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Tag: SeaChange International Inc.

  • SeaChange International Inc. (SEAC) stock Continues to Rise Premarket on a SEC Filing

    SeaChange International Inc. (SEAC) stock Continues to Rise Premarket on a SEC Filing

    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.

  • Stock in Correction: SeaChange International Inc. (SEAC) Plummets in the After Hours

    Stock in Correction: SeaChange International Inc. (SEAC) Plummets in the After Hours

    SeaChange International Inc. (SEAC) stock plunged 13.95% in the after-hours while it gained a humungous 128.81% in regular trading on Monday.

    In the regular session, the stock saw a super heavy volume of 80.75 million on speculations of a possible merger with TrillerNet. The stock closed the session at $1.72 but tumbled down to $1.48 in the after-hours under market corrections.

    The video delivery and advertising solutions provider, SeaChange International Inc. has a market capitalization of $36.86 million. Currently, the company has 49.04 million shares outstanding in the market.

    What is Happening?

    On Monday, rumors emerged that the social video platform, Triller is in talks about going public through a merger with SEAC. The rumors further suggest a commitment of an investment of $250 million. While it was speculated that the transaction could be made public as soon as this week, there’s a chance for it to fall apart as well.

    Moreover, as per PitchBook, Triller, which considers TikTok among its rivals, has a valuation of $1.25 billion. According to its website, the app has been downloaded 250 million times.

    Hence, these speculations caused SEAC stock to become one of the most heavily traded stocks on the market. SEAC saw over 5,367% of its 65-day average volume in regular trading. After gaining huge on the rumors, the stock was bound to enter market corrections in the after hours. Hence, it fell down at an after-hours’ volume of 28.26 million on December 13.

    SEAC’s Multi-Million-Dollar Contract Renewal

    On November 29, the company announced securing a multi-year, multi-million-dollar contract renewal. The contract was renewed with one of the largest MSOs(Multiple-system-operators) in the U.S.

    SEAC has assisted the MSO in managing content processing workflows for more than ten years. Through which the MSO ingested up to 350,000 VOD (video on demand) assets yearly. As per the renewed contract, the company will streamline and optimize the MSO’s content chain through its premium support and services. Furthermore, SEAC will provide content workflows’ automated configuration and management along with OTT platforms with definite rules.

    The company’s new CEO and President shared his view over the SEAC team’s ability for maximizing the value of longstanding customer relationships.

    SEAC’s Upcoming Q3 Financials

    On December 09, SEAC announced that the company will declare its third-quarter financial results on Tuesday. The conference call will be held after the press release of the earnings, at 5:00 pm ET on December 14, 2021.

  • SeaChange International Inc. (SEAC) stock declines during after-hour. Lets’ see why?

    SeaChange International Inc. (SEAC) stock declines during after-hour. Lets’ see why?

    SeaChange International Inc. (SEAC) stock gained by 4.24% at the last close while the SEAC stock price plunged by 9.76% in the after-hours trading session after SEAC announced its fiscal Q1 2022 financial results. SeaChange International provides live TV and video on demand (VOD) to millions of end consumers globally through hundreds of cloud and on-premises services.

    Financial Highlights

    Yesterday, SeaChange International released its first quarter fiscal 2022 financial results. The financial outcomes of SEAC are stated below:

    • In the first quarter of fiscal 2022, total revenue was $5.1 million, compared to $5.1 million in Q4 fiscal 2021. Product revenue increased to $1.6 million in Q1 fiscal 2022, up from $1.4 million in the fourth quarter fiscal 2021. Service revenue was $3.4 million in the first quarter of fiscal 2022, down from $3.7 million in the Q4 fiscal 2021.
    • At $20.1 million, revenue backlog remained solid at the conclusion of the quarter.
    • In the first quarter of fiscal 2022, net profit was $2.8 million, relative to $2.8 million in the fourth quarter of fiscal 2021.
    • Total operational expenditures fell to $6.6 million in the first quarter of fiscal 2022, down from $7.3 million in the Q4 fiscal 2021.
    • The GAAP loss from operations was $3.8 million, a decrease from the $4.4 million loss from operations in the Q4 of fiscal 2021.
    • GAAP net loss for the first quarter of fiscal 2022 was $4.1 million, or $(0.10) per basic share, down from $4.4 million, or $(0.12) per basic share, in the fourth quarter of fiscal 2022.
    • Non-GAAP loss calculated from operations for the first quarter of fiscal 2022 was $2.8 million, down from $3.5 million, in the fourth quarter of fiscal 2021.

    Robert Pons, SeaChange’s Executive Chairman stated,

    SeaChange is at the heart of the video industry’s shift to OTT video streaming services and distribution to billions of end consumers across the world. SEAC’s strong competitive position, market dynamics, and past success give them the reason to believe fiscal 2022 will be a year of growth and development. Longer term, they anticipate that the effective implementation of their strategic roadmap will result in sustained growth and profitability in the coming years.

  • SeaChange International Inc. (SEAC) stock rises during current market trading. Why is it so?

    SeaChange International Inc. (SEAC) stock rises during current market trading. Why is it so?

    SeaChange International Inc. (SEAC) stock plunged by 2.83% in the last trading closed whereas the SEAC stock is on a rise by 25.24% during current market trading after SEAC announced that they have signed a huge multi-year deal of millions of dollars with one of the biggest broadband service providers in USA. SeaChange International is a publicly-traded multinational video distribution software provider. Video preparation, back-office, media resources management, dynamic advertising insertion, analytics, and a user interface are all part of SeaChange’s “System.

    What is happening?

    SeaChange’s technology has allowed this major broadband service provider to adapt to technological advances in the industry for over 15 years. Under the terms of the new agreement, SEAC would collaborate with the customer to shift its infrastructure to a virtual network that will reduce the operator’s hardware footprint and also increase the service availability. By utilizing SeaChange’s technology to enhance the management of its Ad Servers through remote operator device installations and hardware health management, the customer’s TV service offering can be more monetized.

    Furthermore,

    Christoph Klimmer the SVP of Global Sales and Marketing, SEAC said that Long-term customers, such as this major broadband service provider, are growing their use of SEAC’s technology and are rapidly gaining from their ad technology, which enables cross-platform and dynamic advertisement solutions for cable and IP video distribution. He also added that this significant contract between SEAC and the major broadband service provider includes both license and service parts and has one of the highest average annual prices of any North American contract in over two years. Also, the success illustrates SeaChange’s status as a trusted partner to the world’s most prominent companies, demonstrating SEAC’s efficient go-to-market strategy and comprehensive approach to selling the full value of our software and services.