Redbox will begin trading Monday on Nasdaq under the ticker RDBX after completing a SPAC merger with Seaport Global Acquisition.

Redbox on Friday completed its SPAC merger with Seaport Global Acquisition Corp. (SGAM) and will begin trading Monday on Nasdaq under the ticker RDBX.

Redbox's business combination with Seaport Global Acquisition was unanimously approved by the parties' boards of directors and Seaport's stockholders at a special meeting Wednesday, according to a company statement.

The Oakbrook Terrace, Ill., movie and entertainment rental company, which has been controlled by private-equity firm Apollo Global Management, announced the SPAC transaction in May with an estimated enterprise value of $693 million.

“Today marks the beginning of Redbox’s next chapter,” Redbox CEO Galen Smith said in a Friday statement. “Since revolutionizing the way Americans rent movies nearly two decades ago, Redbox has continuously evolved and expanded our reach – all while offering our millions of loyal customers exceptional value in home entertainment.

"Today, we are building on our legacy and reaffirming our commitment to delivering a wide range of choice and convenience for consumers, as well as value for our Redbox stakeholders,” Smith said.

The transaction, which includes a fully committed $50 million PIPE led by Ophir Asset Management and backstop agreements, will provide Redbox $88 million in cash to be used to pay down existing debt, pay transaction costs and fees, fund future growth investments and for general corporate purposes.

The final number of shares redeemed totaled 12,346,223. Redbox will have approximately 45.4 million shares outstanding, of which approximately 2 million shares will be immediately tradeable. The shares that will be purchased as part of the backstop agreements, along with the PIPE, will be registered for resale separately in the future.

Redbox provides new-release movies and entertainment rentals through its kiosks and its streaming platform. In recent months, it reached several agreements to improve its business, according to the statement.

It entered a multiyear distribution agreement with Lionsgate to distribute Redbox Entertainment titles, expanded the distribution footprint for its streaming app to the PlayStation 5 console and signed a promotional agreement with Roku to attract multi-platform users to the Redbox streaming app.

Redbox also said it will add 20 free ad supported television channels to its streaming service and reached a distribution agreement with Vewd to preload the Redbox streaming app  on new and existing Vewd-powered TVs and set-top boxes in the U.S.

Shares of Seaport Global on Friday rose 7.6% to $10.35 in after-hours trading. The stock had plummeted by 25% in the regular session.