Seaport Global Acquisition II Corp. (SGII) Inks Additional Non-Redemption Agreements
Seaport Global Acquisition II Corp. (NASDAQ:SGII) announced in an 8-K this morning that it has signed non-redemption agreements with investors representing 1,581,138 shares ahead of its February 13 special meeting to extend its transaction deadline.
In exchange for not redeeming, these shareholders are to receive a dispersal of 395,284 common shares currently held by the sponsor. This comes in addition to previous agreements securing 200,000 shares of common stock from redemption in exchange for 50,000 shares from the sponsor.
The proposed extension would push the SPAC’s completion deadline six months out from February 19 to August 19.
Seaport Global II priced its $125 million IPO in November 2021, but hasn’t found a target company to combine with just yet. It intends to focus its search on companies undergoing transformational, transitional, or reorganizational business strategies with an enterprise value of approximately $300 million to $1.0 billion.
With their first SPAC, the Seaport team combined with media rental kiosk company Redbox, which was later acquired by Chicken Soup for the Soul (NASDAQ:CSSE).