HomeNewsMarket recap: Here are the highlights from Wednesday

Market recap: Here are the highlights from Wednesday

  • SeaChange International sees a spike of 15% following merger agreement with Tiktok rival Triller.
  • Carmax and CalAmp shares tanks following earnings release
  •  AgileThought tanks after announcing public offering

SeaChange merges with Triller

SeaChange International, Inc. (NASDAQ:SEAC) has entered into a definitive merger agreement with TikTok rival Triller. Post-merger the company will be called TrillerVerz with a valuation of approx. $5 billion. The deal has received the approval from both the boards and is expected to close in Q1 2022. The company will now trade under the ticker ‘ILLR’ with Mahi de Silva (CEO of Triller) becoming the chairman of the new board and Peter Aquino (CEO of SeaChange International) joining his team.

CarMax posts record revenue

The used car retailer’s revenue jumped to an all-time high in Q3. CarMax Inc (NYSE:KMX) reports $269.4 million net income or $1.63 per share, higher than $235.3 million net income reported same quarter last year. The company’s shares slid by 10% because of lower cash balance and high long-term debt. Vehicle purchase from consumers increased 91% in the third quarter.

AgileThought slides post public offering

AgileThought’s (NASDAQ:AGIL) stock tanked 25% on Wednesday following Public offering valued at $25 million. The company plans to use around 60% of the profit to repay its debts. The tech company is offering around 3,560,710 of its Class A common stock priced at $7 each. AgileThought is expected to close this offering around 27 December, 2021. This offering will be managed by Alliance Global Partners (AGP).

CalAmp posts weaker than expected results

CalAmp Corp (NASDAQ:CAMP) saw its shares fall 25% on Wednesday after the company posted weaker than expected fiscal third quarter results. The IoT Company reported a loss of $11.4 million translated to a loss of 0.33 cents per share. The California based company saw a 12% dip in revenue YoY to $68.8 million, below analyst expectation of $79.18 million. Citing unpredictability due to the current supply chain problem the company did not offer future guidance.