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SeaChange Shares Plunge On Termination Of Deal With Trillerverz

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  • 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.

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