Company Summary: Southport Acquisition Corporation

Overview

• Type: Blank check company (Special Purpose Acquisition Company - SPAC)
• Incorporation Date: April 13, 2021
• Formation Purpose: To effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
• Operations: Has not engaged in any operations or generated revenue to date.
• Business Model: Focused on identifying and completing a business combination with a target company, particularly in the software and financial technology sectors.

Business Activities

• The company is currently a shell entity with no operational business or revenue.
• Its primary activity has been formation, public offering, and pursuit of a target company.
• Target Industries & Criteria: Focused on mission-critical companies with differentiated, scalable SaaS technologies, experienced management teams, and operating in growing, consolidatable markets.
• Acquisition Strategy: Looks for opportunities with market advantages, attractive financial models, experienced management, and favorable industry dynamics, primarily in the financial software industry.
• Potential Targets: Could include early-stage, financially unstable, or private companies, or targets outside its core industries, including international companies.

Capital and Financial Details:

• Initial Capital Raised: $230 million through an IPO
• Trust Funds: Approximately $429,151 as of December 31, 2024 (invested in U.S. government securities)
• Additional Funds Outside Trust: $494,974 (as of December 31, 2024)
• Employees: Currently has one officer; no full-time employees before the initial business combination.
• Revenue & Income: No revenue or earnings so far; no operational income.

Shareholder & Warrant Structure

• Sponsor: Southport Acquisition Sponsor LLC, controlled by Jeb Spencer and Jared Stone
• Shares Held by Sponsor:
  • 4,200,000 Class A shares after conversion
  • 312,506 Class B shares
• Warrants: 11,700,000 Private Placement Warrants and 11,500,000 public warrants (accounted as a liability, with fair value fluctuations impacting earnings)

Status & Regulatory Details

• Listing: Delisted from NYSE on March 21, 2024, now traded OTC Pink Marketplace under ticker symbols "PORT," "PORTW," and "PORTU."
• Regulatory: Class A shares and warrants are registered under the SEC, but the company operates on a reduced disclosure schedule as an emerging growth and smaller reporting company.

Key Events

• Completed IPO on December 14, 2021
• Raised gross proceeds of $230 million
• Placed approximately $234.6 million in Trust Account
• Executed multiple extensions for completing a business combination, last extended to December 14, 2024
• Filed a proxy for further extension to September 30, 2025, and held special meetings to approve extensions and amendments
• Plans for a business combination with Angel Studios, Inc., announced as of September 11, 2024

Company Focus

• Seeking a business in the financial software or SaaS sectors that can be scaled, has a competitive advantage, and is in a growing industry.
• The company aims to offer an alternative route for private companies seeking access to public markets through a merger instead of an IPO.
• The company's strategy involves partnering with companies that have proven technology, market acceptance, and experienced management teams.

Current Status

• No revenues, operations, or ongoing business activities.
• Focused on completing the proposed merger with Angel Studios, Inc.
• Has not yet commenced any operations beyond formation, IPO, and pursuit of a target.
• Underwent multiple extensions, delisted from NYSE, and transitioned trading to OTC Pink Marketplace.

Note: The company has not yet generated any revenue or profit and primarily functions as a shell and acquisition vehicle with a focus on future business combination activities.