Shares of SeaChange International Inc. (NASDAQ: SEAC) are trading up 11.65% to $1.15 in premarket. SEAC stock gained 1.98% to end Wednesday trading session at $1.03. There were 3.14 million shares of SeaChange stock traded, which was significantly less than the 13.03 million shares traded daily over the last 50 days. SEAC stock is soaring in absence of any news that would move the share price upward, but an operational update may have caused a spike in the stock price.
A recent update from SeaChange highlighted its success in recent months on new strategic initiatives that will place SEAC in a strong fiscal position for the next two years.
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- SEAC created a multi-faceted strategic roadmap that was designed to grow our business, capture market share, and add even greater value to our customers and investors.
- Operating expenses of SEAC decreased 54% year-over-year in the fourth quarter of 2021 resulting from ongoing efficiency measures.
- One of the largest broadband service providers in the United States gave SEAC a multimillion-dollar contract with long-term responsibilities.
- SeaChange stabilized the balance sheet with the closing of a public placing of common stock on April 1, 2021, which was the catalyst for its strategic plans.
- SeaChange enhanced its go-to-market strategy in order to position it as the leading provider of video streaming services to cable companies and content owners worldwide.
- SEAC revised its business model so it can more efficiently monetize its software and services offering and maximize engagement with customers.
Strengthening Management Team:
SeaChange (SEAC) also strengthened its executive team, in which Chairman Robert Pons was appointed as Chief Executive Officer, Matt Stecker was appointed to the board of directors, and Christoph Klimmer was promoted to SVP of Global Sales and Marketing of SEAC.