Seaport Calibre Materials Acquisition, a blank check company formed by SGAM and Calibre Group targeting the steel, metals, and metal processing sector, filed on Monday with the SEC to raise up to $150 million.
The New York, NY-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Seaport Calibre Materials Acquisition would command a market value of $188 million.
The company is led by Chairman Stephen Smith, the founder and CEO of Seaport Global Asset Management (SGAM), and CEO and Director Jim Tumulty, co-founder and CEO of Calibre Group, which focuses on lower middle market investments in companies operating in the steel, metals, and metal processing sector.
Seaport Calibre Materials Acquisition was founded in 2019 and plans to list on the Nasdaq under the symbol SCMAU. Seaport Global is the sole bookrunner on the deal.
