On February 22, SeaChange International Inc. (SEAC) filed a registration statement on Form S-4 with the SEC regarding its proposed business combination with Triller Hold. Co. LLC (TrillerVerz). The stock has been gaining since the filing.
On February 23, during the premarket session, SEAC stock continued to rise further while it added 18.87% in the previous trading session. After closing the previous session at $1.26, the stock had reached up to $1.33 in the premarket, at the last check. Hence, at the time of writing, the stock had added a further 5.56% in the premarket on Wednesday.
The multiscreen video delivery and advertising solutions provider, SeaChange International Inc. has a market capitalization of $51.98 million. In the past five days, its 37.21 million outstanding shares have increased by 9.57%. The stock currently stands at a year-to-date loss of 21.25%.
SEAC’s Proposed Merger with Triller
On December 22, SEAC and Triller announced entering into a definitive agreement and plan of merger for combining SeaChange and TrillerVerz. Resultantly, the combined company would value at $5 billion approx. TrillerVerz is an AI-powered open garden technology platform for creators.
Upon the completion of the business combination, SeaChange’s name will change to TrillerVerz Corp. with the new ticker symbol “ILLR”. Moreover, the combined company will work under the leadership of Triller’s CEO, Mahi de Silva. Mr. de Silva will also become the Chairman of the Board of the combined company. Additionally, President and CEO of SEAC, Peter Aquino will join the TrillerVerz team.
Boards of both companies approved the proposed merger and expect that the transaction will close in Q1 2022.
Recent SEC Filing
On Tuesday, the company submitted a filing with the SEC containing a preliminary proxy statement regarding the proposed merger. The Registration Statement is not yet declared effective by the SEC but is an important step towards the completion of the merger.
SEAC’s Financials
On December 14, 2021, the company declared its financial results for the fiscal Q3 2022, which ended on October 31, 2021.
The company reported total revenue of $7.2 million in the quarter against $6.5 million in the previous one.
Furthermore, the GAAP net loss was $2.1 million or $0.04 on a basic share basis in fiscal Q3 2022. Comparatively, SEAC had a GAAP net income of $0.2 million or $0.00 per diluted share in the previous quarter.
In addition, at the end of the quarter cash and cash equivalents totaled $17.6 million with no debt.
