Short-video app Triller calls off SeaChange merger, says it will pursue IPO (updated)

Tiber Ventures

14/06/2022 15:23

(Adds details on Triller IPO announcement, updates SeaChange 
shares)
    June 14 (Reuters) - Short-video app Triller on Tuesday ended
its $5 billion merger with video advertising software provider
SeaChange International Inc  SEAC.O  and said it would pursue an
initial public offering instead.
    SeaChange shares plunged 40% to 41 cents. 
    Triller said it was responding to higher-than-expected
demand for its convertible debt offering and as its shareholders
prefer that the company go public through a direct listing.
    "The current market demands clear and disciplined thinking.
A Triller IPO is a cleaner transaction, allowing us greater
control of our destiny," said Chief Executive Officer Mahi de
Silva. 
    Triller is expected to be listed under the new ticker symbol
"ILLR" by September.
    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.
 urn:newsml:reuters.com:*:nL4N2T72NS
    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;))