Due to the ongoing effects of the coronavirus disease 2019 (COVID-19), SeaChange International, Inc., a
Delaware corporation (the Company), is filing this Current Report on Form 8-K to avail itself of an extension to file its Quarterly Report on
Form 10-Q for the period ended April 30, 2020 (the Quarterly Report), originally due on June 9, 2020, relying on an order issued by the Securities and Exchange Commission (the
SEC) on March 25, 2020, pursuant to Section 36 of the Securities Exchange Act of 1934, as amended (Release No. 34-88465) (the Order) regarding exemptions granted to
certain public companies.
The Companys operations and business continue to be challenged due to the conditions and travel restrictions surrounding
the COVID-19 pandemic spreading throughout the United States. These challenges have resulted in limited access to the Companys facilities and have interfered with managements ability to work
with its independent accountants, professional advisors and support staff in order to complete the Quarterly Report. Management is therefore currently unable to prepare and review the Quarterly Report by June 9, 2020.
As such, the Company will be relying upon the 45-day grace period provided by the Order to delay filing of the
Quarterly Report. The Companys earnings call is currently scheduled for 5:00 p.m. Eastern Time on June 11, 2020. The Company anticipates that it will file the Quarterly Report on or before June 12, 2020, but in no event will it file
the Quarterly Report later than July 24, 2020, 45 days after its original due date.
The following Risk Factor, originally included in the
Companys Annual Report on Form 10-K, filed with the SEC on April 20, 2020, as amended, continues to apply to the Company:
The recent COVID-19 outbreak may adversely affect our revenues, results of operations and financial condition.
The U.S. and other countries are experiencing outbreaks of COVID-19, which is continuing to spread to
other countries, including countries in which we, our customers and our suppliers do business. Governments in affected regions have implemented and may continue to implement safety precautions, including quarantines, travel restrictions, business
closures, cancellations of public gatherings and other measures. Other organizations and individuals are taking additional steps to avoid or reduce infection, including limiting travel and staying home from work. These measures are disrupting normal
business operations both in and outside of affected areas. We continue to monitor our operations and government recommendations and have made appropriate modifications to our operations because of COVID-19,
including substantial modifications to employee travel, employee work locations, virtualization or cancellation of customer and employee events, and remote sales, implementation, and support activities, among other modifications. These decisions may
delay or reduce sales and harm productivity and collaboration. The cancellation of major industry events in the region reduces our ability to meet with existing and potential new customers. Our customers businesses could be disrupted or they
could seek to limit spending, either of which could foreclose future business opportunities, could negatively impact the willingness of our customers to enter into or renew contracts with us and ultimately could adversely affect our revenues. The
pandemic has impacted our ability to complete certain implementations, negatively impacting our ability to recognize revenue, and could also negatively impact the payment of accounts receivable and collections. Although we are unable to predict the
precise impact of COVID-19 on our business, our mobile communications business in particular depends to a large extent on travel and the willingness of customers to enter into or renew contracts with us. We
anticipate that, unless the outbreak is swiftly contained, governmental, individual, business and other organizational measures to limit the spread of the virus will adversely affect our revenues, results of operations and financial condition,
perhaps materially. This or any other outbreak and any additional preventative or protective actions that may be taken in response to this or any other global health threat or pandemic may result in additional business and/or operational disruption.
Additionally, global economic disruptions like COVID-19 could negatively impact our supply chain and cause delays
in the delivery of raw materials, components and other supplies that we need to conduct our operations. We may be unable to locate replacement materials, components or other supplies, and ongoing delays could reduce sales and adversely affect our
revenues and results of operations. The extent to which COVID-19 will impact our business will depend on many factors beyond our control, including the speed of contagion, the development and implementation of
effective preventative measures and possible treatments, the scope of governmental and other restrictions on travel and other activity, and public reactions to these factors.
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K may contain statements that are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts for future events, including, without limitation, the Companys future financial or business performance or strategies,
results of operations or financial condition. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors. In addition to those risks described from time to time in the Companys filings
with the SEC and other similar risks, the forward-looking statements in this Form 8-K are subject to the uncertainties regarding the duration, spread and effects of
COVID-19, and its economic, financial and market consequences generally and on the Companys business in particular. The Company does not undertake any obligation to update forward-looking statements to
reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.