Seaport Global Acquisition II in an 8-K said it entered into non-redemption agreements with investors holding 200,000 shares of stock in exchange for their commitment to not redeem the holdings ahead of next month's vote on an extension deadline. As consideration, the shareholders would receive 50,000 shares controlled by the SPAC's sponsor.
Seaport Global II raised $125 million in a November 2021 IPO to focus on companies undergoing transformational, transitional, or reorganizational business strategies. Read more.
Source: Seaport Global II Signs Non-Redemption Agreement for 200K Shares