DatChat, the secure messaging, social media, and metaverse company, has proposed a spinoff of its Habytat platform business into a new standalone public company. As a result, DatChat’s shares surged by 37% to $2.88.
Strong Growth Potential
Despite experiencing a 53% decline in stock value over the past year, DatChat remains confident in the growth potential of its Habytat artificial intelligence gaming platform and metaverse, which is currently owned by SmarterVerse. DatChat plans to distribute its shares of SmarterVerse to its shareholders, paving the way for SmarterVerse to become a standalone public company.
Public Listing on the Horizon
Once the distribution is finalized, SmarterVerse intends to pursue a public listing on a national stock exchange. While no specific timeline has been provided, DatChat acknowledges that the completion of the spinoff and distribution may not go according to its preferred schedule or even occur at all.
Strategic Focus on Core Business
Darin Myman, Chief Executive of DatChat, believes that the decision to spin off the Habytat business is significant. It will allow the company to concentrate on its core business, My Family Museum, and aligns with their commitment to enhancing shareholder value.