SeaChange International Inc (NASDAQ:SEAC) is trading higher Wednesday after the company announced a reverse merger agreement with Triller.
The transaction is expected to close in the first quarter of 2022. Upon closing, the company name will be changed to TrillerVerz Corp and trade on the Nasdaq under the ticker symbol "ILLR."
The proposed business combination is expected to give TrillerVerz a valuation of approximately $5 billion. SeaChange will become a business unit inside of TrillerVerz and focus on cable, streaming and advertising.
"We are thrilled to announce this important milestone of TrillerVerz's plans to enter the public market. In our short history, we have evolved from a disruptive social media platform and creator of content to one of the world's most successful platforms where creators, commerce, and culture meet," said Mahi de Silva, CEO of TrillerVerz.
TrillerVerz said it expects to create a leading voice in the Web3 movement and embrace the power of decentralized systems to enable greater participation in the multi-hundred billion dollar creator economy.
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SeaChange is a provider of multiscreen video solutions for television service providers, telecommunications companies, satellite operators and media companies.
SEAC Price Action: SeaChange has traded as low as 65 cents over a 52-week period. It's making new 52-week highs on Wednesday.
The stock was up 24.60% at $2.23 at time of publication.
