SeaChange Announces an Amended Purchase Agreement with Partner One Along with an Increased Purchase Price as Go-Shop Period Ends

BOSTON, April 10, 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 an omnibus amendment (such amendment, the “Amendment to the Purchase Agreements”) to the previously announced asset purchase agreement and software purchase agreement (the “Original Purchase Agreements”) 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 that the Company received during its go-shop period, which expired on April 8, 2024. Under the Amendment to the Purchase Agreements, Partner One, through its affiliates, will acquire substantially all of SeaChange’s assets related to its product and services business (the “Amended Asset Sale”), and will assume certain liabilities, for an aggregate purchase price of $32,001,000 (the “New Purchase Price”), less SeaChange’s cash and cash equivalents at closing (the “Closing”). The New Purchase Price represents an increase of over $2 million compared to the previously announced asset sale (the “Previously Announced Asset Sale”) and is the only material detail of the Amended Asset Sale that differs from the Previously Announced Asset Sale. The Company now expects the Amended Asset Sale will result in net proceeds to SeaChange of between $15-17 million upon Closing.

Similar to the previous disclosure, the Amended Asset Sale, which has been approved by SeaChange’s Board of Directors, is subject to various terms and closing conditions, including approval by a majority of the shares of SeaChange’s outstanding common stock. Subject to such closing conditions, the Closing is expected to occur in the first quarter of SeaChange’s fiscal year 2025 (i.e. by the end of April 2024).

SeaChange Special Meeting of Stockholders and Proxy Supplement

As previously disclosed, SeaChange is still holding a special meeting of SeaChange stockholders on April 17, 2024, at 10:00 a.m., Eastern Time (the “Special Meeting”), to consider, among other things, a proposal to approve the Amended Asset Sale pursuant to the Amendment to the Purchase Agreements in conjunction with the Original Purchase Agreements. In addition, the record date has not changed and remains March 18, 2024. On or about March 22, 2024, SeaChange mailed a proxy statement (the “Proxy Statement”) to consider and vote on proposals relating to the Previously Announced Asset Sale. Due to the Amendment to the Purchase Agreements related to the Amended Asset Sale, SeaChange intends to post a proxy supplement (the “Proxy Supplement”) on SeaChange’s corporate website (www.seachange.com) and www.proxyvote.com on or about April 11, 2024 supplementing the Proxy Statement regarding certain material details of the Amended Asset Sale that differ from the Previously Announced Asset Sale. Please carefully read the Proxy Statement and Proxy Supplement along with exhibits attached thereto, but please note that applicable SeaChange stockholders should use the proxy card that was previously sent to them with the Proxy Statement. Also, SeaChange stockholders should please note that Proposal No.1 on the proxy card now refers to the Amended Asset Sale. If SeaChange stockholders have already delivered a properly executed proxy and do not wish to change their vote, they do not need to do anything.