Cineverse acquires IndiCue for $22M; guides FY2027 rev $115-120M, adj EBITDA $10-20M

Cineverse Corp.

Base consideration $22M ($12.8M cash + $9.2M stock); earnouts up to $18M on revenue/gross margin targets.
Concurrent $13M convertible note issuance at 9% per annum, conversion price $2.00, used to fund cash portion.
IndiCue (CTV monetization) expected ~$38M revenue and ~$9.6M EBITDA in CY2026; EBITDA-positive at close.
Deal positions Cineverse for >50% tech revenue in FY2027; IndiCue's 100+ customers include IMAX, Freecast, Loop.
IndiCue founding team joins: Nicholas Frazee (EVP Revenue), Yuriy Gorokhov (EVP Tech), John Marchesini (EVP Product).

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