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Redbox Stock on Wild Run Day After Going Public

Redbox, the venerable kiosk disc rental company transitioning to digital entertainment distribution, Oct. 26 saw its shares up more than 96% at $23.39 per share in early trading — the day after going public on the Nasdaq exchange. Shares fell minutes later to around $19 and then $17 after opening at $11.75 per share, with trading volume above 7.6 million shares and climbing.

Redbox Entertainment Inc. is the new corporate identity following the company’s previously-announced merger with Seaport Global Acquisition Corp., a special purpose acquisition company, or SPAC.

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At launch, Redbox had more than 45 million shares outstanding, including a majority held by former owner Apollo Capital Management, which acquired the disc vendor from Outerwall in 2016 for $1.6 billion.

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