- SeaChange International, Inc (NASDAQ:SEAC) and Trillerverz, the AI-powered open garden platform for creators, mutually agreed to terminate their proposed merger signed on December 22, 2021.
- SeaChange is a leading provider of video delivery, advertising, streaming platforms, and emerging FAST (Free Ad-Supported Streaming TV services) development.
- It is no longer possible to complete the merger before its termination date of June 30, 2022.
- The parties also decided not to seek an extension to the agreement.
- In December, the companies agreed to take Triller public through a reverse merger with SeaChange in a deal valuing the combined entity at $5 billion.
- SeaChange recently reported first-quarter FY23 revenue growth of 33% year-on-year to $6.7 million, missing the consensus of $6.72 million. Revenue declined 22% Q/Q due to a favorable one-time perpetual license sale. Non-GAAP EPS loss of $(0.03) beat the consensus loss of $(0.05).
- Price Action: SEAC shares traded lower by 40.4% at $0.41 on the last check Tuesday.
Get all your news in one place.
100’s of premium titles.
One app.
Start reading
One app.
Get all your news in one place.
100’s of premium titles. One news app.
SeaChange Shares Plunge On Termination Of Deal With Trillerverz
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member?
Sign in here
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Our Picks