BOSTON, April 18, 2024 (GLOBE NEWSWIRE) -- SeaChange International, Inc.(OTC: SEAC) ("SeaChange” or the "Company”), a leading provider of video delivery, advertising, streaming platforms, and emerging Free Ad-Supported Streaming TV services (FAST) development, has entered into a second omnibus amendment (such amendment, "Amendment No.2”) to the asset purchase agreement and software purchase agreement (the "Original Purchase Agreements”) previously announced on March 11, 2024, as amended by the omnibus amendment to the Original Purchase Agreements ("Amendment No.1”) previously announced on April 10, 2024, with affiliates of Partner One, one of the fastest-growing software conglomerates in the world, in response to an acquisition proposal from a third party.Under Amendment No.2, Partner One, through its affiliates, will acquire substantially all of SeaChange’s assets related to its product and services business (the "Second Amended Asset Sale”), and will assume certain liabilities, for an aggregate purchase price of $34,001,000 (the "New Purchase Price”), less SeaChange’s cash and cash equivalents at closing (the "Closing”).
On or about April 11, 2024, SeaChange posted on proxy supplement ("Proxy Supplement No.1”) regarding the First Amended Asset Sale.Due to Amendment No.2 and the Second Amended Asset Sale, SeaChange intends to post a new proxy supplement ("Proxy Supplement No.2”) on or about April 18, 2024 supplementing the Proxy Statement and Proxy Supplement No.1 to all SeaChange stockholders entitled to vote at the Special Meeting regarding certain material details of the Second Amended Asset Sale that differ from the Original Asset Sale and the First Amended Asset Sale.
In general, forward-looking statements usually may be identified through use of words such as "may,” "believe,” "expect,” "anticipate,” "intend,” "will,” "should,” "plan,” "estimate,” "predict,” "continue”, and "potential,” or the negative of these terms, or other comparable terminology, and include statements related the amount of net proceeds SeaChange receives from the transaction, the ability and timing to close the Second Amended Asset Sale and the timing of the posting of Proxy Supplement No.2 on the Company’s corporate website and Forward-looking statements are not historical facts and represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance.
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Author / Journalist: SeaChange International, Inc.
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