According to Law360, TrillerVerz and video streaming and advertising technology company SeaChange could not reach an agreement to merge into an entity that would have united the two into a single company valued at $5 billion. The entites were discussing a a reverse merger, but Sea Change said there was a June 30th deadline that would not be met and would not be extended. Is this a negotiating ploy to reduce Triller's leverage? We'll know in two weeks if the deadline comes and goes. The article went on to say Triller will pursue an IPO (initial public stock offering).
Here is the press release:
SeaChange International, Inc. (NASDAQ: SEAC), (“SeaChange” or the “Company”) a leading provider of video delivery, advertising, streaming platforms, and emerging FAST (Free Ad-Supported Streaming TV services) development, and Triller Hold Co LLC (“Triller”), the AI-powered open garden technology platform for creators, have mutually agreed to terminate their proposed merger that was contemplated by the agreement and plan of merger they signed on December 22, 2021 (the "Merger Agreement”).
The parties have mutually agreed to terminate the Merger Agreement today, as it is no longer possible to complete the merger prior to its termination date of June 30, 2022. The parties have also decided not to seek an extension to the Merger Agreement. The termination is effective immediately.
About SeaChange International, Inc.
SeaChange International, Inc. (NASDAQ: SEAC) provides first-class video streaming, linear TV, and video advertising technology for operators, content owners, and broadcasters globally. The SeaChange technology enables operators, broadcasters, and content owners to cost-effectively launch and grow premium linear TV and direct-to-consumer streaming services to manage, curate, and monetize their content. SeaChange helps protect existing and develop new and incremental advertising revenues for traditional linear TV and streaming services with its unique advertising technology. SeaChange enjoys a rich heritage of nearly three decades of delivering premium video software solutions to its global customer base.
About Triller
Triller is the globally popular AI-powered social media and music discovery experience that allows users to create professional-looking videos in a matter of seconds. Pick a song, select the portion of the song you want to use, snap a few takes, and with the tap of a button, you have a celebrity-quality music video starring you and your friends. Triller relies solely on organic growth and has more than 350 million downloads, with celebrities like Alicia Keys, Cardi B, Marshmello, Roddy Ricch, and Eminem regularly using the app to create their music videos. For more information, visit www.triller.co and follow @triller on Instagram.
