SEAPORT CALIBRE MATERIALS ACQUISITION CORP. Seaport Calibre Materials Acquisition Corp. announced a private placement of unsecured promissory convertible notes for gross proceeds of $1,175,000 on December 12, 2022. The transaction includes participation from existing investors, Calibre Group, LLC for $528,750 and Seaport Global Asset Management LLC for $646,250.
The sponsors will have the option, at any time on or prior to the maturity date, to convert any amounts outstanding under the convertible notes, up to $2,000,000 in the aggregate, into warrants to purchase the company?s Class A common stock, par value $0.0001 per share, at a conversion price of $1.50 per warrant, with each warrant entitling the holder to purchase one share of Class A Common Stock at a price of $11.50 per share, subject to the same adjustments applicable to the private placement warrants.
