Tiber Ventures, Inc. (fka SeaChange International, Inc.) Announces Preliminary Tender Offer Results

BOSTON, July 26, 2024 (GLOBE NEWSWIRE) -- Tiber Ventures, Inc., formerly known as SeaChange International, Inc. (OTC: SEAC) (“Tiber”), today announced the preliminary results of its modified “Dutch auction” tender offer (the “Tender Offer”) to purchase with cash up to $6.16 million shares (the “Shares”) of its common stock (“Common Stock”), which expired one minute after 4:59 P.M. Eastern Daylight Time on July 25, 2024.

Based on the preliminary count by the depositary for the Tender Offer, a total of 171,699 Shares were validly tendered and not validly withdrawn at a price per Share of not less than $6.75 and not more than $7.25 per Share.

In accordance with the terms and conditions of the Tender Offer and based on the preliminary count by the depositary, the Company may purchase up to 171,699 Shares through the Tender Offer at a maximum price of $7.25 per Share, for a total cost not to exceed $1,244,817.75, excluding fees and expenses. The total of 171,699 Shares that the Company expects to accept for purchase represents approximately 6.8% of the Company’s total shares of Common Stock outstanding as of June 7, 2024.

The number of Shares expected to be purchased in the Tender Offer and the purchase price per Share are preliminary and subject to change. The preliminary information contained in this press release is subject to confirmation by the depositary and is based on the assumption that all Shares tendered through notice of guaranteed delivery will be delivered within the required two business day period. The final number of Shares to be purchased in the tender offer and the final purchase price per Share will be announced following the expiration of the guaranteed delivery period and the completion by the depositary of the confirmation process. Payment for the Shares accepted for purchase pursuant to the Tender Offer, and the return of all other Shares tendered and not purchased, will occur promptly following the completion of the confirmation process. The Company expects to fund the purchase of Shares in the Tender Offer, together with all related fees and expenses, with cash and cash equivalents on hand.

Georgeson LLC is serving as information agent for the Tender Offer, and Computershare, Inc. is serving as the depositary for the Tender Offer.

Forward-Looking Statements

This press release includes forward-looking statements, including statements regarding the completion, terms, timing and size of the proposed Tender Offer. Forward-looking statements represent Tiber’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, the trading price and volatility of Tiber’s Common Stock and risks relating to Tiber’s business. Tiber may not consummate the proposed Tender Offer described in this press release and, if the proposed Tender Offer is consummated, cannot provide any assurances regarding the final terms of the Tender Offer. The forward-looking statements included in this press release speak only as of the date of this press release, and Tiber does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.

Tiber Contact

Mark Szynkowski, Investor Relations