Seaport Global Acquisition filed a preliminary proxy on its proposed merger with entertainment vending company Redbox.
The combined company would have an enterprise value of $693 million.
Announced in May, the transaction will be funded by $145 million of cash in the SPAC’s trust and a fully committed $50 million PIPE led by Ophir Asset Management. Strategic investors include Lionsgate, Legendary Entertainment, Screenvision and Basil Iwanyk, producer of the John Wick film series and founder of Thunder Road Films.
Pending regulatory and shareholder approvals, upon closing Redbox common stock is expected to trade on the Nasdaq under RDBX.
All existing shareholders will roll 100 percent of their equity in Redbox, including funds managed by affiliates of Apollo Global Management, which acquired Redbox through the acquisition of Outerwall in September 2016. Read more.
