Innovid Corp. stockholders approve merger with Mediaocean

NEW YORK - Innovid Corp. (NYSE:CTV), a prepackaged software services company whose stock has surged over 100% in the past year according to InvestingPro data, announced today that its stockholders have voted to approve a merger agreement with Mediaocean LLC during a special meeting held on Monday. The approval moves the company closer to finalizing its merger with Mediaocean, a transaction first announced on November 21, 2024.

The merger, pending customary closing conditions, will result in Innovid becoming a wholly owned subsidiary of Mediaocean. The $468 million market cap company, which maintains a strong financial position with a current ratio of 3.52, will combine its capabilities with Mediaocean’s resources, although the specific implications for the market and customers have not been detailed.

During the special meeting, which saw a 74.78% turnout of eligible stockholders, two key proposals were on the agenda. The first proposal, to adopt the merger agreement, received overwhelming support with 112,686,234 votes in favor, 18,202 against, and 148,602 abstentions. The second proposal, which would have allowed for the adjournment of the meeting to solicit more votes if necessary, was rendered moot as the merger agreement received sufficient votes for approval.

The record date for determining stockholders entitled to vote was set as January 2, 2025, with over 150 million shares eligible. The final vote indicates strong stockholder support for the merger, with no broker non-votes recorded.

Innovid Corp., which operates under Delaware’s jurisdiction and is headquartered in New York, is known for its services in the prepackaged software industry. The company’s common stock and warrants to purchase common stock are traded on the New York Stock Exchange under the symbols "CTV" and "CTVWS," respectively.

The completion of the merger is subject to the satisfaction of the remaining customary closing conditions. The company has not disclosed any further details regarding the expected completion date of the merger or the immediate next steps following the stockholder approval.

This development is based on the latest SEC filing by Innovid Corp. and represents a significant step in the company’s trajectory as it joins forces with Mediaocean LLC. For investors seeking deeper insights, InvestingPro offers comprehensive analysis including 10+ additional ProTips and a detailed Pro Research Report, helping investors make informed decisions about this volatile stock (Beta 3.26).

In other recent news, Innovid has reported a steady growth in Q3 2024, with a 6% increase in revenue year-over-year, reaching $38 million. This growth was primarily driven by a 12% rise in connected TV (CTV) ad serving and personalization revenue, which now represents 58% of the company’s total video impressions. Innovid’s adjusted EBITDA also saw a significant rise of 29% to $8 million, reflecting a 22% margin. Despite challenges from reduced brand spending due to political advertising, slower cross-sell growth, and a shift towards a software-only model, Innovid has announced new partnerships and a stock repurchase program. The company has adjusted its full-year revenue guidance downward, but remains optimistic about its future, particularly in the CTV sector. The company expects Q4 revenue between $37.5 million and $39.5 million, with full-year revenue expectations of $150.5 million to $152.5 million. Adjusted EBITDA projections for the full year are set between $26.7 million and $28.7 million.

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