Paltalk slides on $10 mln stock offering

Intelligent Protection Management

15/10/2021 14:26

** Paltalk Inc  PALT.O  shares down 13% at $7.81 premarket
after communications software prices stock offering
    ** Co sells 1.35 mln shares at $7.50, raises ~$10.1 mln
 urn:newsml:reuters.com:*:nGNE7bgFM4
    ** Offering prices at 16.5% discount to stock's Thurs close
    ** PALT plans to use net offering proceeds to fund
development costs related to new and existing applications,
marketing initiatives, among other uses
    ** Offering size represents more than a third of co's public
float, per Refinitiv data
    ** PALT shares down 15% this month, following ~260% surge on
heavy volumes in the last 5 trading days of Sept as co attracted
attention from retail investors on social media

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))