Redbox Goes Public in SPAC Transaction
Seaport Global Acquisition agrees to a $693 million deal with the entertainment retailer.
Redbox Inc., the provider of red kiosks found in front of supermarkets and drugstores, will move to a new home on the Nasdaq exchange.
The Oakbrook Terrace, Ill., entertainment company agreed May 17 to go public through a merger with special purpose acquisition company Seaport Global Acquisition Corp. (SGAM).
The transaction, valued at $693 million, calls for Redbox to receive $145 million from Seaport’s trust account and another $50 million from a private placement. Investors in the private placement include Ophir Asset Management, Lions Gate Entertainment Corp. (LGF.A), Legendary Entertainment and Screenvision.