Seaport Calibre Materials Acquisition Corp. Announces Pricing of $130 Million Initial Public Offering

Rhea-AI Summary

Seaport Calibre Materials Acquisition Corp. announced its initial public offering (IPO) pricing of 13,000,000 units at $10.00 each, set to trade on Nasdaq under ticker symbol SCMAU from October 28, 2021. Each unit comprises one share of Class A common stock and half a redeemable warrant, with whole warrants priced at $11.50. The company aims to pursue business combinations in the steel and metals sector. Underwriters have a 45-day option to purchase an additional 1,950,000 units for over-allotments. The offering is expected to close on November 1, 2021, pending customary conditions.

Positive

• Initial public offering of 13,000,000 units at $10 each indicates strong investor interest.
• Focus on the steel and metals sector aligns with potential growth opportunities in these industries.

Negative

• The completion of the offering is subject to customary closing conditions, introducing uncertainty.
• Forward-looking statements highlight risks associated with the IPO and potential business combinations.

NEW YORK, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Seaport Calibre Materials Acquisition Corp. (the “Company”) today announced the pricing of its initial public offering of 13,000,000 units at a price of $10.00 per unit. The units are expected to be listed for trading on the Nasdaq Global Market under the ticker symbol “SCMAU” beginning October 28, 2021. Each unit consists of one share of the Company’s Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Company expects that its Class A common stock and warrants will be listed on the Nasdaq Global Market under the symbols ‘‘SCMA’’ and ‘‘SCMAW’’ respectively.

The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Although the Company’s efforts to identify a prospective business combination opportunity will not be limited to a particular industry, it intends to focus on businesses in the steel, metals, and metals processing sector.

Seaport Global Securities LLC is acting as sole book-running manager. The Company has granted the underwriters a 45-day option to purchase up to 1,950,000 additional units at the initial public offering price to cover over-allotments, if any.

The public offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained from Seaport Global Securities LLC, c/o asalvatore@seaportglobal.com.

A registration statement relating to the securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on October 27, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering is expected to close on November 1, 2021 subject to customary closing conditions.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the Company’s plans with respect to the target industry for a potential business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the Company will ultimately complete a business combination transaction. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies of these documents are available on the SEC’s website, at www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact:
Seaport Calibre Materials Acquisition Corp.
412-756-0069

FAQ

What is the price of the SCMA IPO units?

The SCMA IPO units are priced at $10.00 each.

When will SCMAU start trading?

SCMAU is expected to start trading on October 28, 2021.

What does each unit in the SCMA IPO consist of?

Each unit consists of one share of Class A common stock and one-half of one redeemable warrant.

What is the purpose of Seaport Calibre Materials Acquisition Corp.?

The company aims to effect a merger or similar business combination in the steel and metals sector.

What is the ticker symbol for SCMA's Class A common stock?

The ticker symbol for SCMA's Class A common stock will be 'SCMA'.

What risks are associated with the SCMA IPO?

Risks include the uncertainty of completing the IPO and potential business combinations.