Sports Entertainment Gaming Global Corp 8-K, filed Sep 27, 2022
Sports Entertainment Gaming Global Corp (SEGG)
About this 8-K
Sports Entertainment Gaming Global Corp filed this 8-K on September 27, 2022, reporting on events of September 21, 2022.
Items reported
- Item 3.01: Delisting notice or listing transfer
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Securities registered pursuant to Section 12(b) of the Exchange Act:
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| The Stock Market LLC | ||||
| The Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check
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standards provided pursuant to Section 13(a) of the Exchange Act.
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On September 21, 2022, Lottery.com Inc. (the “Company”) received a notice (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company is not in compliance with Nasdaq Listing Rule 5605(c)(2), which requires the Audit Committee of the Board of Directors (the “Board”) to consist of at least three members, each of whom is an independent director under the Nasdaq Listing Rules and who meets heightened independence standards for Audit Committee members, and Nasdaq Listing Rule 5605(d)(2), which requires the Compensation Committee of the Board to consist of at least two members, each of whom is an independent director under the Nasdaq Listing Rules.
Additionally, the Notice indicated that pursuant to the Nasdaq staff’s discretionary authority, set forth in Nasdaq Listing Rule 5101, the Nasdaq staff has determined that the Company has until October 5, 2022 to submit its plan to regain compliance.
If the Company’s plan to regain compliance is accepted, Nasdaq may grant an extension of up to 180 calendar days from the date of the Notice for the Company to regain compliance.
While the Company can provide no assurances as to timing, the Company plans to identify new independent Audit Committee and Compensation Committee members as soon as practicably possible to regain compliance with the Nasdaq Listing Rules.
Forward Looking Statements
This Current Report on Form 8-K (the “Form
8-K”) contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of
present or historical fact included in this Form 8-K, regarding the Company’s strategy, future operations, prospects, plans and
objectives of management, are forward-looking statements. When used in this Form 8-K, the words “could,” “should,”
“will,” “may,” “believe,” “anticipate,” “intend,” “estimate,”
“expect,” “project,” “initiatives,” “continue,” the negative of such terms and other similar
expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying
words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are
based on currently available information as to the outcome and timing of future events. The forward-looking statements speak only as of
the date of this Form 8-K or as of the date they are made. The Company cautions you that these forward-looking statements are subject
to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. In
addition, the Company cautions you that the forward-looking statements contained in this Form 8-K are subject to risks and uncertainties,
including but not limited to, any future findings from ongoing review of the Company’s internal accounting controls, additional
examination of the preliminary conclusions of such review, the Company’s ability to secure additional capital resources, the Company’s
ability to continue as a going concern, the Company’s ability to respond in a timely and satisfactory matter to the inquiries by
Nasdaq, the Company’s ability to regain compliance with the Bid Price Requirement, the Company’s ability to regain compliance
with Nasdaq Listing Rules, including the identification of new independent Board members, the Company’s ability to become current
with its SEC reports, and those additional risks and uncertainties discussed under the heading “Risk Factors” in the Form
10-K filed by the Company with the SEC on April 1, 2022, and the other documents filed, or to be filed, by the Company with the SEC. Additional
information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports
that the Company has filed and will file from time to time with the SEC. These SEC filings are available publicly on the SEC’s website
at www.sec.gov. Should one or more of the risks or uncertainties described in this Form 8-K materialize or should underlying assumptions
prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Except as otherwise
required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified
by the statements in this section, to reflect events or circumstances after the date of this Form 8-K.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Lottery.com Inc. | ||
| By: | /s/ Harry Dhaliwal | |
| Name: | Harry Dhaliwal | |
| Title: | Interim Chief Financial Officer | |
Date: September 27, 2022
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