Trident Acquisition Corp. (TDAC) Shareholders Approve Lottery.com Deal
Trident Acquisition Corp. (NASDAQ:TDAC) secured shareholder approval of its combination with mobile app and data provider Lottery.com in a special meeting held earlier today.
TDAC pre-announced its redemption amounts yesterday. Just 20,955 shares of its common stock, or 0.4% of the SPAC’s trust, were redeemed in connection with the business combination. This means that stockholders holding 5,765,400 shares, or 99.6% of the SPAC’s outstanding shares, elected to retain their common stock. As a result, Lottery.com expects to receive over $63 million in gross proceeds once the deal closes to be used to fund its working capital and global expansion.
Holders of 8,066,748 shares of common stock were present at today’s special meeting. The business combination was overwhelmingly approved as it received 8,065,271 votes in favor of it, and just 977 against it.
The combined company will be renamed Lottery.com, Inc. and its common stock and warrants are expected to begin trading on The Nasdaq Stock Market under the ticker symbols LTRY and LTRYW, respectively, at the open of the market on Monday, November 1.
Trident initially announced its LOI with Lottery.com on November 19, and later inked the $526 million combination on February 22. Lottery.com allows users to play lottery games through a mobile app and also serves as a data provider for about 400 digital publishers.
All other proposals on the ballot, including the Director Election and the Equity Plan, were approved at today’s meeting. For a full list of tallies and proposals, you may click here.
ADVISORS
- White & Case LLP is serving as legal advisor to Lottery.com.
- B. Riley Securities and Chardan are acting as co-capital markets advisors and financial advisors to Trident.
- Loeb & Loeb is acting as legal advisor to Trident.