According to reliable sources, international internet solutions provider PeerStream has requested the withdrawal of its public offering application of common stock at the Securities and Exchange Commission. In its application, the company requested the commission to allow it to purchase common stock.
The company has now requested the withdrawal owning to certain market conditions. According to the assessment by the management team of PeerStream, the current market conditions are not in favor of the offering to add to the company’s profitability.
Following the withdrawal request, no securities would now be offered or sold pursuant to the registration statement. However, the withdrawal will not have any impact on the company’s common stock. The common stock of the company will continue to be quoted on the OTCQB Marketplace and will carry ‘PEER’ symbol.
PeerStream has been around for 2 decades in the field of technology innovation and generated heavy cash flow from its consumer apps business such as Camfrog and Paltalk, which have invested in innovation and new business opportunities. The management team of PeerStream is confident of the company’s resources that are vital for the execution of strategic growth plans to support growth as well as the adoption of ever-growing blockchain technology through the development of software, applications, and services for consumers and corporate clients. According to the management, PeerStream is likely to stay capitalized by bagging cash without booking any debt on its balance sheet focused towards funding the internal growth efforts for the near future and stay steadfast in its goals to achieve national securities exchange listing next year.
Commenting on the company’s strategy to raise capital Alex Harrington, the Chief Executive Officer of PeerStream said that the company’s principal focus was to uplist to the NASDAQ and not to fund the business as it is already capitalized. Owing to poor market conditions, the company feel the need to withdraw the request and the offering would turn out to be unattractive. The company, however, envisages opportunities in 2019 to target the national securities exchange listing, said Alex Harrington. The withdrawal will also terminate the offering and enable the company to tap valuable opportunities to leverage complete attention to burgeoning growth and profitability in the business next year.
PeerStream is a leading provider of the real-world adoption of much popular blockchain technologies by designing software, applications, and services for corporate firms and consumers. The Business Solutions group of the company is in the better position to provide services focused towards advisory and implementation to enterprise clients to support in their strategic objectives using the digital ledger technology.
The company will support the transition of the clients to blockchain through the licenses of proprietary software like PeerStream Protocol, which is the set of rules for decentralized multimedia communications and live streaming of video in the development phase. The company is well known for the development of innovative consumer apps like Paltalk and Backchannel.