Seaport Global Acquisition II and American Battery Materials today announced a definitive merger agreement at a post-transaction enterprise value of $225 million.
The target is a minerals exploration and development company focused on environmentally-friendly direct lithium extraction. The company owns 102 federal mining claims in Eastern Utah across 2,040 acres of federal land including seven existing wells. ABM is focused on supplying domestically-sourced critical minerals, with a particular focus on lithium, to global markets.
American Battery investors will receive equity in the SPAC valued at $160 million (subject to adjustments). The deal is expected to close in the fourth quarter.
If approved, the renamed American Battery Materials Holdings is expected to list on the Nasdaq. Read more.
