Movie-rental company Redbox will go public through the Seaport Global Acquisition SPAC. The enterprise value of the deal is some $693 million.

Redbox said Monday that it’s going public by merging with the Seaport Global Acquisition SGAM special-purpose-acquisition company, a deal giving the movie-rental company an enterprise value of $693 million.

Redbox is currently controlled by the New York private-equity titan Apollo Global Management.

The deal will be funded by a combination of $145 million of cash held in the trust account of Seaport Global Acquisition and a fully committed private investment in public equity of $50 million led by Ophir Asset Management, the Sydney fund manager.

Strategic investors include the movie producer Lionsgate,Legendary Entertainment, Screenvision and Basil Iwanyk, producer of the John Wick series and founder of Thunder Road Films.

At closing, Redbox expects to have $209 million cash, which it will use to pay down debt and fund digital expansion, content acquisition and marketing initiatives.

Redbox's current shareholders, including Apollo, will keep their stakes and will own about 59% of the combined company. It will trade on Nasdaq with the ticker RDBX. The deal is expected to close next quarter.

Earlier this month,TheStreet.com Founder Jim Cramer noted that we're still In a “hazardous time” for SPACs and IPOs.

SPACs, or blank-check companies, are formed for the express purpose of finding and merging with an operating partner. The idea is to speed the operating company to the public markets and avoid the extended process of a traditional initial public offering.

On Thursday,Utz Brands UTZ missed Wall Street's first-quarte rexpectations, with the snack-food maker swinging to a loss tied to the accounting for its merger with a special-purpose-acquisition company.

Utz reported a net loss of $23.3 million, compared with net income of $1.7 million in the year-earlier quarter. Adjusted earnings came to 13 cents a share, missing the FactSet analyst consensus of 14 cents.