secwatch.observer — SEC 8-K summary
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Issuer:     Cineverse Corp. (CNVS)
CIK:        0001173204
Form:       8-K
Filed at:   2026-02-17T23:59:59+00:00
Accession:  0001193125-26-052752
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1173204/000119312526052752/0001193125-26-052752-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1173204/000119312526052752/d844600d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-052752

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer