Trident Acquisitions today said it has filed Form 10-Q today for the period ended March 31 with the SEC, which brings the SPAC into compliance with Nasdaq listing rules for financial reporting. With the filing completed, the SPAC said it is squarely focused on expeditiously completing its previously announced business combination with AutoLotto, doing business as Lottery.com, with priority given to filing an S-4.
Trident shareholders have granted the SPAC three deadline extensions since the deal was announced in November. The current deadline to close a deal is Sept. 1, subject to an additional three month extension to Dec. 1. The SPAC raised $175 million in a May 2018 IPO.
The business combination with Lottery.com is valued at $526 million.
The combined company is expected to have more than $45 million in cash at closing, assuming no redemptions by the SPAC’s stockholders.
Founded in 2015, Lottery.com enables users to play the lottery from their phone and on the go. It offers official state-sanctioned lottery games and is also the world’s largest provider of lottery data to over 400 digital publishers, including hundreds of digital newspapers, television and news sites, and major digital publishers such as Google, Verizon/Yahoo and Amazon’s Alexa devices.
If approved, the combined company is expected to list on the Nasdaq under new ticker symbol LTRY. Read more.