Seaport Calibre Materials Acquisition Corp. (SCMA) Adds Non-Redemption Agreements
Seaport Calibre Materials Acquisition Corp. (NASDAQ:SCMA) announced in an 8-K that it has inked new non-redemption agreements after postponing its initial extension vote.
The SPAC has agreed to allocate up to 37,500 promote shares (1.1%) to investors holding in exchange for them agreeing not to redeem an aggregate of 150,000 shares at the vote now rescheduled to January 31. The extension would push out Seaport Calibre’s transaction deadline six months from February 1 to August 1.
Seaport Calibre notes in the filing that the agreements are expected to increase the likelihood that the extension will be approved as well as bolster the amount of funds remaining in the SPAC’s trust account on the other end of it. The SPAC originally scheduled its special meeting for the extension on January 26.
Seaport Calibre Materials announced the pricing of its $130 million IPO in October 2021, but has not found a target company to combine with just yet. It intends to focus on businesses in the steel, metals, and metals processing sector.