Seaport Global Acquisition II Corp. and American Battery Materials Announce Definitive Business Combination Agreement to Create Nasdaq Listed Company

• Expected to accelerate American Battery Materials’ transition into a leading provider of domestically sourced Lithium critical to the global energy transition
• ABM is focused on environmentally friendly direct lithium extraction (DLE) that is more cost-effective, faster-to-production, and less capital intensive versus traditional mining processes
• Estimated Post-Transaction Enterprise Value of $225 Million
• Upon closing, the combined company's ordinary shares are expected to be listed on Nasdaq

NEW YORK and GREENWICH, Conn., June 02, 2023 (GLOBE NEWSWIRE) -- Seaport Global Acquisition II Corp. (NASDAQ: SGII) (“SGII”), a publicly-listed special purpose acquisition company, and American Battery Materials, Inc. (OTC Pink: BLTH) (“ABM” or the “Company”), a minerals exploration and development company focused on environmentally friendly direct lithium extraction (“DLE”), today announced that they have entered into a definitive merger agreement for a business combination (the “Proposed Business Combination”) that will result in ABM becoming a wholly-owned subsidiary of SGII. The holders of outstanding ABM shares will receive equity in SGII valued at $160 million (subject to adjustments). The Boards of Directors of both ABM and SGII have unanimously approved the Proposed Business Combination, which is subject to customary closing conditions, including receipt of all regulatory approvals, as well as the approval by ABM’s and SGII’s shareholders. The combined company is expected to be renamed “American Battery Materials Holdings”, and its common stock and warrants are expected to be listed on the Nasdaq Global Market (“Nasdaq”).

ABM is an exploration stage company focused on DLE and other minerals critical to the global energy transition. The Company owns 102 federal mining claims in Eastern Utah across 2,040 acres of federal land including seven existing wells. ABM is focused on supplying domestically-sourced critical minerals, with a particular focus on lithium, to global markets. Capital raised from the transaction is expected to be used to invest further in the development of the Company’s existing United States-based mining assets, in addition to exploring ways to broaden and further diversify the Company’s portfolio of land assets across geographies.