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      Stock in Correction: SeaChange International Inc. (SEAC) Plummets in the After Hours - Stocks Telegraph

      By Gule Rukhsar

      Published on

      December 14, 2021

      6:05 AM UTC

      Stock in Correction: SeaChange International Inc. (SEAC) Plummets in the After Hours - Stocks Telegraph

      SeaChange International Inc. (SEAC) stock plunged 13.95% in the after-hours while it gained a humungous 128.81% in regular trading on Monday.

      In the regular session, the stock saw a super heavy volume of 80.75 million on speculations of a possible merger with TrillerNet. The stock closed the session at $1.72 but tumbled down to $1.48 in the after-hours under market corrections.

      The video delivery and advertising solutions provider, SeaChange International Inc. has a market capitalization of $36.86 million. Currently, the company has 49.04 million shares outstanding in the market.

      What is Happening?

      On Monday, rumors emerged that the social video platform, Triller is in talks about going public through a merger with SEAC. The rumors further suggest a commitment of an investment of $250 million. While it was speculated that the transaction could be made public as soon as this week, there’s a chance for it to fall apart as well.

      Moreover, as per PitchBook, Triller, which considers TikTok among its rivals, has a valuation of $1.25 billion. According to its website, the app has been downloaded 250 million times.

      Hence, these speculations caused SEAC stock to become one of the most heavily traded stocks on the market. SEAC saw over 5,367% of its 65-day average volume in regular trading. After gaining huge on the rumors, the stock was bound to enter market corrections in the after hours. Hence, it fell down at an after-hours’ volume of 28.26 million on December 13.

      SEAC’s Multi-Million-Dollar Contract Renewal

      On November 29, the company announced securing a multi-year, multi-million-dollar contract renewal. The contract was renewed with one of the largest MSOs(Multiple-system-operators) in the U.S.

      SEAC has assisted the MSO in managing content processing workflows for more than ten years. Through which the MSO ingested up to 350,000 VOD (video on demand) assets yearly. As per the renewed contract, the company will streamline and optimize the MSO’s content chain through its premium support and services. Furthermore, SEAC will provide content workflows’ automated configuration and management along with OTT platforms with definite rules.

      The company’s new CEO and President shared his view over the SEAC team’s ability for maximizing the value of longstanding customer relationships.

      SEAC’s Upcoming Q3 Financials

      On December 09, SEAC announced that the company will declare its third-quarter financial results on Tuesday. The conference call will be held after the press release of the earnings, at 5:00 pm ET on December 14, 2021.

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