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SeaChange International, Inc. (NASDAQ:SEAC) ("SeaChange" or the "Company"), a leading provider of video delivery, advertising, streaming platforms, and emerging FAST (Free Ad-Supported Streaming TV services) development, today announced that it has resolved to effect a reverse stock split of the Company's issued common stock and has determined the ratio to be 1-for-20. The Company's stockholders approved the reverse stock split and granted the SeaChange board of directors the authority to determine the exact split ratio and when to proceed with the reverse stock split at the Company's Annual Meeting of Stockholders held on May 19, 2023.
The reverse stock split became effective on May 19, 2023 at 5:00 p.m., Eastern Time, and the Company's common stock is expected to begin trading on a split-adjusted basis on the Nasdaq Capital Market ("Nasdaq") as of the open of trading on May 23, 2023 under the existing ticker symbol "SEAC". The new CUSIP number for the Company's common stock will be 811699 404.
When the reverse stock split becomes effective, every twenty (20) shares of the Company's issued and outstanding common stock will be automatically combined into one issued and outstanding share of common stock without any change in the par value per share or the total number of authorized shares. This will reduce the number of outstanding shares of the Company's common stock from approximately 51 million shares to approximately 2.5 million shares.
No fractional shares of common stock will be issued in connection with the reverse stock split. If as a result of the reverse stock split, a stockholder of record would otherwise hold a fractional share, the fractional share resulting from the reverse stock split will be rounded up to the nearest whole share. Stockholders holding share certificates will receive information from Computershare Trust Company, N.A., the Company's transfer agent, regarding the process for exchanging their shares of common stock. Those stockholders who hold their shares in brokerage accounts or in "street name" will receive instructions from their brokers.
Proportionate adjustments will be made to the exercise price and number of shares issuable upon the exercise of the options outstanding under the Company's equity incentive plans, and the number of shares subject to restricted stock units, deferred stock units and performance stock units under the Company's equity incentive plans.
Additional information about the reverse stock split can be found in SeaChange's definitive proxy statement filed with the Securities and Exchange Commission ("SEC") on April 17, 2023, a copy of which is available at www.sec.gov.
Posted In: SEAC
