SeaChange International (NASDAQ:SEAC) stock is taking a beating on Tuesday after making an announcement late last night that upset investors.
Here’s what investors need to know about the news hitting SEAC stock today.
- The news sending SEAC stock lower is that the company is planning an underwritten public offering of its shares.
- This has Aegis Capital serving as the sole book-running manager for the offering.
- SeaChange International doesn’t go into much detail about the planned underwritten offering of SEAC stock.
- The company doesn’t say how large the offering will be or when it will take place.
- It also doesn’t discuss the potential terms of the offering.
- However, it does not that there’s no guarantee the offering will take place.
- What SeaChange International does say is its plans for funds raised from the offering.
- This has it expecting to use the proceeds for “general corporate purposes, including, but not limited to, working capital, potential acquisitions, and other business opportunities.”
- SeaChange International is a supplier of video delivery software solutions.
- This has the company supplying support to cloud and on-site video delivery platforms around the world.
- Investors should also be careful with SEAC stock as the company is still firmly in penny stock territory.
- SEAC stock is seeing some major movement today following last night’s news.
- That includes more than 29 million shares of the stock changing hands as of this writing.
- To put that in perspective, the company’s daily average trading volume is roughly 7.9 million shares.
- It’s worth noting that today’s fall for SEAC stock comes after positive news yesterday.
- The company announced a multi-million-dollar contract with a major broadband service provider in the U.S.
- Investors can catch up on yesterday’s news at this link.
SEAC stock was down 30% as of Tuesday morning.
Investors looking for other cheap stocks to invest in are in luck.
There are loads of other companies with low entry points for investors to check out. Some examples of this include Apartment Investment & Mgmt (NYSE:AIV), Borr Drilling Ltd (NYSE:BORR), Entravision Communications Corp (NYSE:EVC), and more. All that and more is available below.
More Cheap Stocks
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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