Paltalk, Inc. Holds Special Meeting of Stockholders to Approve Acquisition and Divestiture

United States Securities and Exchange Commission, Washington, D.C. – December 30, 2024:
Paltalk, Inc. (NASDAQ: PALT) recently conducted a special meeting of stockholders on December 30, 2024, to deliberate on key proposals concerning the Company’s strategic moves. The meeting, which addressed matters related to an Acquisition and a Divestiture, saw active participation from the Company’s stockholders.

Prior to this meeting, Paltalk, Inc. had entered into an Agreement and Plan of Merger on August 11, 2024, for the acquisition of Newtek Technology Solutions, Inc. (NTS) through a two-step merger process. Additionally, on November 7, 2024, the Company finalized an Asset Purchase Agreement with Meteor Mobile Holdings, Inc. for the sale of its telecommunications services provider, “Vumber,” along with the “Paltalk” and “Camfrog” applications.

During the special meeting, shareholders voted on several critical proposals. At the close of business on November 13, 2024, there were 9,236,987 shares of common stock outstanding and eligible to vote. At the meeting, holders representing around 56% of the outstanding shares were present or represented by proxy, thus establishing a quorum.

The key proposals voted upon during the meeting included:
1. Approval for the issuance of 9,000,000 shares of a newly created series of preferred stock, the Series A Non-Voting Common Equivalent Stock of the Company, as part of the Acquisition Agreement. The proposal received 5,110,567 votes for, 50,125 votes against, and 5,506 abstentions.

2. Approval for the Divestiture pursuant to the Divestiture Agreement, which involved the potential sale of substantially all of the Company’s assets. This proposal received 5,149,736 votes for, 12,460 votes against, and 4,002 abstentions.

3. Approval, on a non-binding, advisory basis, for certain compensation that may be disbursed to the Company’s named executive officers in connection with the Acquisition and the Divestiture. The proposal received 4,961,757 votes for, 81,975 votes against, and 122,466 abstentions.

Each of the proposals garnered sufficient votes for approval, signifying the stockholders’ agreement with the Company’s strategic decisions. Notably, no other matters were brought forward for consideration or voting during the special meeting.

Paltalk, Inc. expressed gratitude for the shareholders’ active participation and approved each proposal based on the voting outcomes.

This report was signed and authorized by Jason Katz, Chief Executive Officer of Paltalk, Inc., on December 30, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Paltalk’s 8K filing here.

Paltalk Company Profile

Paltalk, Inc, together with its subsidiaries, develops communications software and multimedia social applications worldwide. It offers consumer applications, which include Paltalk, Camfrog, and Tinychat for live video chat; and owns and operates Vumber, a telecommunications services provider that enables users to have multiple phone numbers in any area code through which calls can be forwarded to a user’s existing cell phone or land line telephone number.