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Redbox to Go Public in SPAC Merger at $693 Million Valuation
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thewrap.comRedbox, the company best known for its DVD rental stands, said Monday it’s going public in a deal with Seaport Global Acquisition Corp., a special purpose acquisition company.
The deal values Redbox at $693 million. Redbox is expected to use some of its funding to pay off debt and make further investments in its business.
The company, which said on Monday it has 39 million customers, will have about $209 million in cash after the deal closes. “Today’s announcement brings us one step closer to building an entertainment ecosystem and underscores our steadfast commitment to enhancing our customer value proposition,” Redbox CEO Galen Smith said. “We are pleased that Seaport Global Acquisition shares our confidence in the opportunities ahead and.
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