Blank-check company Seaport Global Acquisition files to go public

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Blank-check company Seaport Global Acquisition Corp. has filed to go public, as the special purpose acquisition company (SPAC), sponsored by Seaport Global Asset Management LLC, looks to raise about $125 million. The company is offering 12.5 million units at $100 per unit. Each unit includes one share of Class A common stock and one-half of one warrant, while each warrant entitles the holder to buy one Class A common stock at $11.50 a share. B. Riley Securities is the sole book-running manager. The stock is expected to list on the Nasdaq exchange under the ticker symbol “SGAMU.” SPACs raise money through an IPO, then place it in a trust while the sponsor searches for a business or businesses to acquire, usually within a two-year period. The companies then complete what is in effect a reverse merger, as the combined company takes on the name of the acquiree. Seaport Global Acquisition is looking to go public at a time that the Renaissance IPO ETF has soared 83.7% year to date, while the S&P 500 has gained 9.1%.
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