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DUBAI - Lottery.com Inc. (NASDAQ: LTRY), currently valued at $35.24 million in market capitalization, has signed an amended Stock Purchase Agreement to acquire 90% of Nook Holdings Limited, a Dubai-based sports and wellness incubator, for approximately $2.5 million in an all-cash transaction. According to InvestingPro analysis, the company’s stock has shown remarkable momentum with a 323% price return over the past six months, though current valuations suggest the stock may be overvalued.
The deal is expected to close on or before June 30, 2025, according to a company press release statement. Despite maintaining impressive gross profit margins of 61%, InvestingPro data indicates the company faces some financial challenges, with short-term obligations currently exceeding liquid assets.
Nook, founded by Ravi Bhusari, has established itself as a hub for sports entrepreneurs in the UAE over the past five years. The company operates from the One JLT building in Dubai and maintains an exclusive partnership with Dubai’s DMCC Free Zone.
Following the acquisition, Lottery.com plans to operate segments of its international sports business from the Nook premises, which will continue to function as both a co-working space and business incubator.
"Nook is not just a workspace—it’s a thriving community of sports and wellness entrepreneurs," said Matthew McGahan, Chairman and CEO of Lottery.com and Sports.com.
Mark Bircham, Director of Lottery.com and Head of Acquisitions at Sports.com, noted that he had worked with the Nook team over the past six months to complete the deal.
The acquisition aligns with Lottery.com’s strategic focus on expanding its presence in the sports and wellness sectors globally. The company, which trades under the tickers LTRY and LTRYW on NASDAQ, operates several brands including Sports.com, Tinbu, and WinTogether.
The transaction represents another step in Lottery.com’s efforts to integrate gaming, entertainment, and sports into its business ecosystem.
In other recent news, Lottery.com Inc. announced its acquisition of a majority stake in DotCom Ventures Inc. for $10 million, expanding its reach in the online ticketing market with platforms like Concerts.com and TicketStub.com. This strategic move aims to integrate these platforms with Lottery.com’s existing services, enhancing revenue potential through a unified entertainment ecosystem. Additionally, Lottery.com has amended its stock purchase agreement with Nook Holdings Limited to acquire a 90% stake in the company, further strengthening its market presence in the Middle East.
The company is also investigating potential illegal short selling of its stock, having engaged Paul Hastings LLP to lead the inquiry into suspected market manipulation. Meanwhile, a lawsuit against Lottery.com was voluntarily dismissed by the plaintiff, removing legal distractions and allowing the company to focus on growth.
Furthermore, Lottery.com continues its brand promotion through motorsport sponsorships, with drivers sponsored by the company performing notably in recent Detroit races. These developments underscore Lottery.com’s ongoing efforts to expand its business operations and enhance its brand visibility in various markets.
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