Seaport Global Acquisition II Corp. (NASDAQ:SGII) announced in an 8-K filing this afternoon that it has signed one or more non-redemption agreements with third-party investors holding an aggregate of 200,000 shares of common stock.
Under the agreement, 50,000 shares of SGII common stock held by the sponsor will be allocated in exchange for the investors not redeeming their shares at the SPAC’s upcoming extension meeting on February 13.
Seaport Global II priced its $125 million IPO in November 2021, but hasn’t found a target company to combine with just yet. It now faces a completion deadline of February 19, but it is hoping to gain stockholder approval at its next meeting to extend its timeline by 6 months to August 19. The third-party investors have agreed to vote in favor of this extension as part of the non-redemption agreement.
With this agreement in hand, the SPAC expects to increase the likelihood of securing its extension and intends to increase the amount of funds that remain in its trust following the meeting.
Seaport Global II intends to focus its search on companies undergoing transformational, transitional, or reorganizational business strategies with an enterprise value of approximately $300 million to $1.0 billion.
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