Item 1.01. Entry into a Material Definitive Agreement.
On November 4, 2019 SeaChange
International, Inc. and Calare Properties, Inc. entered into a Purchase and Sale Agreement and Escrow Instructions (the Agreement) for the sale of the SeaChanges corporate headquarters located at 50 Nagog Park, Acton, Massachusetts
01720 for a purchase price of $600,000. The Agreement also contains a lease back provision to allow SeaChange to remain in its current location for up to six (6) months. Consummation of the sale is subject to customary closing conditions and is
anticipated to close during SeaChanges fourth fiscal quarter.
A copy of the Agreement is included as Exhibit 10.1. The foregoing
description of the Agreement is qualified in its entirety by reference to the full text of the Agreement, which is incorporated herein by reference.
Cautionary Note on Forward-Looking Statements
Any statements in this Current Report on Form 8-K about future expectations, plans and prospects for
SeaChange, including statements about the expected sale of the Acton property and related lease back agreement, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may
differ materially from those indicated by such forward-looking statements as a result of various important factors. In addition, the forward-looking statements included in this Current Report on Form 8-K
represent SeaChanges views as of the date hereof and subsequent events and developments could cause SeaChanges views to change. SeaChange disclaims any intent or obligation to publicly update or revise any such forward-looking statements
to reflect any change in SeaChanges expectations or future events, conditions or circumstances on which any such forward-looking statements may be based, or that may affect the likelihood that actual results may differ from those set forth in
such forward-looking statements.