26 October 2023
Woodford committed to Lottery.com
LONDON, Oct. 26, 2023 /CNW/ — Following public announcements issued by Lottery.com over the past 3 months, the poor performance of the company and a significant share price fall, lender Woodford Eurasia Assets Ltd (Woodford) are now compelled to publicly address a situation which it has been seeking to resolve in private.
A press release issued by NASDAQ-listed Lottery.com on 2 August 2023 publicly informing of a decision made by the Board to appoint an alternative lender, United Capital Investments London Limited (UCIL), a company which operates with a sole director and shareholder Mark Barney Battles – who also is a board director of Lottery.com.
In December 2022 Woodford and Lottery.com entered into a Loan Agreement, which was filed with the U.S. Securities and Exchange Commission (SEC). Woodford did not grant permission for the UCIL agreement to be made and have the right to not approve such an agreement under their Loan Agreement. Woodford are concerned about this new agreement and have conflict of interest concerns. Following the 2 August announcement Lottery.com has suffered a declining share price on the NASDAQ stock exchange.
Since entering into the Loan Agreement with Lottery.com, Woodford have invested over $3million into the company and provided distress recovery to the business – both of which were essential for the survival of the company.
Woodford has assisted Lottery.com with restating the company's audit reports, relaunching the backbone of the business and recommenced ticket sales operations.
Major obstacles were overcome with the aid and expertise of Woodford resulting in a NASDAQ hearing panel agreeing Lottery.com should retain its listing on the exchange. The Lottery.com agreement was made with NASDAQ under the assurance that Woodford would remain an active partner and lender to the business.
It is of great concern to Woodford that UCIL is a company directly related to a director of the Lottery.com board. This is an unacceptable position for Woodford and have now triggered legal recourse in both the United Kingdom and the US.
In December 2022 Woodford and Lottery.com entered into a Loan Agreement, which was filed with the U.S. Securities and Exchange Commission (SEC). Woodford did not grant permission for the UCIL agreement to be made and have the right to not approve such an agreement under their Loan Agreement. Woodford are concerned about this new agreement and have conflict of interest concerns. Following the 2 August announcement Lottery.com has suffered a declining share price on the NASDAQ stock exchange.
Since entering into the Loan Agreement with Lottery.com, Woodford have invested over $3million into the company and provided distress recovery to the business – both of which were essential for the survival of the company.
Woodford has assisted Lottery.com with restating the company's audit reports, relaunching the backbone of the business and recommenced ticket sales operations.
Major obstacles were overcome with the aid and expertise of Woodford resulting in a NASDAQ hearing panel agreeing Lottery.com should retain its listing on the exchange. The Lottery.com agreement was made with NASDAQ under the assurance that Woodford would remain an active partner and lender to the business.
It is of great concern to Woodford that UCIL is a company directly related to a director of the Lottery.com board. This is an unacceptable position for Woodford and have now triggered legal recourse in both the United Kingdom and the US.
A spokesperson for Woodford said:
“We remain committed to the business and future of Lottery.com and the shareholders and we will do our very best to restore Lottery.com's market position. We ask all shareholders to contact us directly for further information or to wait for further developments.”