RESEARCH TRIANGLE PARK, NC, January 27, 2021 – Data443 Risk Mitigation, Inc. (OTCPK: ATDS), a leading data security and privacy software company for ALL THINGS DATA SECURITY™, today announced that the United States Securities and Exchange Commission (“SEC”) has declared the Company’s registration statement on Form S-1 (File No. 333-251752) effective as of January 26, 2021. Such declaration does not imply that the SEC has approved or opined on the merits of the offering or of the Company.
The S-1 registration statement relates to the resale or other disposition by Triton Funds, LP (“Triton”) and its transferees of shares of our Common Stock, comprised of (i) up to 166,666,667 shares of our common stock that may be purchased by Triton; and, (ii) up to 100,000,000 shares of our Common Stock to be issued to Triton upon its exercise of warrants issued to Triton. We will not receive proceeds from the sales, if any, of the shares by Triton. However, the Company will receive up to $1,000,000 from Triton upon its purchase of our Common Stock under the Common Stock Purchase Agreement dated December 11, 2020 between the Company and Triton. The Company will also receive up to $1,000,000 from Triton upon its exercise of warrants pursuant to that certain Common Stock Purchase Warrant dated December 11, 2020 between the Company and Triton.
“This registration statement was filed to comply with the terms of our transaction with Triton, under which Triton agreed to invest up to $2 Million in our Company,” said Jason Remillard, President and founder of Data443. “With the effectiveness of the registration statement, we can now receive proceeds from the investment by Triton, in the discretion of the Company. This gives us the flexibility to manage the disposition of funds towards debt, operations, or other uses that are in the best interests of the Company. This investment by Triton represents a major inflection point in our growth and continued progress toward uplisting to a higher exchange. While we are grateful to our prior convertible note investors for their support and confidence, this Triton investment is a true equity deal, reflective of our maturity as a company and investment opportunity. It is a cost effective and cost-efficient utilization of all financial vehicles available to the Company.
The SEC’s Notice of Effectiveness may be accessed through the SEC’s website at www.sec.gov or accessed directly via the following link:
Securities registered pursuant to the registration statement are not required to be sold, and the registration of the securities does not necessarily indicate that any stockholder intends to sell its securities. The registration statement, while effective, permits resale of the securities issuable by the Company and covered by the registration statement, subject to the satisfaction by the seller of the securities with the prospectus delivery requirements of the Securities Act of 1933. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sales of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
///***ClassiDocs™ Classification: PUBLIC ***///