{"id":253,"date":"2024-06-26T20:36:21","date_gmt":"2024-06-26T17:36:21","guid":{"rendered":"https:\/\/cryptoleopromocode.icu\/2024\/06\/26\/lottery-com-faces-another-nasdaq-notice-for-late-financial-report\/"},"modified":"2024-06-26T20:36:21","modified_gmt":"2024-06-26T17:36:21","slug":"lottery-com-faces-another-nasdaq-notice-for-late-financial-report","status":"publish","type":"post","link":"https:\/\/cryptoleopromocode.icu\/2024\/06\/26\/lottery-com-faces-another-nasdaq-notice-for-late-financial-report\/","title":{"rendered":"Lottery.com Faces Another Nasdaq Notice for Late Financial Report"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/PwOz1Hj9ZKc\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>A digital platform facilitating online lottery participation, Lottery.com, has received a fresh notice from Nasdaq for failing to meet the deadline for its third-quarter financial report. <\/p>\n<p>Nasdaq requires Lottery.com to submit its report to the Securities and Exchange Commission (SEC) using a 10-Q form, however, the company claims it is unable to comply due to ongoing scrutiny of its accounting procedures. <\/p>\n<p>Earlier this year, Lottery.com encountered a similar situation, missing the deadline for its second-quarter financial report for the same reason. <\/p>\n<p>Lottery.com asserts that it is actively working to file its third-quarter report as soon as feasible, but the delay signifies their continued non-compliance with Nasdaq&#8217;s regulations. Specifically, they are in violation of a rule mandating timely submission of financial reports. <\/p>\n<p>Nasdaq has instructed Lottery.com to present a revised plan to address the issue.<\/p>\n<p>The notification, issued on November 16th and received by Lottery.com on November 28th, typically grants companies a 60-day window to rectify the situation. However, in this instance, Lottery.com is obligated to submit a new plan by today (December 1st). <\/p>\n<p>Lottery.com is experiencing a challenging period. The enterprise is striving to regain its footing after a string of misfortunes.<\/p>\n<p>In July, the company&#8217;s leader and chief financial officer were dismissed for violating legal regulations. The company also discovered that it had inflated its cash reserves by $30 million.<\/p>\n<p>Later that month, Lottery.com was unable to compensate its staff and acknowledged owing $425,000 in overdue wages.<\/p>\n<p>In an attempt to rectify the situation, Lottery.com sought financial assistance from Woodford Eurasia, a firm owned by United International Holdings Netherlands BV.<\/p>\n<p>The investors demanded the resignation of four of the five remaining board members. Two of the board members declined, asserting that the company was attempting to obstruct an inquiry into issues raised by the new investor.<\/p>\n<p>Amidst these developments, Armanino stepped down as the company&#8217;s auditor and was succeeded by Yusufali &#038; Associates LLC.<\/p>\n<p>Lottery.com states that it intends to submit its 10-Q form as promptly as feasible to comply with listing requirements, but it cannot specify a timeframe for this action. <\/p>\n<p>Richard Kivel resigned from his position as chairman last month, stating he was &#8220;incapable&#8221; of serving as an independent director because his attempts to revitalize the company were &#8220;actively hindered.&#8221;<\/p>\n<p>Magahan joined Lottery.com in October as an impartial director on its board. A few days later, Lottery.com confirmed Matthew Magahan as chairman and declared Sohail Kureishi as its full-time chief executive officer. Kureishi joined in October on a temporary basis, having previously served as a board member. He will now hold the position permanently.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>A digital platform facilitating online lottery participation, Lottery.com, has received a fresh notice from Nasdaq for failing to meet the deadline for its third-quarter financial report. Nasdaq requires Lottery.com to submit its report to the Securities and Exchange Commission (SEC) using a 10-Q form, however, the company claims it is unable to comply due to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lottery.com Faces Nasdaq Deadline Again<\/title>\n<meta name=\"description\" content=\"Lottery.com struggles to meet Nasdaq deadline for financial report due to accounting scrutiny. 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