Tiber Ventures, Inc. (fka SeaChange International, Inc.) Updates Tender Offer Expiration Date

BOSTON, July 11, 2024 (GLOBE NEWSWIRE) -- Tiber Ventures, Inc., formerly known as SeaChange International, Inc., (OTC: SEAC) (“Tiber”) today announced that its modified “Dutch auction” Tender Offer (the “Tender Offer”) will be extended for ten business days and will now expire one minute after 4:59 P.M. Eastern Daylight Time on July 25, 2024 unless further extended by Tiber or otherwise terminated (the “Expiration Time”).

Tenders of shares must be made on or prior to the expiration of the Tender Offer and may be withdrawn at any time prior to the expiration of the Tender Offer, in each case, in accordance with the procedures described in the Tender Offer materials distributed to Tiber’s stockholders. The Tender Offer is not conditioned on the receipt of financing or any minimum number of shares being tendered, but it is subject to certain other conditions. Subject to applicable law, Tiber may extend, terminate or otherwise amend the Tender Offer in its sole discretion. The Tender Offer documents contain tendering instructions and a complete explanation of the Tender Offer's terms and conditions. Tiber expects to use cash and cash equivalents to fund the purchase of shares validly tendered and accepted in the Tender Offer.

As of 5:00 PM Eastern Daylight Time on July 10, 2024 there have been 153,028 shares tendered and any shares that have been previously tendered may be withdrawn up until the Expiration Time, as so extended.

A modified “Dutch auction” Tender Offer allows stockholders to indicate how many shares and at what price within Tiber's specified range they wish to tender their shares. Based on the number of shares tendered and the prices specified by the tendering stockholders, Tiber will determine the lowest price per share within the specified range ($6.75 to $ 7.25) that will enable it to purchase shares having an aggregate purchase consideration of up to $6.16 million. Tiber also reserves the right, in the event that more than $6.16 million of its shares are tendered in the Tender Offer at or below the purchase price, to purchase at its option up to an additional number of shares of common stock not to exceed 2% of the total number of its shares of common stock outstanding (exclusive of any shares of common stock held by or for Tiber's account or by or for the account of any of Tiber's subsidiaries) without amending or extending the Tender Offer. All shares purchased by Tiber in the Tender Offer will be purchased at the same price. Stockholders whose shares are purchased in the Tender Offer will be paid the determined purchase price in cash, less any applicable withholding taxes and without interest, promptly after the expiration of the Tender Offer.

Stockholders wishing to tender their shares but who are unable to deliver them physically or by book-entry transfer prior to the expiration of the Tender Offer, or who are unable to make delivery of all required documents to the depositary prior to the expiration of the Tender Offer, may tender their shares by complying with the guaranteed delivery procedures set forth in the offer to purchase.

Neither Tiber, its board of directors, the information agent, nor the depositary makes any recommendation as to whether any stockholder should participate or refrain from participating in the Tender Offer or as to the price or prices at which stockholders may choose to tender their shares in the Tender Offer.

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

Additional Information Regarding the Tender Offer

This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any shares of common stock. The Tender Offer is being made solely by the Offer to Purchase, Letter of Transmittal and other related Tender Offer documents, as they may be amended or supplemented from time to time, dated June 10, 2024. Each of these documents is being sent to stockholders. Stockholders may also obtain a copy of these documents from the information agent, Georgeson LLC, by calling (866-679-2302 (toll-free). STOCKHOLDERS ARE URGED TO CAREFULLY READ THE OFFER TO PURCHASE, LETTER OF TRANSMITTAL AND RELATED MATERIALS BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE VARIOUS TERMS OF, AND CONDITIONS TO, THE TENDER OFFER, THAT STOCKHOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES.

Forward-Looking Statements

This press release includes forward-looking statements, including statements regarding the completion, timing and size of the proposed offering and the terms of the 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 offering described in this press release and, if the proposed offering 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