Lottery.com shares tumble on going concern doubts

Sports Entertainment Gaming Global

29/07/2022 16:02

** Shares of Lottery.com  LTRY.O  tumble 60% to a record low
of 32 cents after co flags going concern doubts
    ** Co says its does not have enough capital to fund its
operations for 12-month period and, if unable to secure
additional capital, may have to wind down some or all operations
and liquidate assets  urn:newsml:reuters.com:*:nNDL5zVPFS
    ** Co says on Thursday, board determined that it doesn't
have sufficient financial resources to fund operations or pay
certain existing obligations, including payroll
    **  As of July 29, the company owed about $425,000 in
outstanding payroll obligation and intends to furlough certain
employees effective July 29
    ** Last week, LTRY said a review found that co had
overstated its available cash balance by about $30 mln
 urn:newsml:reuters.com:*:nNDLSVM89
    ** Over 2.5 mln shares changed hands, more than 10 times the
stock's 25-day average trading volume
    ** Including session losses, stock fell 95% this year 

 (Reporting by Nandhini Srinivasan in Bengaluru)
 ((Nandhini.srinivasan@thomsonreuters.com))