Summary by Futu AI
Lottery.com Inc., a Delaware-incorporated company listed on The Nasdaq Stock Market, has announced the finalization of a Share Purchase and Sale Agreement for the acquisition of S&MI Ltd., which operates under the name SportsLocker.com. The agreement, detailed in a Form 8-K report filed with the SEC, was completed on August 14, 2024, with the acquisition scheduled to close by September 1, 2024. The purchase price is set at One Million Dollars USD, to be paid in restricted stock units of Lottery.com's common shares at a fixed price of Three Dollars USD per share. The payment will be distributed over five installments, with specific vesting periods and restrictions for each payment. Additionally, if the closing price of the restricted stock units is lower than the fixed purchase price on the six-month anniversary of any issuance date, the purchase price will be adjusted to the volume-weighted average price of the common stock. The Share Purchase and Sale Agreement and related press releases are included as exhibits in the report.
