Benzinga | May 17, 2021 08:17AM EDT

Redbox to Become Publicly Traded Company Through Business Combination with Seaport Global Acquisition Corp.

Accelerates Redbox's Technology Development, Content Acquisition and Marketing Initiatives at Critical Inflection Point in Company's Digital Transformation

Includes $50 Million PIPE Commitment from Investors Led by Ophir Asset Management with Support from Strategic Investors Lionsgate, Legendary Entertainment, Screenvision and Basil Iwanyk / Thunder Road

Transaction Values the Combined Company at $693 Million

Apollo Funds to Roll 100% of Their Existing Equity Stake

Compelling Equity Thesis Supported by 39 Million Loyalty Members, Differentiated Multi-Product Digital Platform and Experienced Management Team

Investor Conference Call Scheduled for Monday, May 17, 2021 at 8:00 a.m. CT

Redbox, America's destination for affordable new-release movies and entertainment, announced today that it has entered into a definitive agreement to combine with Seaport Global Acquisition Corp. (Nasdaq: "SGAM", "SGAMU," and "SGAMW") ("Seaport Global Acquisition"), a publicly traded special purpose acquisition company. The transaction will result in Redbox becoming a publicly traded company with an enterprise value of $693 million. Upon closing, Redbox's common stock is expected to trade on Nasdaq under the ticker symbol RDBX.

As part of the transaction, all existing shareholders will roll 100% of their equity in Redbox, including funds managed by affiliates of Apollo Global Management, Inc. (together with its consolidated subsidiaries, "Apollo") (NYSE:APO), which acquired Redbox through the acquisition of Outerwall in September 2016. Upon close of the combination, these existing shareholders will hold approximately 59% of the outstanding common stock.