Paltalk enters agreement to acquire Newtek Technology Solutions

Paltalk (PALT) announced that it has entered into a definitive agreement, pursuant to which Paltalk will acquire Newtek Technology Solutions, a wholly owned subsidiary of NewtekOne (NEWT). NTS provides dedicated server hosting, cloud hosting, data storage, managed security, backup and disaster recovery, and other related services including consulting and implementing technology solutions for enterprise and commercial clients across the U.S. Pursuant to the Acquisition Agreement, Paltalk has agreed to pay Newtek an amount in cash equal to $4,000,000, subject to customary purchase price adjustments, and issue Newtek 4,000,000 shares of a newly created series of Paltalk’s preferred stock, the Series A Non-Voting Common Equivalent Stock