Redbox, originally a disc-dispensing network of kiosks developed by executives at McDonald’s, kicked off a new corporate chapter today by becoming a publicly traded company.Its stock surged 24% during the trading session, touching a high of $14.44 before closing at $11.90.
The public listing on the Nasdaq was created by a SPAC merger with Seaport Global Acquisition Corp., yielding an enterprise value of $590.3 million.
Private equity firm Apollo Global Management, which took Redbox’s former parent company private in 2016, still owns 76.1% of the new entity.Although it continues to operate some 40,000 red kiosks located at the high-traffic doors of retail stores, Redbox has also pushed into streaming as well as film production.
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