New Brunswick, NJ, Jan. 08, 2025 (GLOBE NEWSWIRE) — DatChat, Inc. (Nasdaq: DATS), a secure messaging, social media, and metaverse company, today announced that it has entered into securities purchase agreements with certain institutional investors for the purchase and sale of an aggregate of 1,200,000 shares of common stock at a purchase price of $4.25 per share in a registered direct offering priced at-the-market under Nasdaq rules. The offering is expected to close on or about January 10, 2025, subject to the satisfaction of customary closing conditions.
The Benchmark Company, LLC is acting as the sole placement agent for the offering.
The gross proceeds from the offering are expected to be approximately $5.1 million, prior to deducting offering expenses payable by DatChat. DatChat intends to use the net proceeds from the offering for working capital and general corporate expenses.
The securities were offered by the Company pursuant to an effective “shelf” registration statement on Form S-3 (File No. 333-268058), which was filed with the U.S. Securities and Exchange Commission (“SEC”) on October 28, 2022, as amended on November 18, 2022, and declared effective by the SEC on December 6, 2022, and the accompanying prospectus contained therein.
About DatChat, Inc.
DatChat, Inc. is a secure messaging, metaverse, and social media company that not only focuses on protecting privacy on personal devices, but also protects user information after it is shared with others. The DatChat Messenger & Private Social Network presents technology that allows users to change how long their messages can be viewed before or after users send them, prevents screenshots, and hides encrypted photos in plain sight on camera rolls. DatChat’s patented technology offers users a traditional texting experience while providing control and security for their messages. With the DatChat Messenger, a user can decide how long their messages last on a recipient’s device, while feeling secure that at any time, they can delete individual messages or entire message threads, making it like the conversation never happened.
