Trident Acquisitions in an 8-K filing said its board has extended the merger deadline until Dec. 1 to give the SPAC more time to close its deal with Lottery.com. Trident shareholders in May approved an extension until Sept. 1, as well as a further three-month extension beyond that deadline, as necessary.
Announced in February, the deal with Lottery.com values the combined enterprise at $526 million.
The SPAC also said initial stockholders contributed an aggregate of $289,317.75 to Trident on Aug. 31. Trident is required to contribute 5 cents per share of common stock outstanding for each month in which the daily volume weighted average price of Trident’s common stock for any 10 consecutive trading days in the prior month is below $11.40. Read more.