If you’re new to investing, you have no doubt heard the word SPAC thrown around investing discussions pretty regularly over the past year or two. The estimated enterprise value is $693 million.Īfter the merger, Redbox now trades on the NASDAQ exchange under the ticker symbol $RDBX. Why is Redbox making headlines in a year where streaming services hit all-time high usage rates during the COVID-19 pandemic? Earlier in May, the company agreed to go public via a SPAC IPO merger with Seaport Global Acquisition Group. Even if you’ve never used it. Redbox was established in 2002 and is based out of Oakbrook Terrace, Illinois. If you’ve gone shopping in the U.S., chances are you know exactly where a Redbox kiosk is located in your neighborhood. These include grocery stores, convenience stores, restaurants, and gas stations.

Despite the secular trend of streaming video content, Redbox has maintained over 40,000 rental kiosks at participating retail outlets. At its heart, Redbox is a video rental service that allows users to rent DVD and Blu Rays from their red retail kiosks.

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