American Battery Materials, Inc. cancelled the acquisition of Seaport Global Acquisition II Corp. from a group of shareholders in a reverse merger transaction.
The Boards of Directors of both ABM and SGII have unanimously approved the Proposed Business Combination, which is subject to customary closing conditions, including receipt of all regulatory approvals, SGII having at least $5,000,001 of net tangible assets remaining prior to the Merger, the Registration Statement on Form S-4 having become effective, SGII executing the Sponsor Lock-Up Agreement, the SGII common stock to be issued pursuant to the Merger Agreement and underlying the exchanged options and warrants having been approved for listing on a national securities exchange, the Available Closing Date Cash being equal to or in excess of $20,000,000, all directors of ABM that will not continue as directors of ABM having executed and delivered to SGII letters of resignation, as well as the approval by ABM?s and SGII?s shareholders. The Proposed Business Combination is expected to close in the fourth quarter of 2023.
Will Burns and Joseph Swanson of Paul Hastings LLP acted as legal advisor to Seaport Global. Tomer Tal of New Venture Attorneys, P.C. acted as legal advisor to American Battery Materials. Buenos Aires Capital Partners S.A. and iRadia Capital acted as a financial advisor to American Battery Materials. Mark Zimkind of Continental Stock Transfer & Trust Company acted as transfer agent to Seaport. Seaport retained Advantage Proxy, Inc. for assistance in connection with the solicitation of proxies for the special meeting for a fee of $10,000 plus reasonable out of pocket expenses.
American Battery Materials, Inc. (OTCPK:BLTH) cancelled the acquisition of Seaport Global Acquisition II Corp. (NasdaqGM:SGII) from a group of shareholders in a reverse merger transaction on November 20, 2023.