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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): September 19, 2023
DatChat, Inc.
(Exact
name of registrant as specified in its charter)
Nevada |
|
001-40729 |
|
47-2502264 |
(State
or other jurisdiction of
incorporation) |
|
(Commission
File Number) |
|
(I.
R. S. Employer Identification No.) |
204 Neilson Street
New Brunswick, NJ 08901
(Address of principal executive offices, including ZIP code)
(732)
374-3529
(Registrants
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
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, $0.0001 par value |
|
DATS |
|
The
Nasdaq Stock Market LLC |
Series
A Warrants, each warrant exercisable for one share of Common Stock at an exercise price of $4.98 |
|
DATSW |
|
The
Nasdaq Stock Market LLC |
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:
☐ 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))
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.
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On
September 19, 2023, DatChat, Inc. (the Company) filed a Certificate of Change (the Certificate of Change)
with the Secretary of State of the State of Nevada to effectuate a 1-for-10 reverse stock split (the Reverse Stock Split)
of the Companys issued and outstanding and authorized shares of common stock, par value $0.0001 per share (Common Stock).
The Reverse Stock Split will become effective at 4:01p.m., Eastern Time, on September 19, 2023, and
the Companys Common Stock is expected to begin trading on a split-adjusted basis at the open of trading on The Nasdaq Capital
Market on September 20, 2023.
When
the Reverse Stock Split becomes effective, (i) every
10 shares of Common Stock issued and outstanding will automatically be reclassified and
combined into one share of Common Stock, without any change in the par value per share such that the Company will have approximately
2,740,419 issued and outstanding shares of Common Stock, and (ii) a proportionate adjustment will be made to the Companys authorized
shares of Common Stock such that the Company shall have 18,000,000 authorized shares of Common Stock. In
addition, a proportionate adjustment will be made to the per share exercise price and the number of shares issuable upon the exercise
of all outstanding stock options and warrants to purchase shares of Common Stock and the number of shares reserved for issuance pursuant
to the Companys equity incentive compensation plans. No fractional shares of Common Stock will be issued in connection
with the Reverse Stock Split. Stockholders who otherwise would have been entitled to receive fractional shares of Common Stock will have
their holdings rounded up to the next whole share.
The
Companys Common Stock will continue to trade on The Nasdaq Capital Market under the existing symbol DATS, but the
security has been assigned a new CUSIP number (23816M206).
The
foregoing description of the Certificate of Change does
not purport to be complete and is qualified in its entirety by reference to the full text of the Certificate of Change which is
filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item
8.01 Other Events.
On
September 19, 2023, the Company issued a press release announcing the Reverse Stock Split. A copy of the press release is attached hereto
as Exhibit 99.1, and is incorporated herein by reference.
Item
9.01 Financial Statements and Exhibits.
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:
September 19, 2023 |
DATCHAT,
INC. |
|
|
|
/s/
Darin Myman |
|
Darin
Myman |
|
Chief
Executive Officer |
Exhibit 3.1
Exhibit
99.1
DatChat Announces a 1:10 Reverse Stock Split Effective at the Open of Trading on September 20, 2023
New
Brunswick, NJ - September 19, 2023 - DatChat, Inc. (Nasdaq: DATS), a private messaging, social media, and metaverse company, announced today that it will effect a 1-for-10 reverse split
of its issued and outstanding and authorized common stock. Commencing with the opening of trading on The Nasdaq Capital Market on September
20, 2023, the companys common stock will trade on a post-split basis under the same trading symbol, DATS.
As a result of the reverse stock split, the CUSIP number for the company's common stock will be 23816M206.
As a result of the reverse stock split, every 10 shares of issued and outstanding common stock will be exchanged for 1 share of common stock, with any fractional shares being rounded up to the next higher whole share.
Immediately after the reverse stock split becomes effective, the company will have approximately 2,740,419 shares of common stock issued and outstanding. In addition, a proportionate adjustment will be made to the company's
authorized shares of common stock such that the company shall have 18,000,000 shares of authorized common stock after the effective time of the reverse stock split.
The
reverse stock split is primarily intended to bring the company into compliance with Nasdaqs $1.00 per share minimum bid price
requirement for continued listing; however, no assurance can be given that such reverse stock split
will enable the company to regain compliance with the Nasdaq minimum bid price requirement.
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. DatChats 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 recipients device, while feeling secure that at any
time, they can delete individual messages or entire message threads, making it like the conversation never happened.
Forward-Looking
Statements
Certain
statements in this press release constitute forward-looking statements within the meaning of the federal securities laws.
Words such as may, might, will, should, believe, expect, anticipate,
estimate, continue, predict, forecast, project, plan, intend
or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company
believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements,
which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates
and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Companys filings
with the SEC, not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different.
The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or
otherwise, except as required by law.
CONTACT
ir@datchats.com
800-658-8081
v3.23.3
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