Seaport Global Acquisition announced today that it has entered into backstop subscription agreements of up to $36 million to support its pending merger with in connection with its proposed business combination with entertainment vendor Redbox.
As announced in May, the transaction will be funded with $145 million of cash held in the Seaport trust and a fully committed PIPE of $50 million.
The backstop agreements should ensure the minimum cash condition required of the business combination agreement will be met, Seaport said. Read more.
