SGII - American Battery Materials Inc. Confirms Commitment to $120 Million Merger | Benzinga
GREENWICH, Conn., Sept. 18, 2023 (GLOBE NEWSWIRE) -- American Battery Materials, Inc. (OTC:BLTH) ("ABM", the "Company"), an environmentally responsible minerals exploration and development company focused on direct lithium extraction (DLE) and other critical minerals for the global energy transition, today reaffirmed its commitment to moving forward with the proposed merger with Seaport Global Acquisition II Corp. (NASDAQ:SGII) ("SGII").
David Graber, ABM's Chairman and Co-Chief Executive Officer, commented, "We are aware that our merger partner, Seaport Global, received a delisting warning letter from NASDAQ. We believe this is not an unusual event for a SPAC which has extended its time frame to close an acquisition. Seaport extended its time frame back in August and has undergone the expected redemptions associated with a SPAC. This reduced Seaport's shareholder base and stockholders' equity."
Mr. Graber went on to comment, "Seaport has committed to address the NASDAQ letter and request time to satisfy all listing standards. It is belief that our joint efforts to consummate the merger transaction would satisfy NASDAQ listing standards upon completion of the merger. As such, we are committed to closing the merger for the benefit of our shareholders."
Proposed Business Combination
On June 2, 2023, ABM and Seaport Global Acquisition II Corp. (NASDAQ:SGII) ("SGII"), a publicly listed special purpose acquisition company, announced the signing of a definitive merger agreement for a business combination (the "Proposed Business Combination") that will result in ABM becoming a wholly owned subsidiary of SGII. The combined company is expected to be renamed "American Battery Materials Holdings," and its common stock and warrants are expected to be listed on the Nasdaq Global Market ("Nasdaq").
About American Battery Materials, Inc.
American Battery Materials, Inc., (OTC:BLTH), is a U.S.-based environmentally responsible critical minerals exploration and development company focused on Direct Lithium Extraction (DLE) as well as other minerals for refining, processing, and distribution to support the country's urgent critical minerals need to bolster long-term energy transition and the electrification of the US domestic and global economy. For more information, visit www.americanbatterymaterials.com. The information contained on, or that may be accessed through, this website is not incorporated by reference into, and is not a part of, this communication.
To receive American Battery Materials, Inc. company updates via email, visit the Contact page of our web site, www.americanbatterymaterials.com/contact.
About Seaport Global Acquisition II Corp.
Seaport Global Acquisition II Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. Although SGII's efforts to identify a prospective business combination opportunity will not be limited to a particular industry, it intends to focus on companies undergoing transformational, transitional, or reorganizational business strategies.
Additional Information about the Proposed Business Combination and Where to Find It
In connection with the Proposed Business Combination, SGII intends to file a preliminary and definitive proxy statement with the U.S. Securities and Exchange Commission ("SEC"). SGII's stockholders and other interested persons are advised to read, when available, the registration statement on Form S-4, which will include a proxy statement/prospectus of ...