DatChat Closes Acquisition Bolstering Its Web 3.0, Metaverse Presence

• Communications and social media company DatChat, Inc (NASDAQ:DATS) closed on the previously announced acquisition of Avila Security Corporation. 
• DatChat issued 1 million shares, subject to a lock-up agreement.
• The transaction terms included $1 million in cash and the greater of 739,650 shares or $2.5 million of stock.
• The transaction expands DatChat's intellectual property assets by acquiring four issued patents and three pending applications. 
• The assets include blockchain-based digital rights management and object sharing technology, including encrypted WebRTC real-time video and audio streaming communications.
• "The closing of the acquisition of Avila bolsters DatChat's significant competitive advantage that will govern key aspects of our Web 3.0 and Metaverse infrastructure initiatives," DatChat CEO Darin Myman said. "We believe that this acquisition will support our efforts in becoming a leader in Web 3.0 technology development that includes the Metaverse, advertising, and communication."
• Price Action: DATS shares traded higher by 7.48% at $1.15 on the last check Tuesday.