UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM10-K/A
(Amendment No. 1)
| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended January 31, 2020
or
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number:001-38828
SEACHANGE INTERNATIONAL, INC.
(Exact Name of Registrant as Specified in Its Charter)
| Delaware | 04-3197974 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
500 Totten Pond Road Waltham, MA | 02451 | |
| (Address of Principal Executive Offices) | (Zip Code) | |
(978)-897-0100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Common Stock, $0.01 Par Value | SEAC | The Nasdaq Global Select Market | ||
| Series A Participating Preferred Stock Purchase Rights | SEAC | The Nasdaq Global Select Market |
Securities registered pursuant to Section 12(g) of the Exchange Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ☐ No ☒
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of RegulationS-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, anon-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☒ | |||
| Non-accelerated filer | ☐ | Smaller reporting company | ☒ | |||
| Emerging growth company | ☐ | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 31, 2019, the aggregate market value of the voting stock held bynon-affiliates of the registrant, based upon the closing price for the registrant’s Common Stock on the NASDAQ Global Select Market on such date was $60,364,119. For the purposes of this calculation, shares owned by officers and directors (and their affiliates) have been excluded. This exclusion is not intended, nor shall it be deemed, to be an admission that such persons are affiliates of the registrant. The registrant does not have anynon-voting common stock outstanding.
The number of shares of the registrant’s Common Stock outstanding as of the close of business on April 6, 2020 was 37,208,434.
DOCUMENTS INCORPORATED BY REFERENCE:
Portions of the registrant’s definitive proxy statement for the 2020 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A are incorporated by reference into Part III of this Annual Report onForm 10-K to the extent stated herein.
Explanatory Note
Seachange International, Inc. (the “Company”) is filing this Amendment No. 1 on Form10-K/A (this “Amendment No. 1”) to amend its Annual Report on Form10-K for the year ended January 31, 2020, originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 20, 2020 (the “Original Form10-K”), solely to disclose that the Company had filed the Original Form10-K after the April 15, 2020 deadline applicable to the Company for the filing of a Form10-K, in reliance on the45-day extension provided by an order issued by the SEC under Section 36 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), dated March 4, 2020 (ReleaseNo. 34-88318), as modified by a new SEC order issued on March 25, 2020 (ReleaseNo. 34-88465) (collectively, the “Order”).
On April 15, 2020, the Company filed a Current Report on Form8-K to indicate its intention to rely on the Order for such extension. Consistent with the Company’s statements made in the Form8-K, the Company was unable to file the Original Form10-K until April 20, 2020, and therefore relied on the Order due to circumstances related to coronavirus, orCOVID-19. Specifically, the Company’s operations and business have been challenged due to the conditions and travel restrictions surroundingthe COVID-19 pandemic. These challenges have resulted in limited access to the Company’s facilities and interfered with management’s ability to work with its independent accountants, professional advisors and support staff in order to complete the Company’s Original Form10-K. Management was therefore unable to prepare and review the Original Form10-K by April 15, 2020.
In accordance with Rules12b-15 and13a-14 under the Exchange Act, the Company is including in this Amendment No. 1 an amended Part IV, Item 15 to include currently dated certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 from the Company’s principal executive officer and principal financial officer. Because no financial statements have been included in this Amendment No. 1 and this Amendment No. 1 does not contain or amend any disclosure with respect to Items 307 and 308 of RegulationS-K, paragraphs 3, 4 and 5 of the certifications have been omitted. Similarly, because no financial statements have been included in this Amendment No. 1, certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 have been omitted.
Except as described above, this Amendment No. 1 does not amend, modify or update the information in, or exhibits to, the Original Form10-K, and we have not updated disclosures included therein to reflect any subsequent events. This Amendment No. 1 should be read in conjunction with the Original Form10-K and with our other filings made with the SEC subsequent to the filing of the Original Form10-K.
PART IV
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES.
(a) The following documents are filed as part of this Amendment No. 1:
| * | Filed herewith |
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SEACHANGE INTERNATIONAL, INC. | ||||||
| Date: May 26, 2020 | By: | /s/YOSSI ALONI | ||||
| Yossi Aloni | ||||||
| Chief Executive Officer | ||||||
| (Principal Executive Officer) | ||||||
