Redbox, Seaport Global Announce Meeting to Approve Business Combination

Seaport Global Acquisition Corp., the publicly traded special purpose acquisition company that bought Redbox in May, Oct. 1 announced it filed a definitive proxy statement with the U.S. Securities and Exchange Commission (the “SEC”) on Sept. 29 regarding a planned special meeting Oct. 20 to confirm the $693 million transaction that would make Redbox a publicly traded company again.

The special meeting will be held at 10 a.m. ET online to allow for greater participation in light of the public health impact of the COVID-19 pandemic. Stockholders may participate by visiting http://www.cstproxy.com/seaportglobalacquisition/2021.

“We are taking an important step toward completing our business combination and returning Redbox to the public markets,” Galen Smith, CEO of Redbox, said in a statement. “We are making significant progress transforming our business and have built a unique multi-product offering that spans both physical and digital. Redbox is positioned to provide entertainment-loving consumers with more choice while addressing an important market gap as more consumers cut the cord and search for affordable entertainment.”

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Stephen Smith, CEO of Seaport Global Acquisition, said Redbox continues to establish a differentiated customer base and a unique, innovative digital offering that provides substantial value to both consumers and investors alike.

“Today, we are more confident than ever in the significant opportunities ahead for Redbox, and are excited to partner with the team to take the business to the next level,” Smith said.

If certain of the proposals at the special meeting are approved, the parties anticipate the business combination will close shortly thereafter, subject to the satisfaction or waiver (as applicable) of all other closing conditions.

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