SeaChange Shares Plunge On Termination Of Deal With Trillerverz

SeaChange International, Inc 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.