Seaport Global Acquisition shareholders voted today in favor of merging with entertainment vending company Redbox, the SPAC disclosed in an 8-K filing. The vote was overwhelmingly in support of the deal.
Redemptions amounted to $129.2 million of the SPAC’s trust, or about 89% of shares outstanding, according to the filing. Seaport Global had raised $143.8 million in a December 2020 IPO.
The SPAC last week announced it had secured a $36 million backstop to support the deal.
As announced in May, the transaction was to be funded by the cash in the SPAC’s trust and a fully committed $50 million PIPE. The combined company would have an enterprise value of $693 million.
The SPAC offered no insight on when the deal might close, noting only that the amount of redemption requests is one of several risk factors that could impact the business combination. Read more.
