SPACInsider Logo
Seaport Global Acquisition II Corp. (SGII) Adds Non-Redemption Agreement
by Marlena Haddad on 2023-01-24 at 5:50pm

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.

 

Recent Posts
by Nicholas Alan Clayton on 2023-01-30 at 2:04pm

Seaport Calibre Materials Acquisition Corp. (NASDAQ:SCMA) announced in an 8-K that it has inked new non-redemption agreements after postponing its initial extension vote. The SPAC has agreed to allocate up to 37,500 promote shares (1.1%) to investors holding in exchange for them agreeing not to redeem an aggregate of 150,000 shares at the vote now...

by Marlena Haddad on 2023-01-30 at 1:22pm

Armada I (NASDAQ:AACI) announced this afternoon that it has once again postponed its extension vote. The SPAC initially planned to hold its special meeting on January 20, but postponed it to January 30, and will now be pushing it back until tomorrow, January 31. Armada has also extended the deadline for holders to submit their public...

by Nicholas Alan Clayton on 2023-01-30 at 12:07am

Prime Impact I (NYSE:PIAI) has entered into a definitive agreement to combine with auto insurance firm Cheche at an enterprise value of $841 million, or about 2.3x its 2022 revenue. Beijing-based Cheche provides a digital insurance platform for car owners in China with about 34 million vehicles covered. The combined company is expected to trade...

by Marlena Haddad on 2023-01-30 at 11:42am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Hambro Perks eyes merger with Biotech Istesso, Rocket Lab launches first vehicle from U.S. soil, and Alliance Entertainment signs licensing agreement with The Walt Disney Company Hambro Perks SPAC Eyes Merger With Biotech...

by Marlena Haddad on 2023-01-30 at 10:15am

Pono Capital Corp. (NASDAQ:PONO) disclosed in an 8-K filing this morning that its shareholders approved its combination with air mobility company AERWINS at a special meeting held on Friday, January 27. Holders of 12,412,861 common shares were present at the meeting and the deal was approved with 11,218,712 shares in favor of the transaction. The filing did not...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved