Seaport Global Asset Management's distressed business SPAC Seaport Global Acquisition files for a $125 million IPO
Seaport Global Acquisition, a blank check company formed by Seaport Global Asset Management (SGAM) targeting distressed businesses, filed on Tuesday with the SEC to raise up to $125 million in an initial public offering.
The New York-based company plans to raise $125 million by offering 12.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Seaport Global Acquisition would command a market value of $156 million.
The company is led by CEO and Chairman Stephen Smith, founder of The Seaport Group and founder and CEO of SGAM. He is joined by CFO Michael Ring, who has been CFO and Chief Compliance Officer of SGAM since 2018 and CFO of Seaport Specialty Lending since 2019. Seaport Global Acquisition plans to capitalize on inefficiencies in the post-pandemic reorganization market and target companies emerging from a reorganization or distressed situation.
Seaport Global Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol SGAMU. The company filed confidentially on September 10, 2020. B. Riley FBR is the sole bookrunner on the deal.
The article Seaport Global Asset Management's distressed business SPAC Seaport Global Acquisition files for a $125 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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