SeaChange surges on reverse merger deal with social video app Triller

Tiber Ventures

22/12/2021 14:24

** Shares of software co Seachange International  SEAC.O  up
76.5% at $3.15 premarket
    ** Short video app Triller has agreed to go public through a
merger with SEAC, in a deal that will value the combined entity
at around $5 bln  urn:newsml:reuters.com:*:nL4N2T72MY
    ** Upon closing, ticker symbol to be changed to "ILLR" and
company name to be changed to TrillerVerz Corp  urn:newsml:reuters.com:*:nGNX9nnlrd
    ** Deal expected to close in Q1 2022
    ** A reverse merger is a deal where a private company buys a
publicly listed company, and becomes publicly-traded as a result
    ** Stock has gained ~140% in last 7 sessions
    ** SeaChange stockholders would own ~2.3% of the surviving
company and the holders of TrillerVerz would hold ~97.7%     
    ** Up to last close, SEAC had gained 27.9% this year

 (Reporting by Bansari Mayur Kamdar in Bengaluru)
 ((BansariMayur.Kamdar@thomsonreuters.com;))