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Tiber Ventures, Inc. (formerly SeaChange International, Inc.) (OTC: SEAC) announced preliminary results of its modified 'Dutch auction' tender offer. The offer aimed to purchase up to $6.16 million shares of common stock at prices between $6.75 and $7.25 per share. Based on preliminary counts, 171,699 shares were validly tendered, representing about 6.8% of the company's outstanding shares. Tiber expects to purchase these shares at a maximum price of $7.25 per share, for a total cost not exceeding $1,244,817.75, excluding fees and expenses. The company plans to fund the purchase with cash and cash equivalents on hand. Final results will be announced after the completion of the confirmation process.
Tiber Ventures, formerly SeaChange International, has extended its modified Dutch auction Tender Offer by ten business days to July 25, 2024. As of July 10, 2024, 153,028 shares have been tendered. The offer allows stockholders to specify the number and price of shares they wish to sell within a range of $6.75 to $7.25. Tiber aims to purchase shares worth up to $6.16 million, with the option to buy an additional 2% of its outstanding shares if necessary. The Tender Offer is funded by cash and cash equivalents and is not contingent on financing or a minimum number of shares being tendered. Stockholders can withdraw their shares any time before the new expiration date. Tiber will determine the lowest price per share for the tendered shares and pay in cash promptly after the offer expires.
Tiber Ventures, previously known as SeaChange International (OTC: SEAC), has announced a modified 'Dutch auction' tender offer to purchase up to $6.16 million of its common stock. Shareholders can tender their shares at a price between $6.75 and $7.25. The offer expires on July 10, 2024, unless extended or terminated.
The tender offer is not contingent on financing or a minimum number of shares being tendered. Tiber Ventures will use cash and cash equivalents for the purchase. Stockholders can withdraw their shares before the expiration date, and the tender offer documents provide detailed instructions.
Georgeson is the information agent, and Computershare is the depositary. Tiber Ventures advises shareholders to read the offer documents carefully for complete terms and conditions.
SeaChange International, a video delivery and streaming platforms provider, completed the sale of its assets to Enghouse Systems for $39 million, resulting in net proceeds of over $22.5 million. The sale was approved by SeaChange's Board of Directors and majority shareholders, aiming to maximize shareholder value and allow for business scalability.
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