PALT Paltalk Inc

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 30, 2024

 

PALTALK, INC.

(Exact name of registrant as specified in its charter)

 

Delaware		001-38717		20-3191847
(State or other jurisdiction		(Commission File Number)		(IRS Employer
of incorporation)				Identification No.)

 

30 Jericho Executive Plaza, Suite 400E Jericho, NY		11753
(Address of principal executive offices)		(Zip Code)

 

Registrant’s telephone number, including area code: (212) 967-5120

 

(Former name or former address, if changed since last report)

 

Not Applicable

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value		PALT		The Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Section 8 – Other Events

 

Item 8.01 Other Events.

 

As previously disclosed, on July 23, 2021, Paltalk Holdings, Inc., a wholly owned subsidiary of Paltalk, Inc. (the “Company”), filed a patent infringement lawsuit (the “Lawsuit”) against Cisco Systems, Inc. (“Cisco”) in the U.S. District Court for the Western District of Texas. The Company alleged that certain of Cisco’s products infringed U.S. Patent No. 6,683,858, and that the Company was entitled to damages.

 

On August 30, 2024, the Company issued a press release announcing that a jury verdict was reached in favor of the Company in connection with the Lawsuit. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

Section 9 – Financial Statements and Exhibits

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.		Description
99.1		Press Release of Paltalk, Inc., dated August 30, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: August 30, 2024
	PALTALK, INC.
	By:	/s/ Jason Katz
		Jason Katz
		Chief Executive Officer

 

 

2

 

Exhibit 99.1

 

Paltalk Holdings, Inc. Awarded $65.7 Million Jury Verdict Against Cisco Systems Inc.

  

Jericho, NY – August 30, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- Paltalk, Inc. (“Paltalk,” the “Company,” “we,” “our” or “us”) (Nasdaq: PALT), a communications software innovator that powers multimedia social applications, today announced that a jury in the District Court for the Western District of Texas (the “Court”) has awarded the Company $65.7 million in a verdict against Cisco Systems, Inc. (“Cisco”) for infringing U.S. Patent No. 6,683,858.

 

As previously disclosed, on July 23, 2021, Paltalk Holdings, Inc., a wholly owned subsidiary of the Company, filed a patent infringement lawsuit (the “Lawsuit”) against Cisco in the U.S. District Court for the Western District of Texas, pursuant to which the Company alleged that certain of Cisco’s products infringed U.S. Patent No. 6,683,858, and that the Company was entitled to damages.

 

On August 29, 2024, the jury awarded the Company $65.7 million (the “Award”) in a jury verdict in connection with the Lawsuit, which remains subject to post-trial proceedings (including any potential appellate proceedings by Cisco) and the entry of a final judgment by the Court. The exact amount of the Award proceeds to be received by the Company will be determined based on a number of factors and will reflect the deduction of significant litigation-related expenses, including legal fees. Consequently, the Company estimates that it would receive no more than one third of the gross proceeds in connection with the Award, subject to post-trial proceedings (including any potential appellate proceedings by Cisco) and the entry of a final judgment by the Court. Susman Godfrey LLP and Waco-based Cherry Johnson Siegmund James served as legal counsel to Paltalk in connection with the Lawsuit.

 

ABOUT PALTALK, INC. (Nasdaq: PALT)

 

Paltalk, Inc. is a communications software innovator that powers multimedia social applications. Our product portfolio includes Paltalk and Camfrog, which together host a large collection of video-based communities. Our other products include ManyCam, Tinychat and Vumber. The Company has an over 20-year history of technology innovation and holds 8 patents. For more information, please visit: http://www.paltalk.com.

 

To be added to our news distribution list, please visit: http://www.paltalk.com/investor-alerts/.

 

FORWARD-LOOKING STATEMENTS:

 

This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential,” or similar words. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements in this press release may include, but are not limited to, statements relating to the anticipated net proceeds to be received by the Company in connection with the Lawsuit. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, including but not limited to the timing of and final outcome of the Lawsuit, including any potential appeals, the ultimate payment of litigation-related expenses in connection with the Lawsuit and the risk factors set forth in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at www.sec.gov.

 

All forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement was made, except to the extent required by applicable securities laws.

 

Investor Contacts:

 

IR@paltalk.com

ClearThink

nyc@clearthink.capital

917-658-7878

 

 

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Cover	Aug. 30, 2024
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Entity File Number	001-38717
Entity Registrant Name	PALTALK, INC.
Entity Central Index Key	0001355839
Entity Tax Identification Number	20-3191847
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	30 Jericho Executive Plaza
Entity Address, Address Line Two	Suite 400E
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Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	PALT
Security Exchange Name	NASDAQ
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