American Battery Materials, Inc. (OTC:BLTH) (“ABM”, the “Company”), an environmentally responsible minerals exploration and development company focused on direct lithium extraction (DLE) and other critical minerals for the global energy transition, today reaffirmed its commitment to moving forward with the proposed merger with Seaport Global Acquisition II Corp. (NASDAQ:SGII) (“SGII”).
David Graber, ABM’s Chairman and Co-Chief Executive Officer, commented, “We are aware that our merger partner, Seaport Global, received a delisting warning letter from NASDAQ. We believe this is not an unusual event for a SPAC which has extended its time frame to close an acquisition. Seaport extended its time frame back in August and has undergone the expected redemptions associated with a SPAC. This reduced Seaport’s shareholder base and stockholders’ equity.”
Mr. Graber went on to comment, “Seaport has committed to address the NASDAQ letter and request time to satisfy all listing standards. It is belief that our joint efforts to consummate the merger transaction would satisfy NASDAQ listing standards upon completion of the merger. As such, we are committed to closing the merger for the benefit of our shareholders.”
Proposed Business Combination
On June 2, 2023, ABM and Seaport Global Acquisition II Corp. (NASDAQ:SGII) (“SGII”), a publicly listed special purpose acquisition company, announced the signing of a definitive merger agreement for a business combination (the “Proposed Business Combination”) that will result in ABM becoming a wholly owned subsidiary of SGII. The combined company is expected to be renamed “American Battery Materials Holdings,” and its common stock and warrants are expected to be listed on the Nasdaq Global Market (“Nasdaq”).
