Lottery.com enters $50M credit facility with UCIL; resolves Nasdaq audit committee issue

Sports Entertainment Gaming Global Corp

$1M initial loan with warrants for 4.5-15% of outstanding common stock; accordion up to $49M at lender's discretion.
Interest rate 10% per annum; conversion option at $0.075/share or fair value with 20% discount.
Lender UCIL is related to interim CEO Matthew McGahan and board member Barney Battles.
Company disputes default notices from prior lender Woodford Eurasia Assets under separate loan agreement.
Nasdaq confirms compliance with audit committee independence rule following board appointments.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Sports Entertainment Gaming Global Corp entered into Credit Facility with United Capital Investments London Limited valued at $1,000,000 Initial Loan; up to $49,000,000 Accordion; 10% interest per annum; warrants for 4.5%-15% (effective 2023-07-26).

Action: entry
Agreement: credit facility
Counterparty: United Capital Investments London Limited
Value: $1,000,000 Initial Loan; up to $49,000,000 Accordion; 10% interest per annum; warrants for 4.5%-15%
Effective: 2023-07-26

Exact text from the filing

On July 26, 2023, Lottery.com Inc. (the "Company") entered into a credit facility (the "Credit Facility") with United Capital Investments London Limited ("UCIL").

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Sports Entertainment Gaming Global Corp filing history →

Source: SEC EDGAR

accession 0001493152-23-026320

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