Cineverse buys IndiCue for $22M, raises $13M notes, prelim Q3 rev $15-17M

Cineverse Corp.

Acquires IndiCue ($22M: $12.8M cash at close, $9.2M cash/stock year one); CTV ad platform.
Issues $13M convertible notes (9% interest, 4-year term) to fund acquisition and working capital.
Preliminary Q3 FY2026 revenue $15-17M, net loss $(0.5)-(1.0)M, Adj. EBITDA $2-3M.
Earnout possible based on IndiCue revenue growth and gross margin targets.
IndiCue FY2024 revenue $10.2M, net income $1.8M; acquisition close expected Feb 13, 2026.

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