Lottery.com Inc. (NasdaqGM:LTRY) entered into Memorandum of Understanding to acquire S&MI LTD for $1 million on February 15, 2024. The stock-based acquisition is a significant step in Sports.com's strategy to diversify. Under the terms of agreement, Lottery.com has agreed to pay the shareholders of S&MI Ltd. a total of $1,000,000 in restricted common stock at a valuation of $3.00 per share.

The first payment of $150,000 in Lottery.com restricted common stock (50,000 shares) shall be paid not later than June 15, 2024. The remaining payments in restricted common stock to the shareholders of S&MI Ltd. by the Company will be: (i) a second payment of $212,500 (70,833 shares) due on or before August 14, 2024; (ii) a third payment, of $212,500 (70,833 shares) due on or before November 12, 2024; (iii) a fourth payment of $212,500 (70,833 shares) due on or before February 10, 2025; and (vi) a final fifth payment of $212,500 (70,834 shares) due on or before May 16, 2025. The terms and conditions set forth in the MOU shall be incorporated into a definitive agreement to be entered into by the parties with a Closing Date on or before April 15, 2024.