Paltalk, Inc. Announces Closing of $4.0 Million Underwritten Public Offering and Full Exercise of Over-Allotment Option

JERICHO, NY – (NewMediaWire) – August 05, 2021 – Paltalk, Inc. (“Paltalk,” the “Company,” “we,” “our” or “us”)
(Nasdaq: PALT), a leading communications software innovator that powers
multimedia social applications, today announced the closing of its previously
announced underwritten public offering of 1,333,310 shares of common stock,
including 173,910 shares sold pursuant to the full exercise of the underwriter’s
over-allotment option, at a price to the public of $3.00 per share.
The shares of common stock began trading on The Nasdaq Capital Market,
on August 3, 2021, under the symbol “PALT”. Paltalk received
gross proceeds of approximately $4.0 million, before deducting
underwriting discounts and commissions and other estimated offering
expenses. 

Maxim Group LLC
acted as sole book-running manager for the offering.

The offering
was conducted pursuant to the Company’s registration statement on Form S-1
(File No. 333-257036), as amended, previously filed with and subsequently
declared effective by the Securities and Exchange Commission (“SEC”). A final
prospectus relating to the offering was filed with the SEC and is available on
the SEC’s website at http://www.sec.gov. 
Electronic copies of the final prospectus relating to this offering may
be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY
10022, at (212) 895-3745. 

This press
release shall not constitute an offer to sell or the solicitation of an offer
to buy any of the securities described herein, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.

About Paltalk, Inc.

Paltalk is a communications software innovator
that powers multimedia social applications. Our product portfolio includes Paltalk
and Camfrog, which together host one of the world’s largest collections of
video-based communities. Our other products include Tinychat and Vumber. The
Company has an over 20-year history of technology innovation and holds 18
patents. For more information, please visit: http://www.paltalk.com.

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. Forward-looking
statements are not guarantees of future performance, are based on certain
assumptions and are subject to various known and unknown risks and
uncertainties, many of which are beyond the Company’s control, and cannot be
predicted or quantified and consequently, actual results may differ materially
from those expressed or implied by such forward-looking statements. Such risks
and uncertainties include, without limitation, the Company’s ability to retain the listing of its
common stock on The Nasdaq Capital Market; the impact of
the COVID-19 pandemic on
our results of operations and our business; our ability to effectively market
and generate revenue from our applications; our ability to release new
applications or improve upon or add features to existing applications on
schedule or at all; risks and uncertainties related to our increasing focus on
the use of new and novel technologies, such as Props tokens, to enhance our
applications, and our ability to timely complete development of applications
using new technologies; our ability to effectively integrate Props tokens into
our existing applications; our ability to effectively secure new software
development and licensing customers; our ability to protect our intellectual
property rights; the use of the internet and privacy and protection
of user data; risks related to our holdings of digital tokens, including risks
related to the volatility of the trading price of digital tokens and our
ability to convert digital tokens into fiat currency; and our ability to manage
our partnerships and strategic alliances. More detailed information about the
Company and the risk factors that may affect the realization of forward-looking
statements is 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.

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