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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 8-K

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported): January 23, 2023

 

SEAPORT GLOBAL ACQUISITION II CORP.

 

(Exact name of registrant as specified in its charter)

 

Delaware   001-41075   86-1326052
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (I.R.S. Employer
Identification No.)

 

360 Madison Avenue, 23rd Floor    
New York, NY   10017
(Address of principal executive offices)   (Zip Code)

 

(212) 616-7700
(Registrant’s telephone number, including area code)

 

Not Applicable
(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

x Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Units, each consisting of one share of Class A Common Stock and one-half of one redeemable Warrant   SGIIU   The Nasdaq Stock Market LLC
Class A Common Stock, par value $0.0001 per share   SGII   The Nasdaq Stock Market LLC
Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50   SGIIW   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 


 

Item 1.01. Entry into a Material Definitive Agreement

 

On January 23, 2023, Seaport Global Acquisition II Corp. (the “Company”), and Seaport Global SPAC II, LLC (the “Sponsor”), the Company’s sponsor, entered into one or more agreements (the “ Non-Redemption Agreements”) with one or more third parties holding an aggregate of 200,000 shares of common stock in exchange for them agreeing not to redeem shares of the Company’s common stock sold in its initial public offering (the “public shares”) at the February 2023 special meeting of stockholders called by the Company (the “Meeting”) at which a proposal to approve an extension of time for the Company to consummate an initial business combination (the “Extension Proposal”) from February 19, 2023 to August 19, 2023 (the “Extension”) has also been submitted to the stockholders. Pursuant to the Non-Redemption Agreements, the shareholders have agreed to vote in favor of the Extension Proposal. The Non-Redemption Agreements provide for the allocation of up to 50,000 shares of common stock of the Company held by the Sponsor in exchange for such investor and/or investors agreeing to hold and not redeem certain public shares at the Meeting.

 

The Non-Redemption Agreements shall terminate on the earlier of (a) the liquidation or dissolution of the Company pursuant to its charter if the Extension is not obtained, or (b) February 19, 2023.

 

The Non-Redemption Agreements are expected to increase the likelihood that the Extension Proposal is approved by stockholders and to increase the amount of funds that remain in the Company’s trust account following the Meeting.

 

The foregoing summary of the Non-Redemption Agreements does not purport to be complete and is qualified in its entirety by reference to the form of Non-Redemption Agreement attached hereto as Exhibit 10.1 and incorporated herein by reference.

 

Participants in the Solicitation

 

The Company and its directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies from the Company’s shareholders in respect of the Meeting and the Extension and related matters. Information regarding the Company’s directors and executive officers is available in Company’s definitive proxy statement (the “Proxy Statement”) for the Meeting filed with the U.S. Securities and Exchange Commission on January 23, 2023. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests are contained in the Proxy Statement.

 

No Offer or Solicitation

 

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

 

Additional Information

 

The Company has filed with the Securities and Exchange Commission (the “SEC”) the Proxy Statement in connection with the Meeting to consider and vote upon the Extension Proposal and other matters and, beginning on or about January 25, 2023, mailed the Proxy Statement and other relevant documents to its stockholders as of the December 29, 2022 record date for the Meeting. The Company’s stockholders and other interested persons are advised to read the Proxy Statement and any other relevant documents that have been or will be filed with the SEC in connection with the Company’s solicitation of proxies for the Meeting because these documents contain important information about the Company, the Extension Proposal and related matters. Stockholders may also obtain a free copy of the Proxy Statement, as well as other relevant documents that have been or will be filed with the SEC, without charge, at the SEC’s website located at www.sec.gov or by directing a request to: Seaport Global Acquisition II Corp., 360 Madison Avenue, 23rd Floor, New York, NY 10017, (212) 616-7700.

 

 


 

Forward-Looking Statements

 

This Current Report on Form 8-K (this “Form 8-K”) includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this Form 8-K are forward-looking statements. When used in this Form 8-K, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s Annual Report on Form 10-K, subsequent quarterly reports on Form 10-Q and initial public offering prospectus. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.   Description
10.1   Form of Voting and Non-Redemption Agreement
104   Cover Page Interactive Data File (embedded within the inline XBRL document)

 

 


 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: January 24, 2023 SEAPORT GLOBAL ACQUISITION II CORP.
   
  By: /s/ Stephen Smith
  Name: Stephen Smith
  Title: Chief Executive Officer

 

 

 

EX-10.1 2 tm234324d1_ex10-1.htm EXHIBIT 10.1

 

Exhibit 10.1

 

 

VOTING AND NON-REDEMPTION AGREEMENT

 

This VOTING AND NON-REDEMPTION AGREEMENT (this “Agreement”) is entered into as of [•], 2023 by and between Seaport Global Acquisition II Corp., a Delaware corporation (“SPAC”), and the undersigned shareholder of SPAC (“Shareholder”), and with respect to Section 7 and 8, Seaport Global SPAC II, LLC, a Delaware limited liability company (the “Sponsor”). SPAC and Shareholder are collectively referred to herein as the “Parties” and individually as a “Party.”

 

WHEREAS, Shareholder is the record and “beneficial owner” (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of Class A common stock, par value $0.0001 per share (“Common Stock”), of SPAC and has agreed to subject the number of Common Stock set forth on the signature page hereto to the terms of this Agreement (such shares being referred to herein as the “Securities”);

 

WHEREAS, SPAC desires to extend the date by which SPAC has to complete an initial business combination from February 19, 2023 to August 19, 2023 (the “Extension”);

 

WHEREAS, SPAC has filed with the Securities and Exchange Commission a proxy statement to solicit proxies for a special meeting to be held in February 2023 to approve the Extension (the “Approval”);

 

WHEREAS, the amended and restated certificate of incorporation (the “Charter”) of SPAC provides Shareholder with certain rights to redeem its shares of Common Stock in connection with the Approval (the “Redemption Rights”);

 

WHEREAS, in order to support the approval of the Extension, Shareholder has agreed to enter into this Agreement.

 

NOW, THEREFORE, in consideration of the premises, covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto hereby agree as follows:

 

1.               Agreement not to Redeem. Shareholder irrevocably and unconditionally hereby (a) agrees that Shareholder shall not exercise Redemption Rights and will not elect to redeem or otherwise tender or submit for redemption any of its Securities pursuant to or in connection with the Approval, and (b) waives, the Redemption Rights in connection with the Approval; provided, however, if the number of shares of Common Stock of SPAC continuing to be held by Shareholder pursuant to the terms of this Agreement would cause Shareholder (together with any of its affiliates (as such term is defined in Rule 13d-5 under the Exchange Act of 1934, as amended (the “Exchange Act”)) to beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act) more than 9.99% of Common Stock outstanding after giving effect to all redemptions of shares of Common Stock in connection with the Extension, SPAC shall use commercially reasonable efforts to assist Shareholder such that Shareholder will beneficially own 9.99% or less of the shares of Common Stock outstanding after giving effect to all redemptions of shares of Common Stock in connection with the approval of the Extension.

 

2.               Agreement to Vote. From and after the date hereof until the Termination Date (as defined below), Shareholder (in such capacity and not in any other capacity) irrevocably and unconditionally hereby agrees that, at any meeting (whether annual or special and each adjourned or postponed meeting) of SPAC’s shareholders, however called, or in connection with any other written consent of SPAC’s shareholders, Shareholder will (x) appear at such meeting or otherwise cause all of the Securities to be counted as present thereat for purposes of calculating a quorum and (y) vote or cause to be voted (including by proxy or written consent, if applicable) all of the Securities (and the shares of Common Stock owned by its Affiliates):

 

(a)             in favor of the Approval (and, in the event that the Approval is presented as more than one proposal, in favor of each proposal that is part of the Approval);

 

 

 


 

(b) for any proposal to adjourn or postpone the applicable shareholder meeting to a later date proposed by SPAC for purposes of obtaining the Approval; (c) against any other action, agreement or transaction, that is intended, that could reasonably be expected, or the effect of which could reasonably be expected, to materially impede, frustrate, prevent, interfere with, delay, postpone, discourage or adversely affect the Extension or this Agreement or the performance by Shareholder of its obligations under this Agreement;

 

(d)             against any action, proposal, transaction or agreement that would reasonably be expected to result in a breach in any respect of any covenant, representation or warranty or any other obligation or agreement of Shareholder contained in this Agreement; and

 

(e)             in favor of any other matter necessary or desirable to the consummation of the Extension.

 

3.               No Transfers. Until the earlier of (a) the termination of the SPAC in accordance with its Charter if the Approval is not obtained and (b) February 19, 2023 (the earliest such date under clause (a) and (b) being referred to herein as the “Termination Date”), Shareholder shall not (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act (collectively, “Transfer”), with respect to any Securities owned by Shareholder, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Securities owned by Shareholder or (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii); provided, however, that nothing herein shall prohibit a Transfer with the prior written consent of SPAC (which consent shall not be unreasonably withheld, conditioned, or delayed) provided that, as a precondition to any such Transfer, the transferee agrees in a writing, reasonably satisfactory in form and substance to SPAC, to assume all of the obligations of Shareholder under, and be bound by all of the terms of, this Agreement.

 

4.               Representations and Warranties. Shareholder represents and warrants to SPAC as follows:

 

(a)             Shareholder is duly organized, validly existing and in good standing under the laws of the jurisdiction in which it is formed and the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby are within Shareholder’s powers and have been duly authorized by all necessary actions on the part of Shareholder. This Agreement has been duly executed and delivered by Shareholder and, assuming due authorization, execution and delivery by the other Party, this Agreement constitutes a legally valid and binding obligation of Shareholder, enforceable against Shareholder in accordance with the terms hereof (except as enforceability may be limited by bankruptcy Laws, other similar laws affecting creditors’ rights and general principles of equity affecting the availability of specific performance and other equitable remedies).

 

(b)             Shareholder is the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act) of, and has good title to, all of the Securities, and there exist no liens or any other limitation or restriction (including any restriction on the right to vote, sell or otherwise dispose of such securities (other than transfer restrictions under the Securities Act of 1933, as amended)) affecting any such Securities.

 

(c)             The execution and delivery of this Agreement by Shareholder does not, and the performance by Shareholder of its obligations hereunder will not, (i) conflict with or result in a violation of the organizational documents of Shareholder, or (ii) require any consent or approval that has not been given or other action that has not been taken by any third party (including under any contract binding upon Shareholder or the Securities), in each case, to the extent such consent, approval or other action would prevent, enjoin or materially delay the performance by Shareholder of its obligations under this Agreement.

 

(d)             There are no actions pending against Shareholder or, to Shareholder’s knowledge, threatened against Shareholder, before (or, in the case of threatened actions, that would be before) any arbitrator or any governmental authority, which in any manner challenges or seeks to prevent, enjoin or materially delay the performance by Shareholder of its obligations under this Agreement.

 

5.               Further Assurances. From time to time, at SPAC’s reasonable request and without further consideration, each Party shall execute and deliver such additional documents and take all such further action as may be reasonably necessary or reasonably requested to effect the actions and consummate the transactions contemplated by this Agreement. Shareholder further agrees not to commence or participate in, and to take all actions reasonably necessary to opt out of any class in any class action with respect to, any action or claim, derivative or otherwise, against SPAC, SPAC’s affiliates, or any of their respective successors and assigns which action or claim relates solely to challenging the transactions contemplated by this Agreement; provided Sponsor has complied with and is in compliance with the Side Letter executed in connection with this Agreement (the “Side Letter”), pursuant to which Sponsor has agreed to transfer certain of its shares of Class B common stock (“Founder Shares”) of SPAC to Shareholder.

 

 


 

6.               Assignment. No Party shall assign this Agreement or any part hereof without the prior written consent of the other Party. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the Parties and their respective permitted successors and assigns. Any attempted assignment in violation of the terms of this Section 6 shall be null and void, ab initio.

 

7.               Enforcement. The Parties and Sponsor agree that irreparable damage for which monetary damages, even if available, may not be an adequate remedy, would occur in the event that the Parties or Sponsor do not perform their obligations under the provisions of this Agreement and Side Letter in accordance with their respective specified terms or otherwise breach any of such provisions. Each of the Parties and Sponsor acknowledge and agree that (a) each of the Parties and Sponsor shall be entitled to an injunction, specific performance, or other equitable relief, to prevent breaches of this Agreement and the Side Letter and to enforce specifically the terms and provisions hereof and thereof, including Shareholder’s obligations to vote its Securities as provided in this Agreement, and Sponsor’s obligations to transfer the Founder Shares as provided in the Side Letter, without proof of damages, prior to the valid termination of this Agreement or the Side Letter, as applicable, this being in addition to any other remedy to which they are entitled under this Agreement or the Side Letter, and (b) the right of specific enforcement is an integral part of the transactions contemplated by this Agreement and Side Letter and without that right, none of the Parties would have entered into this Agreement. Each Party and Sponsor agrees that it will not oppose the granting of specific performance and other equitable relief on the basis that the other Party or Sponsor have an adequate remedy at applicable law or that an award of specific performance is not an appropriate remedy for any reason at applicable law or equity. The Parties and Sponsor acknowledge and agree that any Party seeking an injunction to prevent breaches of this Agreement or Side Letter and to enforce specifically the terms and provisions of this Agreement or Side Letter in accordance with this Section 7 shall not be required to provide any bond or other security in connection with any such injunction.

 

8.               Most Favored Nation. In the event the Sponsor or SPAC enters one or more other non-redemption and/or side letter agreements before or after the execution of this Agreement, the Sponsor and SPAC each represent that the terms of such other agreements taken together will not be materially more favorable to such other investors thereunder than the terms of this Agreement and the Side Letter are in respect of Shareholder. In the event that another third party is afforded any such more favorable terms than Shareholder, the SPAC and Sponsor shall promptly inform Shareholder of such more favorable terms in writing, and Shareholder shall have the right to elect to have such more favorable terms included herein, in which case the parties hereto shall promptly amend this Agreement and the Side Letter to affect the same.

 

9.               Governing Law. This Agreement shall be construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation, inducement to enter and/or performance of this Agreement (whether related to breach of contract, tortious conduct or otherwise and whether now existing or hereafter arising) shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the principles of conflicts of laws that would otherwise require the application of the law of any other jurisdiction.

 

 


 

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed as of the date first above written.

 

SPAC:  
SEAPORT GLOBAL ACQUISITION II CORP.  
   
By:    
Name:    
Title:    
     
     
SHAREHOLDER:  
[•]  
   
By:    
Name:    
Title:    
     
     
Number of Securities: [•]  
     
SPONSOR (with respect to Section 7 and Section 8):  
SEAPORT GLOBAL SPAC II LLC  
     
By:    
Name:    
Title: