The information contained on this web page is only a summary of information presented in more detail in the Notice of Pendency and Proposed Settlement of Stockholder Class Action, Settlement Hearing, and Right to Appear (the “Notice”), which you can access by clicking here. Because this website is just a summary, you should review the Notice for additional details.
Notice of Pendency of Class Action: Please be advised that your rights will be affected by the above-captioned stockholder class action (the “Action”) pending in the Court of Chancery of the State of Delaware (the “Court”) if you were a public stockholder of Trident Acquisition Corp. (“Trident” or the “Company”) as of the redemption deadline on October 26, 2021 through the closing of the merger between Trident and AutoLotto, Inc. (the “Merger”) on October 29, 2021 (the “Class Period”).
Notice of Settlement: Please also be advised that plaintiffs (i) Edward Knolls, Tim A. Weisheipl, Jared Polisher, and Peter Feurerer (“Plaintiffs”), individually and on behalf of the Class (defined in Paragraph 32 of the Notice); and (ii) defendants Marat Rosenberg, Vadim Komissarov, Ilya Ponomarev, Edward S. Verona, and Michael Wilson (collectively, the “Appearing Trident Defendants”) have reached a proposed settlement for $2,600,000 in cash (the “Settlement Amount”) as set forth in the Stipulation (the “Settlement”). The Settlement, if approved, will resolve all claims in the Action for breaches of fiduciary duties in their various capacities as directors, officers, and controllers of Trident (“Trident Claims”) against the Appearing Trident Defendants, as well as Thomas Gallagher, Gennadii Butkevych, Oleksii Tymofiev, and VK Consulting, Inc. (collectively, with the Appearing Trident Defendants, the “Trident Defendants;” and the Trident Defendants collectively with Plaintiffs, the “Parties,” and each a “Party”). The Settlement will not resolve other claims in the Action brought against Lawrence Anthony DiMatteo III, Matthew Clemenson, Ryan Dickinson, Chardan, B. Riley, or Jacob Bernstein (the “Remaining Defendants”). As such, this Settlement represents a partial compromise of the Action.
If you are a member of the Class, you are subject to the Settlement. The Class preliminarily certified by the Court consists of
All record and beneficial holders of Trident Common Stock who held such stock as of the redemption deadline on October 26, 2021 (the “Redemption Date”), through the Closing of the Merger on October 29, 2021 (the “Class Period”), and their respective successors in interest and assigns.
Excluded from the class are (a) all defendants in the Consolidated Action; (b) members of the immediate family of any individual defendant in the Consolidated Action; (c) any person who was a manager or managing member of any defendant during the Class Period and any members of their immediate family; (d) any parent, subsidiary, or affiliate of any defendant; (e) any entity in which any defendant or any other excluded person or entity has, or had during the Class Period, a controlling interest; and (f) the legal representatives, agents, affiliates, heirs, estates, successors, or assigns of any such excluded party.
Please read the Notice carefully and in its entirety. The Notice explains how Class Members will be affected by the Settlement. The following table provides a brief summary of the rights you have as a Class Member and the relevant deadlines, which are described in more detail in the Notice.
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RECEIVE A PAYMENT FROM THE SETTLEMENT. CLASS MEMBERS DO NOT NEED TO SUBMIT A CLAIM FORM. |
If you are a member of the Class (defined in Paragraph 32 of the Notice), you may be eligible to receive a pro rata distribution from the Settlement proceeds. Eligible Class Members (defined in Paragraph 43 of the Notice) do not need to submit a claim form in order to receive a distribution from the Settlement, if approved by the Court. Your distribution from the Settlement will be paid to you directly. See Paragraphs 39-47 of the Notice for further discussion. |
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OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN April 23, 2025. |
If you are a member of the Class and would like to object to the proposed Settlement, the proposed Plan of Allocation, or Class Counsel’s request for a Fee and Expense Award, you may write to the Court and explain the reasons for your objection. |
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ATTEND A HEARING ON May 7, 2025, AT 1:30_P.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN April 23, 2025. |
Filing a written objection and notice of intention to appear that is received by April 23, 2025 allows you to speak in Court, at the discretion of the Court, about your objection. In the Court’s discretion, the May 7, 2025 hearing may be conducted by telephone or videoconference (see Paragraphs 52-54 of the Notice). If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection. |