Close (LTRY) Receives Expected Notice from Nasdaq Related to Delayed Filing of Quarterly Reports on Form 10-Q

November 30, 2022 11:50 AM EST

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As previously disclosed in the Inc. (the “Company”) Notification of Late Filing on Form 12b-25, filed with the Securities and Exchange Commission (the “SEC”) on August 16, 2022, the Company has not yet finalized its review of its financial statements or its assessment of the impact of the findings of the ongoing review of the Company’s internal accounting controls on its historical financial statements or for the financial statements for the quarters ended June 30, 2022 or September 30, 2022, and is therefore unable to file its Quarterly Reports on Form 10-Q for the periods ended June 30, 2022 or September 30, 2022.

On November 28, 2022, the Company received a notice (the “Notice”), dated November 16, 2022, from the Nasdaq Stock Market LLC (“Nasdaq”) indicating that, as a result of an additional delinquency in the timely filing of the Company’s Form 10-Q for the period ended September 30, 2022, as well as not having timely filed the Form 10-Q for the period ended June 30, 2022, with the SEC, (collectively, the “10-Q’s”) the Company remains out of compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”), which requires timely filing of all required periodic financial reports with the SEC.

The Company is working toward filing the Form 10-Q’s as soon as practicable, but was unable to file them by the prescribed due date.

As a result of the delinquencies, the Company must submit an update to its original plan to regain compliance with the Listing Rule.

Additionally, the Notice indicated that under the Nasdaq Listing Rules, a company normally has 60 calendar days to submit a plan to regain compliance, but that the Nasdaq staff has determined to shorten the deadline for the Company to submit its plan to December 1, 2022, pursuant to the staff’s discretionary authority set forth in Nasdaq Listing Rule 5101. While the Company can provide no assurances as to timing, the Company plans to file the Form 10-Q’s as soon as practicably possible to regain compliance with the Listing Rule.


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