Seaport Calibre Materials Acquisition, a blank check company formed by SGAM and Calibre Group targeting the steel, metals, and metal processing sector, lowered the proposed deal size for its upcoming IPO on Wednesday.
The New York, NY-based company now plans to raise $130 million by offering 13 million units at $10. The company had previously filed to offer 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Certain anchor investors intend to purchase 90% of units in the offering. At the revised deal size, Seaport Calibre Materials Acquisition will raise -13% less in proceeds than previously anticipated.
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.
