American Battery Materials to merge with SPAC Seaport Global Acquisition II in $160M deal

AMERICAN BATTERY MATERIALS, INC.

ABM enters merger agreement with SGII (NASDAQ: SGII) at $160M implied enterprise value; ABM becomes wholly-owned subsidiary.
ABM stockholders receive SGII shares based on exchange ratio; deal expected to close in 2023 subject to approvals.
SGII enters $43M Prepaid Forward Purchase Agreement with Meteora to backstop redemptions; up to 4.2M shares purchased at Redemption Price.
ABM stockholders holding >60% of shares approve merger via written consent on May 31, 2023; all covenants and conditions apply.
Conditions include SGII having ≥$5M net tangible assets post-redemptions and ABM ≥$20M available cash at closing.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AMERICAN BATTERY MATERIALS, INC. entered into Agreement and Plan of Merger with Seaport Global Acquisition II Corp. valued at $160,000,000 (effective 2023-06-01).

Action: entry
Agreement: merger
Counterparty: Seaport Global Acquisition II Corp.
Value: $160,000,000
Effective: 2023-06-01

Exact text from the filing

On June 01, 2023, American Battery Materials, Inc., a Delaware corporation (“ ABM ”, or the “ Company ”) entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) by and among Seaport Global Acquisition II Corp., a Delaware corporation (NASDAQ: SGII) (“ SGII ”), and Lithium Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of SGII (“ Merger Sub ”).

View on SEC.gov

Browse all material agreements →

AMERICAN BATTERY MATERIALS, INC. filing history →

Source: SEC EDGAR

accession 0001213900-23-045390

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.