Seaport Entertainment closes $175M rights offering at $25/share, oversubscribed

Seaport Entertainment Group Inc.

Gross proceeds of $175M from 7,000,000 shares at $25/share; share count rises to ~12.7M.
Rights offering oversubscribed with total demand of 14,084,612 shares; over-subscription privilege exercised.
Pershing Square fully exercised pro rata and over-subscription rights; no backstop purchase needed.
Proceeds to fund general operating, working capital, and other corporate purposes.
Pershing Square gets board nomination rights and unlimited demand registration rights for ≥$25M of shares.

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