Seaport Global Acquisition II, a blank check company formed by Seaport Global targeting reorganized or distressed businesses, raised $125 million by offering 12.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by CEO and Chairman Stephen Smith, founder of The Seaport Group and founder and CEO of SGAM. Seaport Global Acquisition II plans to target companies undergoing transformational, transitional, or reorganizational (TTR) business strategies, focusing on those with enterprise values between $300 million and $1 billion.
Management's previous SPAC, Seaport Global Acquisition, combined with movie rental business Redbox (RDBX; +34% from $10 offer price) this past October.
Seaport Global Acquisition II plans to list on the Nasdaq under the symbol SGIIU. B. Riley Securities acted as sole bookrunner on the deal.
