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Paltalk (PALT) has provided an update.
Paltalk, Inc. has entered into a significant merger agreement involving a two-step process with Newtek Technology Solutions, Inc. and its sole stockholder, NewtekOne, Inc. The strategic deal includes a cash payment of $4 million and the issuance of 4 million shares of a new series of preferred stock, with potential additional earn-outs based on future financial performance. The agreement also includes various conditions such as the divestiture of certain Paltalk applications and stockholder approval. The transaction is expected to close between late 2024 and early 2025, and upon completion, Newtek will own approximately 30.3% of Paltalk’s outstanding common stock. This move is set to reshape Paltalk’s corporate structure and aims to deliver substantial value to its shareholders.
Find detailed analytics on PALT stock on TipRanks’ Stock Analysis page.
