Asserting a shared vision, Graber remarked, “Together, we’re working towards a common goal. With the merger’s completion, we anticipate meeting Nasdaq’s listing standards. Our unwavering commitment is to our shareholders.” But Seaport, shrouded in mystery, refrained from commenting on the merger or the warning.
SPACs: A Window to the Public Arena
For the uninitiated, SPACs, colloquially dubbed ‘blank-check companies,’ act as conduits. They raise capital through IPOs, aiming to acquire and take a private entity public. Seaport had its moment under the sun in 2021, amassing $125 million in its IPO by offloading 12.5 million units, each pegged at $10.
June witnessed the big reveal: Seaport’s merger with American Battery Materials. The anticipated outcome? Taking the Connecticut-based lithium extractor public, valuing it at a staggering $225 million.
The merger’s blueprint unveiled a tantalizing offer for American Battery Material’s shareholders – equity in Seaport worth $160 million. And as the merger’s climax approaches, the united entity envisages rebranding itself as American Battery Materials Holdings, operating under Seaport Global’s umbrella.