Paltalk (NASDAQ:PALT) is rocketing higher on Wednesday as traders flock to the stock following an update from the company today.
Paltalk announced today that it has brought on ClearThink Capital to assist it with investor relations and outreach. The company is making this move shortly after uplisting to the Nasdaq Exchange last month.
Jason Katz, Chairman and CEO, said the following about the news boosting PALT stock higher today.
“We believe we are now ready to enter the next growth phase of our business, as we successfully achieved our Nasdaq listing, and have a strong balance sheet with $6.5 million cash and no long-term debt as of June 30, 2021 and subsequently raised approximately an additional $3.5 million in connection with our recent underwritten public offering.”
Now that we know why PALT stock is surging higher today, let’s take a look at what investors need to know about the company.
- Paltalk is a communications software company powering social media applications.
- The company’s products include Paltalk and Camfrog, which host video-based communities.
- Other products worth noting from the company include Tinychat and Vumber.
- Paltalk has been around since 1998 and traded over the counter before joining the Nasdaq.
- It has a market capitalization of $122.896 million.
- The company also recently caught the interest of Reddit traders, which explains some of today’s movement.
PALT stock was up 180.5% as of Wednesday afternoon.
Investors looking for more stock market news will want to keep reading!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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