American Battery Materials, Inc. Confirms Commitment To $120M Merger
Portfolio Pulse from Benzinga Newsdesk
American Battery Materials, Inc. (OTC:BLTH) reaffirmed its commitment to the proposed $120M merger with Seaport Global Acquisition II Corp. (NASDAQ:SGII) despite Seaport Global receiving a delisting warning letter from NASDAQ. The merger is expected to result in ABM becoming a wholly owned subsidiary of SGII and the combined company will be renamed 'American Battery Materials Holdings'.
September 18, 2023 | 12:36 pm
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NEUTRAL IMPACT
American Battery Materials, Inc. (OTC:BLTH) reaffirms commitment to merger with Seaport Global Acquisition II Corp. (NASDAQ:SGII) despite NASDAQ delisting warning.
The reaffirmation of the merger commitment despite the delisting warning for Seaport Global Acquisition II Corp. shows the confidence of American Battery Materials, Inc. in the merger. However, the delisting warning could potentially impact the merger process and hence the short term impact on the stock is neutral.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Seaport Global Acquisition II Corp. (NASDAQ:SGII) received a delisting warning from NASDAQ but is committed to addressing the issue and moving forward with the merger with American Battery Materials, Inc. (OTC:BLTH).
The delisting warning from NASDAQ is a negative event for Seaport Global Acquisition II Corp. and could potentially impact its stock price in the short term. However, the company's commitment to address the issue and move forward with the merger could mitigate some of the negative impact.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100