Seaport Global Acquisition II Corp. Announces Pricing of $125 Million Initial Public Offering

Rhea-AI Summary

Seaport Global Acquisition II Corp. announced its IPO pricing of 12.5 million units at $10 each, set to trade on Nasdaq under the symbol SGIIU starting November 17, 2021. Each unit includes one share of Class A common stock and one-half of a redeemable warrant, allowing shares to be purchased at $11.50 each. The offering closes on November 19, 2021, subject to customary conditions. This Company aims to pursue business combinations in various industries, concentrating on companies undergoing significant transitions. B. Riley Securities acts as the sole book-runner for the offering.

Positive

• Successful IPO pricing at $10 per unit, indicating strong investor interest.
• Listing on Nasdaq enhances the Company's visibility and credibility.
• Flexibility to target various industries for business combinations.

Negative

• Dependence on successful business combination could pose risks.
• No assurance that IPO will be completed as planned.

NEW YORK, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Seaport Global Acquisition II Corp. (the “Company”) today announced the pricing of its initial public offering of 12,500,000 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 “SGIIU” beginning November 17, 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 ‘‘SGII’’ and ‘‘SGIIW’’ 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 companies undergoing transformational, transitional, or reorganizational business strategies.

B. Riley Securities, Inc. is acting as sole book-running manager. The Company has granted the underwriters a 45-day option to purchase up to 1,875,000 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 B. Riley Securities, Inc. at 1300 North 17^th Street, Suite 1300, Arlington, VA 22209, or by calling (703) 312-9580 or emailing prospectuses@brileyfin.com.

A registration statement relating to the securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on November 17, 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 19, 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:
Stephen C. Smith
Chairman and Chief Executive Officer
Seaport Global Acquisition II Corp.
360 Madison Avenue, 20th Floor
New York, NY 10017
Telephone: 212-616-7700

FAQ

What is the pricing of Seaport Global Acquisition II Corp's IPO?

The IPO is priced at $10.00 per unit.

When will the units start trading on Nasdaq?

The units are expected to start trading on Nasdaq on November 17, 2021.

What does each unit of the IPO consist of?

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

What is the expected closing date for the IPO?

The public offering is expected to close on November 19, 2021.

Who is the underwriter for the IPO?

B. Riley Securities, Inc. is acting as the sole book-running manager.