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Why did Paltalk Inc. (PALT) stock plummet in the after-hours on Thursday?

ACAD Stock

ACAD Stock

Paltalk Inc. (PALT) shares declined 11.02% in after-hours on Thursday, October 14, 2021, and closed the daily trading at $7.99. However, in the regular trading session, PALT’s stock gained 2.98%. PALT shares have risen 648.33% over the last 12 months, and they have moved up 8.59% in the past week. Over the past three months, the stock has gained 184.63%, while over the past six months, it has surged 196.37%.

Let’s see what’s happening with the company?


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PALT public offering of common stock

On October 14, 2021, Paltalk, Inc. (PALT) announced the pricing of its previously announced underwritten public offering of 1,350,000 shares of its common stock. The share price is $7.50 per share and the company will get gross proceeds of approximately $10.125 million from the offer. Paltalk also giving the option to underwriters to buy additional 202,500 shares of common stock within one month.

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PALT retaining Clearthink

On September 30, 2021, Paltalk, Inc. (PALT), announced to retain ClearThink Capital, to develop and deploy a comprehensive investor outreach and communications program.

ClearThink is a consulting firm known for its ability to connect underfollowed and undervalued smaller reporting companies with sophisticated institutional investors, buy-side and sell-side analysts, retail brokerage firms, and accredited individual investors.

PALT recent financial results

On August 10, 2021, Paltalk, Inc., (PALT), announced its financial results for the second quarter of 2021, which ended on June 30, 2021.

Q2 2021 financial highlights

PALT closed public offer

On August 05, 2021, Paltalk, Inc (PALT), closed its previously announced underwritten public offering of 1,333,310 shares of common stock, including 173,910 shares sold according to the full exercise of the underwriter’s over-allotment option, at a price to the public of $3.00 per share. The shares of common stock began trading on The Nasdaq Capital Market, on August 3, 2021, under the symbol “PALT”.  The company received gross proceeds of approximately $4.0 million from the offer.

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Conclusion

The recent public offering of common stock was the reason behind its loss in the after-hours on Thursday. we hope that it will return towards positivity in the coming trading session.

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