Seaport Global Acquisition, a blank check company formed by Seaport Global Asset Management targeting distressed businesses, raised $125 million by offering 12.5 million units at $10. Each unit consists of one share of common stock and three-quarters of a warrant, exercisable at $11.50.
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The company is led by CEO and Chairman Stephen Smith, founder of The Seaport Group and founder and CEO of SGAM. He is joined by CFO Michael Ring, who has been CFO and Chief Compliance Officer of SGAM since 2018 and CFO of Seaport Specialty Lending since 2019.
Seaport Global Acquisition plans to capitalize on inefficiencies in the post-pandemic reorganization market and target companies emerging from a reorganization or distressed situation.
Seaport Global Acquisition plans to list on the Nasdaq under the symbol SGAMU. B. Riley FBR acted as lead manager on the deal.
