Triller now plans to get a direct listing on the Nasdaq stock market through an IPO


Triller terminates its reverse merger deal with SeaChange. (Credit: aymane jdidi from Pixabay)

SeaChange International, a video advertising software provider, and short-video app Triller have mutually agreed to scrap their previously announced $5bn merger deal.

The reverse merger deal was announced in December 2021.

According to SeaChange, it is no longer possible to finalise the merger before its termination date of 30 June 2022. The parties will also not pursue an extension to the merger agreement, which stands cancelled with immediate effect.

Listed on the Nasdaq, SeaChange serves operators, content owners, and broadcasters around the world with video streaming, linear TV, and video advertising technology.

Triller, on the other hand, provides artificial intelligence (AI) powered social media and music discovery experience that enables users in making professional-looking videos in a matter of seconds.

The AI-powered open garden technology platform also owns the VERZUZ live-stream music platform, the customer engagement platform, FITE streaming site, and others.

SeaChange and Triller planned to name their combined company TrillerVerz that was to be publicly listed in the US. The video advertising software provider was to become a business unit within TrillerVerz with a focus on cable, streaming and advertising.

Following the termination of the merger, Triller said that it plans to get a direct listing on the Nasdaq stock market through an initial public offering (IPO).

Subject to approval from the US Securities and Exchange Commission (SEC) and Nasdaq, Triller anticipates being listed under the ‘ILLR’ ticker symbol by September 202, depending on market conditions.

Triller CEO Mahi de Silva said: “The current market demands clear and disciplined thinking. After much deliberation, Triller has determined that the best course of action is a direct listing for Triller.

“A Triller IPO is a cleaner transaction, allowing us greater control of our destiny. Today’s news is a clear commitment to our effort to build the world’s best platform for creators; artists, influencers, athletes, thought-leaders, and brands.”