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.
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