Redbox Completes Combo With Seaport Global to Go Public

Redbox has completed its previously announced business combination with Seaport Global Acquisition Corp., a publicly traded special purpose acquisition company. As a result of the merger, the entity will be known as “Redbox Entertainment Inc.”

Redbox’s common stock and warrants are expected to begin trading on Nasdaq Oct. 25 under the ticker symbols “RDBX and “RDBXW,” respectively.

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“Today marks the beginning of Redbox’s next chapter,” Galen Smith, CEO of Redbox, said in a statement. “Since revolutionizing the way Americans rent movies nearly two decades ago, Redbox has continuously evolved and expanded our reach — all while offering our millions of loyal customers exceptional value in home entertainment. Today, we are building on our legacy and reaffirming our commitment to delivering a wide range of choice and convenience for consumers, as well as value for our Redbox stakeholders.

“As a public company, we plan to continue our strong momentum and accelerate our digital transformation. Through this transaction, and the incremental capital it provides, Redbox is equipped to advance our goal of creating a one stop experience that spans multiple entertainment mediums and simplifies the streaming experience. We are eager to capture the significant and growing opportunities ahead, take our business to the next level and achieve profitable growth for Redbox shareholders.”

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.