Seaport Global Acquisition II said it has terminated the merger agreement with American Battery Materials. As a result, the SPAC will not complete an initial business combination within deadline and will liquidate.
The per-share redemption price will be approximately $10.78.
No reason was given for the breakup.
The deal was announced in June at a post-transaction enterprise value of $225 million, and the SPAC filed an S-4 three months later.
American Battery Materials is a minerals exploration and development company focused on environmentally-friendly direct lithium extraction. The company owns 102 mining claims in Eastern Utah across 2,040 acres of federal land including seven existing wells. Read more.
