Seaport Calibre Materials Acquisition, a blank check company formed by SGAM and Calibre Group targeting the steel, metals, and metal processing sector, raised $130 million by offering 13 million units at $10. Each unit consists of one share of the common stock and one-half of a warrant, exercisable at $11.50.
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.
The SPAC intends to identify and complete an initial business combination with companies operating in the metals and resources sector, particularly in steel, aluminum, and metals industries more broadly.
The New York, NY-based SPAC plans to list on the Nasdaq under the symbol SCMAU. Seaport Global acted as sole bookrunner on the deal.
