Sony Pixel Power calrec Sony

SeaChange International Closes $19.1 Million Underwritten Public Offering of Common Stock Price Above-The-Market

01/04/2021

SeaChange International Closes $19.1 Million Underwritten Public Offering of Common Stock Price Above-The-Market Download as PDF April 01, 2021 4:05pm EDT

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 syndicate@aegiscap.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.

About SeaChange International, Inc.

SeaChange International (NASDAQ: SEAC) powers hundreds of cloud and on-premises platforms with live TV and video on demand (VOD) for millions of end users worldwide. SeaChanges end-to-end solution enables operators and content owners to cost-effectively launch a direct-to-consumer video streaming service to manage, curate and monetize their linear and on demand content across all major device platforms such as Smart-TVs, mobile devices, and Set-Top-Boxes. A demonstration of SeaChange's video streaming platform is available here. For more information on SeaChange, please visit www.seachange.com.

Safe Harbor Disclosure

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements related to the Companys intended use of proceeds and other statements that are not historical facts. Forward-looking statements are based on managements current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. These risks and uncertainties, many of which are beyond our control, include: the risk that the public offering of common stock may not close; the effects of the COVID-19 pandemic on our operations and general economic conditions; the expected growth of the OTT market; the outcome of the Company's active discussions with approximately 50 content owners; the Company's aggregate potential revenue over the next three years as a result of its contract win with one of the largest mobile network providers; the aggregate total contract value to be realized from the Company's wins for its Framework platform; the Company's position to enable the industry's ongoing direct-to-consumer movement; the Company's expectation that over the next five years, thousands of direct-to-consumer TV apps will be launched with a need for a built-in ad monetization strategy and the role the Company's Video Apps platform could play in powering and capitalizing on the direct-to-consumer TV apps revolution; the Company's ability to execute its growth strategy, in light of its liquidity position, resources and recently implemented cost-reduction measures, as well as other risks described in the section entitled Risk Factors and elsewhere in our Annual Report on Form 10-K filed with the SEC on April 20, 2020 and in our other filings with the SEC, including, without limitation, our reports on Forms 8-K and 10-Q, all of w
LINK: https://www.seachange.com/news-and-events/press-releases/detail/453/se...
See more stories from schange

Most recent headlines

05/01/2027

Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be demoed at CES 2026

Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...

07/10/2026

Dalet Flex LTS Delivers Smarter Media Operations from Ingest to Distribution

Dalet, a leading technology and service provider for media-rich organizations, today announced the latest Long-Term Supported (LTS) release of Dalet Flex. Build...

06/09/2026

Dolby and MagentaTV Bring Fans Closer to the FIFA World Cup 2026 in Germany with Dolby Vision and Dolby Atmos

June 9 2026, 23:00 (PDT) Dolby and MagentaTV Bring Fans Closer to the FIFA Worl...

05/08/2026

Thomson toolkit added to virtual hub built to strengthen climate storytelling

Thomson's Climate Crisis Toolkit for Media in Tanzania is being included in a new virtual library designed to ensure accurate and engaging storytelling arou...

05/08/2026

SVG Regional Sports Production Summit 2026: All Sessions Now Available to Watch on SVG PLAY

RSNs, teams, leagues, and streamers explore the present and future of local spor...

05/08/2026

SVG New Sponsor Spotlight: Hitachi Vantara's Lenny Khaitov on Building Resilient Data Infrastructure for Sports Production

As sports-production workflows generate larger volumes of unstructured data and ...

05/08/2026

NESN's Women's Celebration Night Returns With Expanded Focus on the Next Generation

Three aspiring broadcasters will contribute on-camera and inside the production ...

05/08/2026

Union County Paints an Authentic Picture of Recovery and Community

Adam Meeks attends the premiere of his film Union County, an official selection of the 2026 Sundance Film Festival. (Photo by Jemal Countess/Sundance Institut...

05/08/2026

Steinberg celebrate VST & HALion anniversaries

Major discounts, updates & remakes of early VST plug-ins Steinberg are currently celebrating two significant anniversaries, with this week marking the 30th ...

05/08/2026

KRK introduce the V Series Five

Flagship monitor range gains wireless remote control KRK's flagship studio monitor range has just been upgraded, with three new fifth-generation models ...

05/08/2026

Rohde & Schwarz launches next phase of Airways New Zealand Air Traffic Control system upgrade

Rohde & Schwarz launches next phase of Airways New Zealand Air Traffic Control s...

05/08/2026

Rohde & Schwarz presents the R&SMP007, a man-portable tactical direction finding system for seamless signal detection from 9 MHz to 8 GHz

Rohde & Schwarz presents the R&S MP007, a man-portable tactical direction findin...

05/08/2026

Australia's retirement sector advertising rises more than 10% as millions plan for life after work according to Nielsen

Advertisers invested $53.6 million in the retirement sector in the last 12 month...

05/08/2026

New Nielsen data shows IKEA's New Zealand launch attracted more than 243,000 shoppers in the last month

Nielsen CMI and Ad Intel data reveals who's visiting IKEA, where else they s...

05/08/2026

Nielsen expands Four-Screen Ad Deduplication across CTV in Japan

Media buyers and sellers can now compare deduplicated campaign reach across computer, mobile, connected TV and linear TV across all measurable CTV publishers in...

05/08/2026

Stranger Things,' Bluey,' The Pitt' Top Nielsen's Streaming Charts Through First Half of 2026

Stranger Things' Leads All Streaming Titles with 23.3 Billion Minutes in Fir...

05/08/2026

Live Media Group, Gravity Media Strike Deal on U.S. OB Fleets

Share Copy link Facebook X Linkedin Bluesky Email...

05/08/2026

Beyond VVC: Call for Proposals for Next-Gen Video Coding

Share Copy link Facebook X Linkedin Bluesky Email...

05/08/2026

QuickLink Expands North American Team With Appointment of...

QuickLink, the leading provider of award-winning video production and remote guest integration solutions, announces the appointment of Kane Peterson to its Nort...

05/08/2026

Seven in 10 UK advertisers exceed production budgets desp...

XR research reveals marketers believe they have control over production costs, yet budget overruns, campaign delays and creative cutbacks remain commonplace Se...

05/08/2026

Game On Live Studio Uses Blackmagic Design to Stream Tropical 7s

Game On Live Studio Uses Blackmagic Design to Stream Tropical 7s Brie Clayton August 4, 2026 0 Comments Every match of world's largest youth rugby...

05/08/2026

Chris Fitzgerald to Head TDC's Experiential Growth

Chris Fitzgerald to Head TDC's Experiential Growth Brie Clayton August 4, 2026 0 Comments Technical Direction Company promotes Chris Fitzgerald to...

05/08/2026

Gravity Media, Live Media Group Form Strategic Partnership

Share Copy link Facebook X Linkedin Bluesky Email...

05/08/2026

Samsung Launches World's First HDR10+ Streaming on Prime Video

Share Copy link Facebook X Linkedin Bluesky Email...

05/08/2026

Profuz Digital unveils new advanced search capabilities a...

Profuz Digital is set to launch a powerful upgrade to its Profuz LAPIS digital media management platform at IBC this year at Stand 8.A88. France Galop, Canal+ F...

05/08/2026

KRK Brings Advanced Wireless Control to Professional Moni...

KRK, a Gibson brand and leader in professional studio monitoring for nearly four decades, launches its new V Series Five Studio Monitors, the latest evolution o...

05/08/2026

Stable performance in line with plan - Magyar Telekoms H1 and Q2 2026 results

Network expansion, continued customer growth and stable financial performance characterized Magyar Telekoms business results for the first half and second quart...

05/08/2026

The Sky Foundation launches new bursary programme to support the future of UK dance

Wednesday 5 August 2026 The Sky Foundation launches new bursary programme to su...

05/08/2026

Charlie Sheen Launches Mostly Sheenius in Partnership with Red Seat Ventures

Charlie Sheen Launches Mostly Sheenius in Partnership with Red Seat Ventures After Decades as One of the World's Most Recognizable and Interviewed Celebr...

04/08/2026

MLB's Jason Hedgcock on Using the Cloud To Produce World Baseball Classic Games for Netflix Japan

Live production in the cloud is a growing trend across the industry, and Major L...

04/08/2026

Major League Soccer Names Larry Berg as Next Commissioner; Will Take Helm in 2027

LAFC co-managing owner will succeed Don Garber on Jan. 1, 2027, as league prepar...

04/08/2026

Foresight: Driving Growth Through Broadcast Flexibility - A Calrec + PGA TOUR Case Study

In 2022, when the PGA TOUR was breaking ground on its new, state-of-the-art broa...

04/08/2026

Dealer Cam Debuts as Omaha Productions Takes World Series of Poker Main Event Final Table Live on ESPN

Provided by POVORA, the new camera angle offers a dealer's-eye view of the c...

04/08/2026

USL To Trial FIFA's Football Video Support System During 2026 USL Cup

Spiideo will provide the camera setup, with NEP handling broadcast integration and off-site video operations...

04/08/2026

Game On Live Studio Deploys Blackmagic Design Workflow Across 15 Fields at Tropical 7s

Production team streamed more than 750 youth rugby matches using ATEM switchers,...

04/08/2026

NDI, KTC Partner To Develop Network-Native Commercial Displays

Agreement gives KTC early access to NDI's Advanced SDK for integration across commercial displays, digital signage, and interactive panels...

04/08/2026

IBC2026: IBC Innovation Awards Finalists Highlight Advances in AI, Cloud, Open Standards, and Accessibility

Twelve projects across four categories recognize collaborative work in productio...

04/08/2026

Ekstraklasa, Live Park Select Hawk-Eye for Tracking, Offside, and Broadcast Technology

Multi-year agreement will introduce SkeleTRACK, semi-automated offside, automate...

04/08/2026

Radio France Deploys Redundant Lawo AoIP Workflow for 2026 Concert de Paris

Three mc 56 consoles, dual A__UHD Core engines, RAVENNA networking, and HOME management supported live sound, monitoring, and international broadcast production...

04/08/2026

IBC2026: Haivision to Debut Makito ONE, Falkon X4 in Europe

New contribution products support ultra-low-latency video transport across fixed, remote, and mobile production environments...

04/08/2026

IBC2026: Chyron to Highlight AI, Cloud, HTML Graphics, and Sports-Analysis Tools

Company will showcase updates across PRIME, Chyron LIVE, Paint, virtual production, newsroom workflows, and venue control...

04/08/2026

TAB Show 2026: MultiDyne to Showcase Fiber-Transport and IP Infrastructure Tools

Exhibit will feature SilverBack, VersaBrix, VersaFrame, VF-9100, and FiberSaver-10G platforms...

04/08/2026

IBC2026: TAG Video Systems Adds MXL Support, Containerized Deployment, Expanded QC Tools

Platform updates target cloud-based production, high-density ST 2110 monitoring,...

04/08/2026

Gravity Media, Live Media Group Partner To Expand U.S. Mobile Production Facility Operations

Live Media Group will take control of Gravity Media's U.S. mobile-unit fleet...

04/08/2026

HeadRush update Prime, Core & Flex Core firmware

Amp-modelling rigs get major upgrade HeadRush have recently released a major firmware update that brings some powerful new features to their Prime, Core and...

04/08/2026

Am I Audio launch I Am Choir

Generate a choir from a single voice track Following years of development, Am I Audio have just officially launched their debut plug-in. Created in collabor...

04/08/2026

Universal Audio's EMT 140 & 250 plug-ins go native

Official EMT-endorsed reverbs now available to all Two more of Universal Audio's renowned UAD plug-ins have just gained new native versions that can be ...

04/08/2026

SBS helps Australians understand why every Census counts

SBS helps Australians understand why every Census counts Media releases As Australia prepares for the 2026 Census on Tuesday 11 August, SBS is helping ensur...

04/08/2026

Canada invests in the future of HF communications with Rohde & Schwarz solutions

Canada invests in the future of HF communications with Rohde & Schwarz solutions After selection by the Canadian Department of National Defence (DND) as the p...

04/08/2026

Blendkit Expands Beyond Blender

Blendkit Expands Beyond Blender Brie Clayton August 4, 2026 0 Comments Popular 3D Asset Library Launches Alpha Plugins for Maya, Godot, and Rhino Blend...