Redbox Completes Business Combination with Seaport Global Acquisition Corp. and Begins Trading on NASDAQ
October 25, 2021
New York – Paul Hastings LLP, a leading global law firm, announced today that it advised Seaport Global Acquisition Corp. in the completion of its business combination with Redbox. Following the business combination, the entity will be known as “Redbox Entertainment Inc.” Redbox’s common stock and warrants began trading on NASDAQ on Monday, October 25, 2021, under the ticker symbols “RDBX and “RDBXW,” respectively.
The transaction was funded by a combination of cash held in the trust account of Seaport Global Acquisition and a fully committed PIPE. Redbox will have approximately 45.4 million shares outstanding, of which approximately 2.0 million shares will be immediately tradeable.
The Paul Hastings team that advised Seaport Global Acquisition was led by partners Frank Lopez, Carl Sanchez, and Will Burns, and included associates Joe Swanson, Elena Burns, William Millburn, and Taylor Montgomery.
Redbox, a leader in quality home entertainment for nearly two decades, has been undergoing a transformation to offer customers and partners a multi-product experience across physical and digital channels. In recent months, Redbox has entered into a multiyear distribution agreement with Lionsgate, expanded the distribution footprint for its streaming app to the PlayStation 5 console, and signed a promotional agreement with Roku® to further attract multi-platform users to the Redbox streaming app.
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