Paltalk, Inc. (PALT) Prices 1.35M Share Offering at $7.50/sh

October 15, 2021 5:43 AM EDT

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Paltalk, Inc. (Nasdaq: PALT), a leading communications software innovator that powers multimedia social applications, today announced the pricing of its previously announced underwritten public offering of 1,350,000 shares of its common stock. Each share of common stock was sold at a public offering price of $7.50, for gross proceeds of approximately $10.125 million, before deducting underwriting discounts and offering expenses. In addition, Paltalk has granted the underwriters a 45-day option to purchase up to an additional 202,500 shares of common stock to cover over-allotments at the public offering price, less the underwriting discount. All of the shares of common stock were offered by the Company. The offering is expected to close on October 19, 2021, subject to customary closing conditions.

Paltalk currently intends to use the net proceeds from the offering to fund development costs related to new and existing applications, advertising and marketing initiatives to further grow its applications and services, acquisitions of, or investments in, businesses or technologies that complement the business, and for working capital and general corporate purposes.

Maxim Group LLC is acting as sole book-running manager for the offering.

The public offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-260063), previously filed with the U.S. Securities and Exchange Commission (SEC) on October 5, 2021 and declared effective on October 14, 2021. The securities may be offered only by means of a prospectus. A preliminary prospectus supplement describing the terms of the public offering has been filed with the SEC. A final prospectus supplement will be filed with the SEC and will form a part of the effective registration statement. Copies of the final prospectus supplement and accompanying prospectus relating to the public offering may be obtained, when available, by contacting Maxim Group LLC, at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Syndicate Department, or by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.



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