By Denny Jacob
DatChat shares shot up 37% to $2.88 on its proposed spinoff of its Habytat platform business into a new standalone public company.
The stock is down 53% over the last 12 months.
The secure messaging, social media and metaverse company currently owns about 75% of SmarterVerse, the entity that owns and operates the Habytat artificial intelligence gaming platform and metaverse. DatChat will distribute its shares of SmarterVerse to its shareholders.
It is expected that SmarterVerse will become a standalone public company with plans for a public listing on a national stock exchange upon consummation of the distribution, the company said.
DatChat said there is no guarantee that the spinoff and distribution will take place on its preferred schedule or at all.
Chief Executive Darin Myman said the decision to spin off its Habytat business is significant as it will allow the company to focus on its core business for My Family Museum and it aligns with its commitment to unlocking shareholder value.
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