Redbox shares surged more than 100% in premarket trading

Redbox shares surged more than 100% in premarket trading.Redbox completed its SPAC merger with Seaport Global Acquisition Corp on last Friday.

Redbox operates a network of 40,000 kiosks across the U.S. Earlier this month,Redbox announced a multiyear distribution agreement with Lionsgate, under which Lionsgate will distribute Redbox Entertainment original titles across home entertainment windows in addition to subscription SVOD licensing for select movies. Redbox also recently signed a promotional agreement with Roku to push users to sign up for the Redbox streaming app; through mid-2022, consumers will receive a $5 streaming code on Roku players sold exclusively at Walmart.