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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.
Redbox to Go Public in SPAC Merger at $693 Million Valuation
DVD rental company will trade on Nasdaq under the ticker symbol RDBX
Sean Burch | May 17, 2021 @ 7:45 AM
Redbox
Redbox, the company best known for its DVD rental stands, said Monday it’s going public in a deal with Seaport Global Acquisition Corp., a special purpose acquisition company. The deal values Redbox at $693 million.
Redbox is expected to use some of its funding to pay off debt and make further investments in its business. The company, which said on Monday it has 39 million customers, will have about $209 million in cash after the deal closes.