SeaChange International (NASDAQ:SEAC) stock is rocketing higher on Wednesday thanks to news of a merger agreement with Triller.
Let’s take in all that news below!
- The agreement will have Triller and SeaChange International enacting a reverse merger.
- That means that once the merger is complete, the new company will operate as TrillerVerz.
- To go along with that, the ticker for the company’s stock will switch from SEAC to ILLR.
- This has the two companies expecting a value of $5 billion for the combined company.
- TrillerVerz is looking to create a business focused on the Web3.0 movement.
- This has it looking to become the voice of users in the 18- to the 34-year-old age group.
- That would have it challenging TikTok as a social media platform for creators and influencers.
- When the deal closes, the new company will be led by TrillerVerz CEO Mahi de Silva.
- Peter Aquino, current president and CEO of SeaChange International, will stick around as part of the new company’s team.
- The Boards of Directors at both companies have given their support to the deal.
- This has the two companies expecting the reverse merger to close sometime in the first quarter of 2022.
- Rumors of a deal between the two companies kicked off last week.
- SEAC stock is experiencing heavy trading on today’s news.
- That has some 137 million shares of the stock changing hands.
- For the record, its daily average trading volume is closer to 7 million shares.
SEAC stock is up 48.5% as of Wednesday morning.
Investors looking for more stock news today will want to keep reading!
We’ve got all the most recent stock market coverage that traders need for Wednesday. That includes what’s happening with shares of Biondvax Pharmaceuticals (NASDAQ:BVXV), Naked Brand (NASDAQ:NAKD), and American Virtual Cloud Technologies (NASDAQ:AVCT) today. You can find all that at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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