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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section
13 or Section 15(d)
of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): October 4, 2023
SEAPORT
GLOBAL ACQUISITION II CORP.
(Exact name of registrant as specified in its
charter)
Delaware |
|
001-41075 |
|
86-1326052 |
(State or other jurisdiction of
incorporation or organization) |
|
(Commission
File Number) |
|
(I.R.S. Employer
Identification Number) |
360
Madison Avenue, 23rd
Floor |
|
|
New
York, NY |
|
10017 |
(Address of principal executive offices) |
|
(Zip Code) |
(212)
616-7700
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
x |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Securities Exchange Act of 1934:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on
which registered |
Units,
each consisting of one share of Class A common stock and one-half of one redeemable warrant |
|
SGIIU |
|
The
Nasdaq Stock Market LLC |
Class
A common stock, par value $0.0001 per share |
|
SGII |
|
The
Nasdaq Stock Market LLC |
Warrants,
each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share |
|
SGIIW |
|
The
Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company x
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Item 7.01 Regulation FD Disclosure.
As previously announced, on June 1, 2023,
Seaport Global Acquisition II Corp., a Delaware corporation (“SGII”), entered into an Agreement and Plan of Merger,
as amended by Amendment No. 1 to Agreement and Plan of Merger dated as of July 14, 2023 (“Merger Agreement”),
by and among SGII, Lithium Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of SGII (“Merger Sub”),
and American Battery Materials, Inc. (OTC Pink: BLTH), a Delaware corporation (“ABM”). ABM is an exploration stage
company focused on environmentally friendly direct lithium extraction and other minerals critical to the global energy transition. Pursuant
to the Merger Agreement, Merger Sub will merge with and into ABM, with ABM surviving the merger (the “Merger” and,
together with the other transactions contemplated by the Merger Agreement, the “Transactions”). As a result of the
Transactions, ABM will become a wholly-owned subsidiary of SGII, with the stockholders of ABM becoming stockholders of SGII.
On October 4, 2023, SGII and ABM released
a revised version of ABM’s corporate presentation (the “Corporate Presentation”).
A
copy of the Corporate Presentation is furnished hereto as Exhibit 99.1, and is incorporated herein by reference. The Corporate Presentation
is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall they
be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as expressly
set forth by specific reference in such filing.
Important Information and Where to Find It
In
connection with the Transactions, SGII has filed a Registration Statement on Form S-4 (the “Registration Statement”)
that includes a preliminary proxy statement/prospectus with the U.S. Securities and Exchange Commission (the “SEC”).
SGII’s stockholders and other interested persons are advised to read, when available, the Registration Statement, as these materials
contain important information about ABM, SGII and the Transactions. This communication is not a substitute for the Registration
Statement or any other document that SGII will send to its stockholders in connection with the Transactions. When available, the definitive
proxy statement/prospectus contained in the Registration Statement will be mailed to stockholders of SGII as of a record date to be established
for voting on, among other things, the proposed Transactions. Stockholders will also be able to obtain copies of the Registration Statement
and other documents filed with the SEC that will be incorporated by reference therein, without charge, once available, at the SEC's website
at www.sec.gov. The information contained on, or that may be accessed through, the websites referenced in this communication
is not incorporated by reference into, and is not a part of, this communication.
Participants in the Solicitation
SGII, ABM and their respective directors and executive
officers may be deemed participants in the solicitation of proxies from SGII’s stockholders in connection with the proposed Transactions.
SGII’s and ABM’s stockholders and other interested persons may obtain, without charge, more detailed information regarding
the directors and officers of SGII and ABM in SGII's Annual Report on Form 10-K filed with the SEC on April 4, 2023 and ABM’s
Annual Report on Form 10-K filed with the SEC on April 21, 2023. Information regarding the persons who may, under SEC rules,
be deemed participants in the solicitation of proxies to SGII stockholders in connection with the proposed Transactions will be set forth
in the proxy statement for the proposed Transactions when available. Additional information regarding the interests of participants in
the solicitation of proxies in connection with the proposed Transactions will be included in the Registration Statement that SGII has
filed with the SEC.
No Offer or Solicitation
This communication is for informational purposes
only and shall neither constitute an offer to sell or the solicitation of an offer to buy any securities or to vote in any jurisdiction
pursuant to the Transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which
the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Forward Looking Statements
This Current Report on Form 8-K includes
certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the
United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as
“believe,” “may,” “will,” “estimate,” “continue,” “anticipate,”
“intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,”
“seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate
future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical
fact included in this communication, regarding SGII’s proposed Transactions with ABM, SGII's ability to consummate the transaction,
the benefits of the transaction and the combined company’s future financial performance, as well as the combined company’s
strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives
of management, and the target grades and tonnages information are forward-looking statements. These statements are based on various assumptions,
whether or not identified in this communication, and on the current expectations of the respective management of SGII and ABM and are
not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended
to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual
events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances
are beyond the control of SGII or ABM. Potential risks and uncertainties that could cause the actual results to differ materially from
those expressed or implied by forward-looking statements include, but are not limited to, changes in domestic and foreign business, market,
financial, political and legal conditions; the inability of the parties to successfully or timely consummate the business combination,
including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely
affect the combined company or the expected benefits of the business combination or that the approval of the stockholders of SGII or ABM
is not obtained; failure to realize the anticipated benefits of business combination; risk relating to the uncertainty of the projected
financial information with respect to ABM; the amount of redemption requests made by SGII's stockholders; the overall level of consumer
demand for lithium; general economic conditions and other factors affecting; disruption and volatility in the global currency, capital,
and credit markets; ABM's ability to implement its business and growth strategy; changes in governmental regulation, ABM's exposure to
litigation claims and other loss contingencies; disruptions and other impacts to ABM’s business, as a result of the COVID-19 pandemic
and government actions and restrictive measures implemented in response, and as a result of the proposed transaction; ABM's ability to
comply with environmental regulations; competitive pressures from many sources, including those, having more experience and better financing;
changes in technology that adversely affect demand for lithium compounds; the impact that global climate change trends may have on ABM
and its potential mining operations; any breaches of, or interruptions in, SGII's or ABM’s information systems; fluctuations in
the price, availability and quality of electricity and other raw materials and contracted products as well as foreign currency fluctuations;
changes in tax laws and liabilities, tariffs, legal, regulatory, political and economic risks.
More information on potential factors that could
affect SGII’s or ABM's financial results is included from time to time in SGII's and ABM’s public reports filed with the SEC,
including their Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K as well as
the Registration Statement that SGII has filed with the SEC in connection with SGII’s solicitation of proxies for the meeting of
stockholders to be held to approve, among other things, the proposed Transactions. If any of these risks materialize or SGII's or ABM's
assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There
may be additional risks that neither SGII nor ABM presently know, or that SGII and ABM currently believe are immaterial, that could also
cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect
SGII's and ABM's expectations, plans or forecasts of future events and views as of the date of this communication. SGII and ABM anticipate
that subsequent events and developments will cause their assessments to change. However, while SGII and ABM may elect to update these
forward-looking statements at some point in the future, SGII and ABM specifically disclaim any obligation to do so, except as required
by law. These forward-looking statements should not be relied upon as representing SGII's or ABM's assessments as of any date subsequent
to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Dated: October 4, 2023
|
SEAPORT GLOBAL ACQUISITION II CORP. |
|
|
|
|
|
|
|
By: |
/s/ Stephen Smith |
|
Name: |
Stephen Smith |
|
Title: |
Chief Executive Officer |
Exhibit 99.1
| 1
INVESTOR PRESENTATION | October 2023
Extracting American Lithium
DLE
DIRECT LITHIUM EXTRACTION |
| 2
Proposed Transaction
in millions, except per share values
Pro forma capitalization
Shares outstanding 21.0
Price per share $10.00
Equity value $210.0
(-) Cash to balance sheet $46.0
(+) Debt -
Enterprise value $164.0
Pro forma ownership (# shares)
ABM shares 12.0
Sponsor shares 3.6
Public shares 3.4
PIPE shares 2.0
Total shares 21.0
57%
17%
16%
10%
SPAC common shares
ABM shares SPAC sponsor shares
Equity PIPE
Sources
ABM shareholder equity $120.0
SPAC cash in trust1
36.0
PIPE proceeds (equity) 20.0
Total sources $176.0
Uses
ABM shareholder equity $120.0
Cash to balance sheet 46.0
Transaction costs 10.0
Total uses $176.0
2
1. Analysis is based on a scenario with 0% redemptions |
| 3
Presenters
Sebastian Lux
Co-CEO | MBA, MSAS
David Graber
Co-CEO | Chairman | MBA
• 25 years in business
development with multinational
companies
• Co-founded Genuine Origin, a
division of Volcafe & ED&F Man
• Created multiple disruptive
international logistic commodity
supply chains
• Managing Principal of Cobrador
Capital, LLC
• Former Natural Resources
Investment Banking MD at New
Century Capital Partners and
National Securities Corporation
• Sr. VP and Director at
Donaldson, Lufkin & Jenrette
and Credit Suisse First Boston
• 30+ years of experience in investing
• Currently the Chairman of Seaport
Global Asset Management’s
Investment Committee
• Co-Founded the Seaport Group
• Held leadership roles at Amroc
Securities and Libra Investments
• 30+ years of experience in
distressed and high yield investing
• Member of SGAM’s Investment
Committee and Managing Member
of Sunset Way LLC
• Held leadership roles at several
companies including Live
Entertainment, Inc., Bally’s Grand,
Inc. and New Millennium Homes
Stephen Smith
CEO | Chairman
Jay Burnham
CFO | Director |
| 4
Seaport Global Acquisition II Corp.
(NYSE: SGII) - $36M cash in trust
Stephen Smith
CEO | Chairman
• 30+ years of experience in investing
• Seaport Global Asset Management’s (SGAM) CEO and
Chairman of its Investment Committee
• Co-Founded the Seaport Group, a full-service independent
investment bank offering capital markets advisory, sales,
trading, and research services in 2001
• Managing Director focusing on distressed sales and trading at
Amroc Securities, a financial service firm
• Co-founded Libra Investments, a distressed debt broker-dealer acquired by U.S. Bancorp in 1999
Jay Burnham
CFO | Director
• 30+ years of experience in distressed and high yield investing
• Member of SGAM’s Investment Committee and Managing
Member of Sunset Way LLC
• Investment Analyst and Manager for multiple companies
before becoming the Portfolio Manager at Cypress
Management, LLC, an investment management firm
• Was a director of a number of public and private companies in
turnaround situations such as Live Entertainment, Inc., Bally’s
Grand, Inc. and New Millennium Homes, LLC
Amroc Securities
Libra Investments
(acquired by U.S. Bancorp)
Cypress Management
Rocker Management
As its sponsor, Seaport Global Asset Management
(“SGAM”) provides SGII with a global platform for
transaction execution & special situations
investing:
▪ SGAM is an SEC registered investment advisor
and alternative investment management firm
founded in 2017
▪ Seaport Global Holdings LLC (“SGH”) is a global
investment bank with 17 offices across the U.S.
and Europe
▪ Seaport has extensive expertise in deep-rooted
fundamental analysis and in structuring complex
capital markets transactions and has consistently
delivered double-digit IRRs across SGAM vehicles
Prior Successes
AUM: $191M1
4
1. Combined estimated assets under management (“AUM”) as of June 30, 2023 of SGAM and Founder's Family Office |
| 5
Seaport’s Investment Thesis:
Reports1 Market
ABM is well positioned as an investment opportunity given its favorable valuation,
near-term growth catalysts & strong management team
Geologists Location
Geologist review of
ABM’s 14,260 acre
claim shows flowing
brines of up to
200ppm Li and 743
mineral claims
ESG
Use of Direct Lithium
Extraction (DLE)
provides an efficient
and environmentally
friendly extraction
method
Financials2
1. ABM Technical Report published by Bradley Peek on July 6, 2023
2. Based on Management’s Base Case assumptions
Base case scenario
offers compelling
returns on first
project alone
Global supply-demand imbalance
expected to support
elevated lithium
prices for
foreseeable future
Technical Report
notes presence of
significant
concentration of
lithium in brine of oil
and potash wells
from 1978 analysis
Adjacent claims in
Paradox Basin
(Utah) have
demonstrated
proven reserves
valued in excess of
billions of dollars |
| 6
An environmentally responsible minerals
exploration and development company
• Mining lithium through direct lithium extraction (DLE)
• Spearheading the effort to domestically support the U.S.’s urgent
need for critical minerals
Corporate Overview
Current portfolio includes 743
mineral claims on 14,260
acres with eight wells and
existing infrastructure in Utah
Technical reports indicate
assets are mineral rich with
supersaturated lithium brines
DLE reduces the industry’s
environmental footprint
Expert team with 100+ years
of natural resource project
development, M&A and
operational leadership
6
Li |
| 7
Lithium Demand is Far Outpacing Supply
Global Lithium Supply & Demand1
Kilotons lithium carbonate equivalent
Despite an abundance of
rich domestic sources,
the US is almost
entirely dependent on
foreign sources of
lithium
2025
0
2015 2020 2030
4,000
3,000
2,000
1,000
Demand, high case
Demand, base case
Unannounced supply
Secondary supply
Confirmed supply
Additional
early-stage supply
Transformation to a clean
energy economy requires
U.S. lithium
independence
What the data shows is that we are
at just the beginning of a
generational challenge, not one
that’s going to be solved in the
2020s.”
- Simon Moores, CEO, Benchmark
1. Mined production volume. Forecasted potential production accounts for historical utilization rates as a result of external disruptions and economic curtailments (7%) – modeled at 93% of available capacity. Production includes volumes
which may not have been refined, including stockpiled direct shipping ore and spodumene concentrate.
Source: MineSpans; McKinsey lithium demand model |
| 8
Global Lithium Market Pricing
Lithium Prices Remain Elevated1
Price of battery-grade lithium carbonate per metric ton Lithium Carbonate DDP China Yuan/mt spot
price in January 2023 up nearly 550% from
March 2021. $41,727 (July 2023) 2,3
Battery-grade lithium prices continue to rise
driven by strong electric vehicle (EV) demand
Governments are phasing out internal
combustion engines in favor of EVs, resulting in
increased demand for metals needed to
produce EV batteries
Even with increased lithium carbonate
production, supply is expected to fall woefully
short of demand in coming years
Global lithium pricing expected to normalize
after a period of fluctuating market speculation,
however, demand is expected to grossly
outstrip supply
USD
As the world transitions to a clean energy economy, global demand
for these critical minerals is set to skyrocket by 400-600 percent
over the next several decades…
…and, for minerals such as lithium and graphite used in electric
vehicle (EV) batteries, demand will increase as much as 4,000
percent.”
– Tesla Chairwoman Robyn Denholm
$0
$20,000
$40,000
$60,000
$80,000
2010 2012 2014 2016 2018 2020 2022 2023
8
1. Prices for 2010-2021 are annual averages from the U.S. Geological Survey. Prices for 2022 are from S&P Global Commodity Insights
on May 4, 2022
2. Fastmarkets, Battery material price data
3. Tradingeconomics.com
Chart: Canary Media | Source: U.S. Geological Survey |
| 9
3. U.S.
4. Finland
5. Norway
6. Germany
7. South Korea
8. Sweden
9. Japan
10. Australia
1. China
2. Canada
The U.S. Domestic Lithium Supply Crisis
American dependency
on foreign lithium has
reached crisis levels
The U.S. currently
produces less than 5%
of the global lithium
supply
The U.S. government has
mandated that it extracts
itself from foreign supply
dependency
No U.S. company is at
production level using
ESG friendly direct lithium
extraction methods
New EV rebates require
minimum U.S. sourced
lithium quantities to be
used in the manufacturing
of batteries
CA, NY, and VA are
the first states to
require that all new
cars sold in 2035 be
electric vehicles
is strongly positioned to meet the required
U.S. Li production with proven mineral rich assets in
southern Utah
9
18
21
17
21
13
2
1
3
4
15
10
6
2
9
3
15
1
8
16
2
1
4
10
3
8
9
17
6
5
1
3
7
6
2
12
13
9
4
11
7
2
5
8
8
11
1
10
Country
(Overall Ranking)
Raw
Materials
Battery
Manufacturing ESG
Industry,
Innovation &
Infrastructure
Downstream
Demand
6 2
Source: BloombergNEF
BNEF 2022 global lithium-ion battery supply chain ranking
The U.S. is 2nd in Global Battery Demand, But Only 6th in Raw Materials Necessary to Provide the Supply |
| 10
Recent Industry Transactions
Multi-National Corporations are Investing in Critical Battery Materials
1. Cassels “LITHIUM AMERICAS ACQUIRES MILLENNIAL LITHIUM FOR $491 MILLION” (January 25, 2021)
2. Business Wire “CORRECTING and REPLACING Critical Metals…” (October 28, 2022); pre-money valuation
3. Business Wire “Critical Metals Corp. Announces Execution of Binding Lithium Offtake Agreement with BMW” (December 20, 2022)
4. Piedmont Lithium press release (January 3, 2023)
5. Piedmont Lithium press release (February 16, 2023)
6. Global Newswire “Lithium Americas Announces Initial Closing of $650 Million Investment from General Motors” (February 16, 2023)
7. Anson Resources press release (September 16, 2022)
8. Mining Technology “Lithium technology company Lilac Solutions raises $150m” (October 7, 2021); pre-money valuation; BMW was an investor in this series B round, was no the only financier
9. Lilac Solutions “Lilac Solutions Selected by U.S. Department of Energy for $50 Million Award to Unlock U.S. Lithium Production” (October 19, 2022)
10. Piedmont Lithium press release (October 19, 2022)
11. PR Newswire “Albemarle Secures DOE Grant for U.S.-Based Lithium Facility to Support Domestic EV Supply Chain” (October 19, 2022)
Mergers & Acquisitions
Acquirer Target Valuation Date
$491M January 20221
$750M October 20222
Off-Take Transactions
Acquirer Target Payment Tons
$15M 50,000 TPA3
Average market
price 125,000 SC64
Financings
Company Financier Amount Valuations
$75M $1B+5
$650M $3B6
Common stock $50M $250M+7
$150M $450M8
US DOE Grants
Company Type Amount
DoE Grant $50M9
DoE Grant $142M10
DoE Grant $150M11 |
| 11
Lisbon Valley, Utah
DLE Project
Mining process currently accounts for roughly half the carbon footprint
of a battery cell and the best way to reduce the carbon footprint of
minerals is to stop shipping them across 9,000 kilometers of ocean
before refining them.”
-Tesla Chairwoman Robyn Denholm
11 |
| 12
Flagship Lithium DLE Project
DLE mitigates
environmental
concerns relating to
lithium extraction
Technical reports show
Paradox Basin
supersaturated brines of
500 ppm Li (2661 ppm
LCE)
3 Li
Developed
infrastructure,
including high voltage
electrical, roads and
access to rail lines
Located in Eastern Utah consisting
of 743 mineral claims across
14,260 acres of federal land, including
eight existing re-entry well candidates
Historical data shows supersaturated
brine (40% minerals, 60% water) with
reported lithium values ranging from
81 to 500ppm and estimated flows
2,000-4,000 barrels of daily
production brine per well1
Lisbon Valley, Utah
ABM’s property position consists of
743 mineral claims staked in one
contiguous group on U.S. government
lands administered by the U.S.
Bureau of Land Management (“BLM”)
1. ABM Technical Report published by Bradley Peek on July 6, 2023 |
| 13
Project Validation to Date
2022 2023 2024
RESPEC
Engineering
engaged
Completion of
drilling procurement
package (AFE)
Comprehensive
geological and
geophysical data
review
2nd revision of
Technical Report –
SK1300 compliant
3rd revision of
Technical Report –
14,000+ acre asset BLM Application
accepted for drill
permit of Superior
88-21 Federal well
Acquired 102
mineral claims
and 2000 acres
Aggregation of
Paradox Basin drilling
and geological data
Application for
permits to drill
(APD)
Complete subsurface
mapping of horizons
Acquisition of
additional 640
mineral claims -
20+ square miles
Valley asset
development plan -
OPEX/CAPEX |
| 14
Project
location
Advantageous Project Location
With over 300+ climate friendly days and a
fully developed infrastructure, the Paradox
Basin is one of the most attractive places
in the U.S. for a successful and efficient
extraction process
25 miles southwest of Moab
Not adjacent to any national parks or recreational sites
Area is a mix of federal, state and private lands
High desert climate with year-round access
Historically rich industrial and natural resource
extraction area |
| 15
Lisbon Assets Technical Report1
The brines were not thought to be important until 1962, when
Southern Natural Gas intersected the brine zone with a very
substantial flow of brines under tremendous pressure
There is abundant evidence from oil and gas and potash wells
drilled in the Paradox Basin that indicate that there is a high
probability of intersecting super saturated brines
It is believed that there is a substantial indication that lithium
mineralization in brines occurs beneath the subject property
There is also substantial evidence that other valuable minerals
besides lithium, such as potassium, magnesium, calcium chloride,
bromine and boron, may be recoverable from the brines, as well
– Prepared by Peek Consulting, Inc.
July 6, 2023
Compound/Element % ppm
Na2O 9.24 92,400
K2O 2.91 29,100
Li2O 0.073 730
CaO 1.30 13,000
MgO 7.44 74,400
CO2 0.056 560
SO3 0.021 210
B2O3 0.84 8,400
P2O5 0.0009 9
Cl 19.44 194,400
Br 0.32 3,200
I 0.003 30
Specific Gravity 60/60°F = 1.261
pH = 5.5
Target compounds/minerals
1. ABM Technical Report published by Bradley Peek on July 6, 2023 |
| 16
Secured Key Geotech Engineering Partners
ABM has retained RESPEC Company LLC as its geotech, engineering and
resource management partner to assist in the exploration and development
of its Lisbon Valley properties
RESPEC provides services to the energy industries from grassroots
exploration to operating mine settings
Project focus is directed on services, drill program design, full procurement
drilling and well completion to various brine and disposal projects
With more than 50 years of experience in service to the extraction, mining
and oil and gas market worldwide, RESPEC has performed extensive
geological and engineering work in the Paradox Basin stratigraphy |
| 17
Positioned as a Lower Risk Industry Profile
Infrastructure
Geology
Permitting
Time to Market
Market Demand
• Fully developed infrastructure for
logistical and energy needs
• USGS open file report data confirm brines
of 340ppm+ lithium
• Utah based project meets both U.S. critical
mineral and global requirements
• Access to both state and federal
lands in a mining zone 60+ miles
from national parks
• DLE brine with smaller footprint,
capex and permitting requirements
• Electrical, gas, solar and wind
power available
• Paradox Basin is a proven
Li geological resource
• US Li CAGR is 11.9%1
through 2030
• Utah is a historically pro-mining
state that fully supports
extraction of natural resources
• ABM permitting process has
started with the completion of
archeological studies
1. https://www.grandviewresearch.com/industry-analysis/lithium-market |
| 18
Direct Li Extraction
& the American
Environment
DLE offers significant promise of increasing supply, reducing the industry’s
environmental, social, and governance (ESG) footprint, and lowering costs, with
already announced capacity contributing to around 10 percent of the 2030 lithium
supply, as well as to other less advanced projects in the pipeline.”
– McKinsey & Company
E S G 18 |
| 19
DLE & Environmental Benefits
American dependency on foreign lithium has reached crisis levels.
DLE addresses this critical need without destroying the earth
ABM will deploy DLE in selective brine extraction to
provide a cost-effective, efficient, faster-to-production,
and significantly more environmentally friendly method
versus traditional mining practices
Direct Lithium Extraction (DLE)
Underground brine
Conventional evaporation ponds
(~2 years)
ABM Direct Lithium Extraction (DLE)
(~2 h)
Li2CO3
Mg/Ca
removal
Boron
removal LiCl
ESG
DLE lowers
greenhouse gas
emissions, leaving a
substantially lower carbon
footprint than traditional
extraction methods
DLE reduces the
land requirements
by over 97% when
compared to evaporation
and hard-rock projects
DLE reduces waste
production with no
tailings, ponds or open
pits, and returns 100%
of the brine brought
to the surface to similar depths
in a closed loop system
DLE extracts brackish
water far below the
water table and with
salinity levels that
significantly exceed any
acceptable levels for
human or animal consumption
DLE reduces the
overall amount of time
needed for the lithium
extraction process
DLE removes the
need for large fresh
water sources |
| 20
Accelerated Time to Market with DLE
Potential aggregate delay
Extraction process
Infrastructure buildout
Permit acquisition process
Land acquisition
8-15
7-12
6-9
3-4
Crustal
Project
Spodumene
Project
Salar Brine
Project
This significant advantage in
positioning will allow ABM to select the
very best of developing technology in
brine extraction, leading to cost and
production efficiencies
This ultimately allows ABM to
shorten its time to market over other
resource-heavy mining projects,
pointing to an anticipated shorter
return on investment
ABM is positioned far
ahead of new and
developing lithium
projects, including area
selection, permitting
and partner selection
ABM has the significant
advantage of being one
of the first to market
with a U.S. brine that is
available for DLE brine
extraction pilot programs
DLE extraction methods
have successfully
been utilized in other
industries such as
water treatment and oil
waste for decades
Est. Project Length in Years
DLE |
| 21
Financials
E S G |
| 22
Upcoming Milestones for Corporate Actions
Administrative Milestone
Capex Milestone
Production Milestone
Begin application
process for federal
loan programs
SPAC merger
completed
Drilling of
exploration
wells
DLE partner
selection
SK-1300
resource
report
Build pilot
plant
Exploration
permits
processed
Commence
drilling of
production
wells
Pursue off-take
agreements Pilot plant
production
Build production
plant
Production plant
begins lithium
production
Pre-Production Phase Production Phase
2023 2024 2025 2026 |
| G&A
Growth & Development Strategy1
Acquisition
Geo/Entry study
Permitting
Exploration wells
SK-1300 report
Extraction pilot
Production /
conversion wells
PHASE 2 PHASE 3 PHASE 4 PHASE 5
$0.3M
$3.2M
$0.1M
$5.0M
$0.7M
$3.2M
2023 Launch project in the early stages of a
global lithium super cycle forecasted
to expand significantly for 20+ years
Partner with leading brine extraction
(DLE) technologies that are fastest
into production, most efficient, cost
effective and can deliver at the
highest extraction rates
Become a vertically integrated,
leading service provider for the critical
mineral extraction process for owners
Continue the acquisition, exploration
and extraction of significant US lithium
resources in historically proven
territories
Cost per phase $2.0M $1.7M $6.6M $16.9M $14.8M $41.8 M
$0.4M
$0.3M
$5.0M
$5.6M $6.3M
$0.6M
$0.3M
$1.0M
$6.4M
$0.1M
$10.0M
$11.9M
Capex Expenses
Opex Expenses
PHASE 1 TOTAL
$0.3M
$1.7M $1.4M $2.7M $2.7M $2.7M $11.6M
23
2025
1. Based on Management’s Base Case assumptions |
| Annual Operating Expenses Per Ton1
2
24
• Management expects the average
selling price of LCE to be $26,500 per ton
• The annual operating expenses shown
are expected to start in 2026 when the
production period begins
• The Lisbon Valley Project is projected to
have the following production features:
• 51 wells
• 142,000+ barrels of brine per day
• 10,000+ tons LCE per year
ANNUAL OPERATING EXPENSES
ITEM PER TON
Raw Materials $1,293
Utilities & Fuel 1,128
Fluid Disposal 939
Maintenance 610
Overhead Expenses 578
Wireline and Pump Service 180
Wellhead & Site Facilities Service 126
Transportation/Trucking 18
SUBTOTAL $4,871
1. Based on Management’s Base Case assumptions |
| Long-term Capital Expenditures1
2
25
The Pilot Plant is expected to be built by the end of
2025 to validate ABM’s strategy before building a full-scale production plant
DEVELOPMENT CAPITAL
Pilot Plant $10
Production Wells 98
Pipes 31
Production Plant 200
Total Development Capital $339
ANNUAL SUSTAINING CAPITAL
Well Conversion $6
(In millions)
1. Based on Management’s Base Case assumptions
ABM plans to develop up to 51 production wells to
maximize lithium extraction and production
Annual sustaining capital will be required to keep wells
operational and continuing producing maximum
volumes at high conversion ratios |
| 2
6
500 West Putnam Avenue | Suite 400
Greenwich, CT 06831| USA
Company
+1-800-998-7962
IR@AmericanBatteryMaterials.com
americanbatterymaterials.com
360 Madison Avenue | 22nd Floor
New York, NY 10017| USA
seaportglobal.com
Company
+1-212-616-7700 |
| 27
Appendix
E S G |
| 28
Sebastian Lux
Co-CEO | MBA, MSAS
25 years in business dev. with multinational
companies; Co-founded Genuine Origin, a
division of Volcafe & ED&F Man; Created
multiple disruptive international logistic
commodity supply chains
Agustin Cabo
Director of Finance | CFA, MBA
Chartered Financial Analyst with 13 years of
experience in finance across equity research,
investment management, corporate finance
and accounting
Scott Avanzino
COO | MS Geology
Oil and gas development and marine
construction expert with 25 years of
experience in exploration geology,
wellsite operations, marine logistics and
operations
Brad Peek
Geologist | MS Geology |Qualified
Person
35 years experience in project management,
mineral exploration and in computer
applications in mineral exploration and mining
and water engineering - qualified person
Ryan Zarkesh
DLE Chemist | PhD inorganic
Chemistry
20 years expert in inorganic and DLE
process chemistry. Previously Co-Founder
and Dir. of Chemistry of of Lilac Solutions
where he developed materials and
manufacturing processes for the lithium
mining industry
David Graber
Co-CEO | Chairman | MBA
Managing Principal of Cobrador Capital,
LLC,. He was Managing Director, Invest.
Banking at New Century Capital Partners
and National Securities Corporation, Sr. VP
and Director at Donaldson, Lufkin &
Jenrette and Credit Suisse First Boston
Management
& Advisory
Team |
| 29
Adam Lipson
MD Neuroscience
Managing partner as a neurosurgeon at
IGEA Brain, Spine & Orthopedics in New
York City and New Jersey. He has over a
decade of experience as a private investor
in over 20 biotechnology and biomedical
device companies
Justin Vorwerk
MBA, AB Economics
Has held positions as a Managing Director
in Investment Banking with Goldman Sachs,
The Royal Bank of Scotland, Deutsche
Bank Securities, as well as Donaldson,
Lufkin & Jenrette, and Credit Suisse.
FINRA Series 7,63,24
Andrew Suckling
MA
Non
-Executive Chairman of Cadence
Minerals the Non
-Executive Director of
Macarthur Minerals and a board member of
the privately held company, IronMan Ltd.
Dylan Glenn
Senior Director At Eldridge Partners. former
Chairman of Guggenheim KBBO Dubai.
Special Assistant to President George W.
Bush on economic policy. Former Director
Renewable Energy Group now a division of
Chevron
David Graber
MBA
Managing Principal of Cobrador Capital,
LLC,. He was Managing Director, Invest.
Banking at New Century Capital Partners
and National Securities Corporation, Sr. VP
and Director at Donaldson, Lufkin &
Jenrette and Credit Suisse First Boston
Jared Levinthal
J.D.
Attorney, Partner with Lightfoot Franklin &
White, PLLC in Houston, Texas. Mr.
Levinthal is a graduate of the University of
Texas School of Law and is a graduate of
Tulane University
Sebastian Lux
MBA, MSAS, AB Economics
25 years in business dev. with multinational
companies; Co
-founded Genuine Origin, a
division of Volcafe & ED&F Man; Created
multiple disruptive international logistic
commodity supply chains
Board
of Directors |
| 30
The Engineering Behind DLE
Targeting Highly Efficient Direct Lithium Extraction (DLE) Technology
ABM is
evaluating
leading DLE
technology
companies
• The most technologically advanced approach
for DLE from brines is adsorption of lithium
using inorganic sorbents
• Extraction of lithium with inorganic molecular
sieve ion-exchange sorbents appears to offer
one of the most immediate pathways for
the development of economic lithium
extraction
Competitive
advantages of
the
technology
• Reduced impurities – by over 99%
• Rapid and high recovery
• Low energy consumption
• No evaporation
• Lower water consumption
• Not weather dependent
• Smaller environmental footprint
Extraction of brine
Re-injection of
lithium deprived
brine
Li Salts
Saline Aquifer
Produced brine components
Direct Lithium
Extraction
Lithium
Injection
well
Production
well
x x
L
i
F
e
S
i
F
e
N
a
M
g
N
a
M
g
N
a
C
a
S
i
C
a
L
i
M
g
S
i C
a
F
e
L
i
L
i
L
i
L
i
F
e
N
a
M
g
C
a
S
i
Lithium deprived spent brine
Pumping of native brine
Saline Aquifer
Non-evaporitic
Extractive
Method X
Solar Panel |
| 31
Environmental Advantages of DLE
Closed Loop DLE
Production from geothermal deposits could be the holy grail of sustainable
lithium production, providing both clean geothermal energy and a source of
lithium. Fastmarkets estimates put 168 ktpa LCE of geothermal capacity in
the pipeline, with potential for a further 280 ktpa LCE from one project
alone.”
– Fastmarkets
Traditional lithium mining faces major hurdles with important
considerations of environmental damage, regulatory issues,
controversial mining practices and territorial litigation.
The environmental toll has often been overlooked in part
because there is a race underway among the United
States, China, Europe and other major powers.”
– NYTimes |
| 32
Disclaimer
This presentation (this “Presentation”) is provided for informational purposes only and has been prepared by American Battery Materials, Inc. (“ABM”) and Seaport Global Acquisition II
Corp. (“SGII”) in connection with the proposed business combination between them (the “Business Combination”) and must not be relied upon for any other purpose. By reviewing or
reading this Presentation, you will be deemed to have agreed to the obligations and restrictions set out below.
No Offer or Solicitation
This Presentation and any oral statements made in connection with this Presentation are not a proxy statement or solicitation of a proxy, consent or authorization with respect to any
securities or in respect of the Business Combination and shall not constitute an offer to sell, or a solicitation of an offer to buy, or a recommendation to purchase, any securities, or a
commitment of ABM or SGII with respect to any of the foregoing, and this Presentation shall not form the basis of any contract. The securities to which this Presentation relates have not
been registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. Any offer to sell securities, if made, would be made
only pursuant to a definitive subscription agreement and in reliance upon an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, not
involving any public offering. ABM and SGII reserve the right to amend or terminate discussions with any or all potential investors, to accept or reject any proposals and to negotiate with,
or cease negotiations with, any party regarding any transaction involving ABM or SGII for any reason. There shall not be any offer or sale of any securities of SGII in any jurisdiction
where, or to any person to whom, such offer or sale may be unlawful under the laws of such jurisdiction.
No Representation or Warranty
This Presentation is for informational purposes only and does not purport to contain all of the information that may be required to evaluate ABM, SGII or a possible investment decision
with respect to the Business Combination. The recipient agrees and acknowledges that this Presentation is not intended to form the basis of any investment decision by the recipient
and does not constitute investment, tax or legal advice. No representations or warranties, express or implied, is or will be given by ABM, SGII or any of their respective affiliates,
directors, officers, employees or advisers or any other person as to the value that may be realized in connection with the Business Combination, the legal, regulatory, tax, financial,
accounting or other effects of the Business Combination or the accuracy or completeness of the information in this Presentation or any other written, oral or other communications
transmitted or otherwise made available to any party in the course of its evaluation of the Business Combination, and no responsibility or liability whatsoever is accepted for the accuracy
or sufficiency thereof or for any errors, omissions or misstatements, negligent or otherwise, relating thereto. The recipient also acknowledges and agrees that the information contained
in this Presentation is preliminary in nature and is subject to change, and any such changes may be material. Any information, data or statistics on past performance or modeling
contained herein is not an indication as to future performance. Neither ABM nor SGII assume any obligation to update the information in this Presentation. Recipients of this Presentation
should each make their own evaluation of ABM and SGII and of the relevance and adequacy of the information and should make such other investigations as they deem necessary.
Only those representations and warranties that are expressly made by ABM or SGII in a definitive written agreement, if executed, and subject to the limitations and restrictions specified
therein, shall have any legal effect. |
| 33
Disclaimer Continued
Industry and Market Data
Industry and market data used in this Presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes.
Although all such information has been obtained from sources believed to be reliable and are included in good faith, neither ABM nor SGII has independently verified the data obtained
from these sources and cannot assure you of the data’s accuracy or completeness. Accordingly, no representation is made as to the reasonableness of the assumptions made within or
the accuracy or completeness of such data. Recipients are cautioned not to place undue weight on such information.
Forward Looking Statements
This Presentation includes “forward-looking statements”. ABM’s and SGII’s actual results may differ from expectations, estimates, and projections and, consequently, you should not rely
on these forward-looking statements as predictions of future events. Words such as words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,”
“possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking
statements. These forward-looking statements may include, for example, statements about our ability to complete the Business Combination, or, if we do not consummate the Business
Combination, any other business combination; the benefits of the Business Combination; the future financial performance of the combined company (“New ABM”) following the Business
Combination; expansion plans and opportunities; our public securities’ potential liquidity and trading; the lack of a market for our securities; the inability of the parties to successfully or
timely consummate the Business Combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that
could adversely affect New ABM or the expected benefits of the Business Combination; the Trust Account not being subject to claims of third parties; and our financial performance
following the Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those
discussed in the forward-looking statements. Most of these factors are outside ABM’s and SGII’s control and are difficult to predict. Factors that may cause such differences include, but
are not limited to: the ability to complete the Business Combination; the ability to maintain the listing of SGII’s securities on a national securities exchange following the Business
Combination; the potential liquidity and trading of SGII’s public shares; the inability to recognize the anticipated benefits of the proposed Business Combination, which may be affected
by, among other things, the amount of cash available following any redemption of public shares by SGII stockholders; the ability to attract, motivate and retain qualified employees,
including members of its senior management team; potential failure to obtain governmental permits and approvals in order to conduct development and extraction operations; risk that
New ABM is unsuccessful in managing growth; risk that there is no guarantee that New ABM’s development will result in the commercial extraction of mineral deposits; risks related to
exploration, construction and extraction of mineral deposits; the ability to access the capital or financial markets; the development of non-lithium battery technologies; ABM’s research
and development capabilities for direct lithium extraction and ability to secure capital for the implementation of brine processing plants; the impact of the novel coronavirus pandemic;
potential lawsuits involving ABM or SGII; potential stockholder litigation and regulatory inquiries in connection with the Business Combination; expectations regarding the time during
which SGII will be an “emerging growth company” under the JOBS Act; and other risks and uncertainties indicated from time to time in the proxy statement/prospectus of SGII contained
in the Registration Statement on Form S-4 (the “Proxy”) filed with the SEC with respect to the Business Combination, including those under “Risk Factors” therein, and in ABM’s and
SGII’s other filings with the SEC. |
| 34
Disclaimer Continued
Forward Looking Statements Continued
ABM cautions that the foregoing list of factors is not exclusive. ABM and SGII caution readers not to place undue reliance upon any forward-looking statements, which speak only as of
the date made. Neither ABM nor SGII undertakes or accepts any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any
change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
More information on potential factors that could affect ABM’s or SGII’s financial results is included from time to time in each of ABM’s and SGII’s public reports filed with the SEC,
including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K as well as the Proxy SGII filed with the SEC in connection with SGII’s
solicitation of proxies for the meeting of stockholders to be held to approve, among other things, the proposed Business Combination. If any of these risks materialize or ABM’s and
SGII’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that ABM and SGII
do not presently know, or that ABM and SGII currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In
addition, forward-looking statements reflect ABM’s and SGII’s expectations, plans or forecasts of future events and views as of the date of this communication. ABM and SGII anticipate
that subsequent events and developments will cause its assessments to change. However, while ABM and SGII may elect to update these forward-looking statements at some point in
the future, ABM and SGII specifically disclaim any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing ABM’s
and SGII’s assessment as of any date subsequent to the date of this Presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Non-GAAP Financial Measures
This Presentation includes certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”) and certain ratios and other metrics derived
therefrom. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and
assessing ABM’s projected financial results. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these
projected measures, together with some of the excluded information not being ascertainable or accessible, ABM and SGII are unable to quantify certain amounts that would be required
to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included
and no reconciliation of the forward-looking non-GAAP financial measures is included. For the same reasons, ABM and SGII are unable to address the probable significance of the
unavailable information, which could be material to future results.
ABM and SGII believe these projected non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends
relating to ABM’s projected financial condition and results of operations. ABM and SGII believe that the use of these non-GAAP financial measures provides an additional tool for
investors to use in evaluating projected operating results and trends in and in comparing ABM’s projected financial measures with other similar companies, many of which present
similar non-GAAP financial measures to investors. These projected non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by
management about which expense and income are excluded or included in determining these non-GAAP financial measures. |
| 35
Disclaimer Continued
Use of Projections
This Presentation contains certain forecasts. Neither ABM’s nor SGII’s independent auditors have studied, reviewed, compiled or performed any procedures with respect to the
projections for the purpose of their inclusion in this Presentation, and accordingly, no independent auditor has expressed an opinion or provided any other form of assurance with
respect thereto for the purpose of this Presentation. These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results.
The assumptions and estimates underlying the prospective financial and operational information are inherently uncertain and are subject to a wide variety of significant business,
economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial and operational information.
Projections are inherently uncertain due to a number of factors outside of ABM’s and SGII’s control. While all projections, estimates and targets are necessarily speculative, ABM and
SGII believe that the preparation of prospective information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of
preparation. Accordingly, there can be no assurance that the prospective results are indicative of future performance or that actual results will not differ materially from those presented
in the prospective financial and operational information. Inclusion of the prospective financial and operational information in this Presentation should not be regarded as a representation
by any person that the results contained in the prospective financial and operational information will be achieved.
Important Information About the Proposed Business Combination and Where to Find It
In connection with the proposed Business Combination, SGII has filed the Proxy statement with the SEC. SGII’s shareholders and other interested persons are advised to read the
registration statement on Form S-4, the proxy statement/prospectus contained therein and the amendments thereto as well as other documents filed with the SEC in connection with the
proposed Business Combination, as these materials will contain important information about SGII, ABM, New ABM and the proposed Business Combination. Shareholders will also be
able to obtain copies of the Proxy, and other documents filed with the SEC that are incorporated by reference therein, without charge, at the SEC's website at www.sec.gov, or by
directing a request to:
The information contained on, or that may be accessed through, the websites referenced in this communication is not incorporated by reference into, and is not a part of, this
communication.
Mr. David E. Graber
American Battery Materials, Inc.
500 West Putnam Avenue, Suite 400
Greenwich CT 06830
Attention: David E. Graber
Tel: (800) 998-7962
Mr. Stephen C. Smith
Seaport Global Acquisition II Corp.
360 Madison Avenue, 23rd Floor
New York, New York 10017
Attention: Stephen C. Smith
Tel. (212) 616-7700 |
| 36
Disclaimer Continued
Participants in the Solicitation
SGII, ABM and their respective directors and executive officers may be deemed participants in the solicitation of proxies from SGII’s stockholders with respect to the Business
Combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to SGII stockholders in connection with the proposed
Business Combination is set forth in the Proxy.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR
HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN
ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
ABM and SGII reserve the right to negotiate with one or more parties and to enter into a definitive agreement relating to the transaction at any time and without prior notice to the
recipient or any other person or entity. ABM and SGII also reserve the right, at any time and without prior notice and without assigning any reason therefor, (i) to terminate the further
participation by the recipient or any other person or entity in the consideration of, and proposed process relating to, the transaction, (ii) to modify any of the rules or procedures relating to
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Solely for convenience, the trademarks, service marks and trade names referred to in this Presentation may appear without the ®, TM or SM symbols, but such references are not
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marks and trade names. |
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|
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|
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