SGII - Seaport Global Acquisition II and American Battery Materials combined company will be listed on Nasdaq

2023-06-02 10:00:20 ET

• Seaport Global Acquisition II Corp. ( NASDAQ: SGII ) and American Battery Materials (ABM) enter s a 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.
• ABM is focused on environmentally friendly direct lithium extraction that is more cost-effective, faster-to-production, and less capital intensive versus traditional mining processes
• The holders of outstanding ABM shares will receive equity in SGII valued at $160M.
• Estimated post-transaction enterprise value is of $225M.
• Closing is expected in Q4 2023.

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