SPX3,821.55-78.56 -2.01%
DIA309.34-5.02 -1.60%
IXIC11,181.54-343.01 -2.98%

Here's Why Paltalk Shares Are Trading Higher Premarket

Benzinga · 06/10/2022 06:04
  • Communications software innovator Paltalk, Inc (NASDAQ:PALTacquired the core assets of ManyCam from Visicom Media Inc for $2.7 million cash plus a potential earn-out payment of up to $0.6 million.
  • ManyCam is a live streaming software and a virtual camera that allows users to deliver professional live videos on any streaming platform, video conferencing app, or distance learning tool.
  • Paltalk Chair and CEO Jason Katz said, "We believe that ManyCam is not only a perfect fit for our existing video chat communities but also a great addition to other video conferencing applications like Zoom or Google Meet. ManyCam gives users the ability to have multiple camera feeds, backgrounds and effects while also enabling users to share presentations, spreadsheets, documents and much more."
  • Paltalk held $20.4 million in cash and equivalents as of March 31, 2022.
  • Paltalk expects that ManyCam software integration has the potential to generate positive cash flow in the near term and contribute to positive EBITDA over the long term.
  • Price Action: PALT shares traded higher by 16.20% at $2.26 in the premarket on the last check Friday.