to exclusion from the list or refusal of the initial listing on the Nasdaq Stock Exchange.
At the beginning of August 17th, Nasdaq reported a notice to Lottery.com, saying that standard Nasdaq Lists usually lets brands write plans in order to restore legality and security after sixty calendar days from publication of the information on August 17th. Nasdaq announced that this period is going to be cut down to August 31st.
The Lottery.com is capable of restoring compliance at any moment before this date by filling Form 10-Q, which is required for retaining compliance in the event of an imminent deadline. A plan to restore the compliance is available for business. The brand is allowed to submit an application to the Nasdaq regulator, afterwards it may be given a prolongation of hundred and eighty calendar days from the Form 10-Q with closing deadline or February 13th, to meet with its requirements.
The SEC stated that although the brand did not manage to report any details as regards its schedule, it noted it is going to file Form 10-Q to regain legal compliance in the near future.
Recently Lottery.com has dealt with many setbacks, and that is why the warning was a shock to its business.
Last month, it was discovered that Lottery.com paid 425 thousand dollars in payments for payroll obligations, which was followed by Lawrence DiMatteo departure from his post as head of its business and left the brand.