SeaChange International Closes $19.1 Million Underwritten Public Offering of Common Stock Price Above-The-Market
WALTHAM, Mass., April 01, 2021 (GLOBE NEWSWIRE) -- SeaChange International, Inc. ("SeaChange" or the "Company") (NASDAQ: SEAC), a leading provider of video delivery platforms, today announced the closing of an underwritten public offering of 10,323,484 shares of common stock of the Company for total gross proceeds to the Company of approximately $19.1 million. The offering was priced at $1.85 per share, which was above the five-day average closing price of $1.26. In addition, the Company has granted the underwriter an option to purchase an additional 15 percent of the common stock offered in the public offering solely to cover over-allotments, if any, exercisable for 45 days after the closing of this offering, which if exercised, would bring total gross proceeds to approximately $22.0 million. The Company intends to use the net proceeds from this offering for general corporate purposes, including, but not limited to, working capital, potential acquisitions, and other business opportunities.
“The proceeds from the offering will allow us to accelerate several key initiatives within our strategic roadmap, which is designed to drive scale, capture market share, and create even greater value for both our customers and shareholders,” said Executive Chairman Robert Pons. “With more than $20 million of cash on our balance sheet, we now have the resources to better capitalize on the significant growth in and demand for over-the-top (OTT) streaming services globally.”
Aegis Capital Corp. acted as the sole book-running manager for the offering.
This offering was made pursuant to an effective shelf registration statement on Form S-3 (No. 333-252777) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on March 16, 2021. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering have been filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained by contacting Aegis Capital Corp., Attention: Syndicate Department, 810 7th Avenue, 18th floor, New York, NY 10019, by email at syndicateaegiscap.com, or by telephone at (212) 813-1010. Before investing in this offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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