Lottery broker and information portal Lottery.com will go public on the Nasdaq exchange after reaching a definitive agreement for a merger with special purpose acquisition company (SPAC) Trident Acquisition Group.
The announcement comes three months after Lottery.com owner AutoLotto and New York-listed Trident signed a binding letter of intent to acquire the broker in November 2020, with the combined group estimated to have a post-business combination enterprise value of approximately $526m.
The two parties said the deal will ensure Lottery.com – which provides official lottery games such as Powerball and Mega Millions and enhanced regulatory capabilities by developing innovative blockchain technology – is well-positioned to accelerate its revenue growth through further expansion in its existing markets and into new high-growth markets both domestically and internationally.
The parties said that Lottery.com will be boosted by a $45m growth fund as soon as the transaction is completed, expected by the end of Q1 2021.
