Seaport Global Acquisition II and American Battery Materials announced today the filing of an initial Registration Statement on Form S-4 with the SEC, outlining their proposed merger.
The deal was announced in June 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 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.
If the merger is approved, American Battery investors would receive equity in the SPAC valued at $160 million, subject to adjustments including redemptions. The deal is expected to close in the fourth quarter. Read more.
