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Redbox Streamlines Board, Losing Key Fiscal Backers

Redbox Entertainment April 20 disclosed it has reduced the size of its board of directors from nine to five members as the legacy kiosk movie rental company restructures management to deal with changing market conditions. Among the departing board members include representatives from parent Apollo Capital and Seaport Global SPAC — the latter helping Redbox become a publicly traded company last October.

Redbox reiterated there were no disagreements between the company and the departing directors.

Remaining board members include Kimberly Kelleher, president of commercial revenue and partnerships at AMC Networks, and Galen Smith, CEO of Redbox. Joining the board are independent directors Gregory W. Frenzel, Neal P. Goldman and Robert H. Warshauer.

The board changes come as Redbox issued stock warrants to HPS Lenders to purchase more than 11.4 million shares of Class A common stock, representing almost 20% of the company’s outstanding shares.

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