Benzinga | Mar 30, 2021 11:26AM EDT

SeaChange Shares Are Trading Lower On Raising $19.1M Via Equity At 11% Discount

* Video delivery platforms provider SeaChange International Inc (NASDAQ: SEAC) priced 10.3 million shares at $1.85 per share to raise $19.1 million in gross proceeds in a secondary public offering.

* The offer price signifies an 11% discount to the company's Monday closing price of $2.08.

* The underwriter can purchase additional shares equivalent to 15% of the offering size under a 45-day option.

* The company will utilize the offering proceeds for general corporate purposes, working capital, potential acquisitions, and other business opportunities.

* The company held cash and cash equivalents of $5.1 million as of Oct. 31, 2020.

* SeaChange's stock has gained 137% in the last six months.

* Price action: SEAC shares traded lower by 27.9% at $1.50 on the last check Tuesday.