SeaChange suspends Tax Benefis Preservation Plan

As disclosed earlier, on August 16, 2023, SeaChange approved and adopted a Tax Benefits Preservation Plan, by and between the Company and Computershare Trust Company, N.A., as rights agent. The Board adopted the Rights Agreement to reduce the likelihood that future acquisitions of SeaChange common shares would result in an “ownership change,” as defined in Section 382 of the Internal Revenue Code of 1986, as amended, thereby limiting the Company’s ability to use its NOLs to reduce the Company’s potential future income tax obligations. On March 7, 2024, the Board approved a suspension of the Rights Agreement; however, the Board, in its sole discretion, may reinstate the Rights Agreement.