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.
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...
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...
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...
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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...