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.
Terms Tracker for the Week Ending June 27, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. June continued its late-month rally with another five SPAC IPOs pricing this week, bringing the monthly total to 10 and the 2025 year-to-date count to...
Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...
At the SPAC of Dawn The markets appear to poised to continue a rosy week with futures in the green in anticipation of PCE inflation readings. Space is one of the sectors feeling the most love recently and launch services firm Rocket Lab (NASDAQ:RKLB) is keeping up the momentum, scheduling two launches within 48 hours...
FIGX Acquisition Corp. (NASDAQ:FIGXU) announced the pricing of its $131 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FIGXU”, Friday, June 27, 2025. The new SPAC aims to seek out a financial services target with a particular focus on wealth and asset managers with the potential to...
Yorkville Acquisition Corp. (NASDAQ:YORKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “YORKU”, Friday, June 27, 2025. The new SPAC plans to combine with a target company in the telecom, media or technology sectors. Yorkville Acquisition Corp.’s management team is led...