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Short-video app Triller will go public through a reverse merger with SeaChange International Inc, in a deal that will value the combined entity at around $5 billion, the companies said on Wednesday.
Investors have committed to invest $250 million as part of the deal, Reuters reported last week, citing a person familiar with the matter.
A reverse merger is a deal wherein a private company goes public by buying a listed company.
The deal comes after the owner of the short-video app shelved plans to list through a merger with a blank-check firm last year, as investor sentiment soured on what has been one of the biggest trends on Wall Street.
Triller was also looking at the direct listing method of listing shares, Reuters reported in June.
The company also owns Triller Fight Club, a live-event platform in partnership with rapper Snoop Dogg and operates TrillerTV, a long-form content streaming platform with more than 65 original shows.
Shares of SeaChange were last up 70% at $3.05 in early trading. SeaChange, a provider of video delivery, advertising, and streaming platforms, has a market capitalization of nearly $88 million, according to data from Refinitiv.
The combined company will be named TrillerVerz Corp and will be led by Mahi de Silva, the chief executive officer of Triller’s parent company.
TrillerVerz will trade on the Nasdaq following deal close, which is expected in the first quarter of next year, and the ticker symbol will change to “ILLR” from “SEAC.”
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