Short-video app Triller and SeaChange call off $5 bln merger

Tiber Ventures

14/06/2022 12:55

June 14 (Reuters) - Short-video app Triller said on Tuesday
it had ended its merger agreement with SeaChange International
Inc  SEAC.O , a provider of video advertising and streaming
technology, sending shares of the listed company down 30% in
premarket trading.
    The companies said they had mutually agreed to terminate the
deal as it was "no longer possible to complete the merger prior
to its termination date of June 30", adding they would not to
seek an extension and that the termination was effective
immediately. 
    In December, the two companies had inked a deal to take
Triller public through a reverse merger with SeaChange in a deal
that would have valued the combined entity at around $5 billion.
 urn:newsml:reuters.com:*:nL4N2T72NS
    A reverse merger is a deal in which a private company goes
public by buying a listed company.    
    M&A activity, especially SPAC deals, were among the hottest
investment trends during the pandemic. However, they are losing
investor attention due to regulatory scrutiny and market
volatility.
    
    
    

 (Reporting by Nivedita Balu in Bengaluru; Editing by Amy Caren
Daniel)
 ((Nivedita.Balu@thomsonreuters.com; Twitter: @niveditabalu;))