Redbox Entertainment Begins Trading on Nasdaq

Redbox completed its business combination with special purpose acquisition company Seaport Global Acquisition to form the publicly traded Redbox Entertainment, said the streaming platform Friday. Redbox will use the $88 million in cash raised in the initial public offering transaction to pay down debt, it said. The stock began trading on the Nasdaq Monday under the RDBX ticker symbol. The shares closed 24% higher than their IPO price at $11.90. Apollo Global Management took Redbox private in 2016 when it was part of Outerwall (see 2012300041).