Seaport Global Acquisition Corp. (NASDAQ: (SGAM) stock declined by 24.84% at the last close whereas the SGAM stock price gains by 7.59% in the after-hours trading session. Seaport Global is a mid-sized private investment bank that specializes in capital markets advising, sales, trading, and research.
SGAM stock’ Important Update
Redbox, America’s home for low-cost new-release movies and entertainment, confirmed recently that its previously disclosed merger with Seaport Global Acquisition Corp has been finalized. The new company will be called “Redbox Entertainment Inc.” as a result of the merger. On Monday, October 25, 2021, Redbox’s common stock and warrants are planned to begin trading on NASDAQ under the ticker codes “RDBX” and “RDBXW,” respectively. The partnership business was unanimously authorized by the boards of directors of both companies, as well as investors of Seaport Global Acquisition during a special meeting on October 20, 2021.
Galen Smith, Chief Executive Officer of Redbox commented,
The new chapter of Redbox’s journey begins today. Redbox has played an important role in redefining the process through which Americans rent movies over two decades ago, Redbox has continued to innovate and extend their reach, all while providing excellent value in home entertainment to their millions of dedicated consumers. Today, they’re making history by reiterating their commitment to providing customers with a diverse selection of options and convenience, as well as value to their Redbox stakeholders.
He further added that they intend to maintain their great momentum as a public business and enhance their digital transformation. Redbox will be able to enhance its objective goals of providing a one-stop solution that spans different entertainment mediums and streamlines the streaming experience thanks to this deal and the additional money it offers. They’re excited to seize the huge and expanding possibilities that lie ahead, take their company to the next level, and generate profitability for Redbox shareholders.
