Lottery.com fails to comply with Nasdaq filing requirements

In Fort Worth, Texas, on November 20, 2024, Lottery.com Inc. received a notice from The Nasdaq Stock Market LLC regarding its non-compliance with regulatory filing requirements. The notice specifically cites the company's failure to file the Form 10-Q for the quarter ending September 30, 2024, which is mandated under Nasdaq Listing Rule 5250(c)(1). This lapse signifies a serious concern for the company as it suggests potential operational and financial governance issues. Following the receipt of this notice, it is important to note that Lottery.com has a 60-day window to submit a plan demonstrating how it intends to regain compliance with the Listing Rule. In addition, Nasdaq has the discretion to grant an extension of up to 180 days from the due date of the Form 10-Q, which would push the compliance deadline to May 19, 2025. The company has stated its intent to file the overdue Form 10-Q as soon as feasible, though it did not provide specific assurances regarding the timeline for the filing. The situation puts Lottery.com under scrutiny not only from Nasdaq but also raises questions among investors and the public regarding its operational management and potential impacts on its business strategy and market performance. Given the potential ramifications that could arise from not adhering to the filing requirements, this is a critical juncture for Lottery.com as it seeks to recover from this setback and reassure stakeholders about its fiscal health and strategic direction moving forward. The company's management has acknowledged the significance of this notice and is taking steps to address the compliance issues to minimize any adverse consequences that may arise.