Southport Acquisition Corporation (the "Company") announced today that it priced its initial public offering of 20,000,000 units at $10.00 per unit.
The units have been approved for listing on the New York Stock Exchange (the "NYSE") under the symbol "PORT.U" and are expected to begin trading on the NYSE on December 10, 2021. Each unit consists of one share of the Company's Class A common stock and one-half of one warrant, with each whole warrant entitling the holder thereof to purchase one share of the Company's Class A common stock at a price of $11.50 per share, subject to adjustment. Only whole warrants are exercisable. Once the securities constituting the units begin separate trading, the shares of Class A common stock and the warrants are expected to be listed on the NYSE under the symbols "PORT" and "PORT.W," respectively.
The offering is expected to close on December 14, 2021, subject to customary closing conditions.
BofA Securities is acting as the sole underwriter for the offering. The Company has granted BofA Securities a 45-day option to purchase up to an additional 3,000,000 units to cover over-allotments, if any.
The offering is being made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering and, when available, the final prospectus relating to the offering, may be obtained from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte NC 28255-0001, Attn: Prospectus Department, or by email at [email protected].
A registration statement relating to the securities became effective on December 9, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an acquisition opportunity in any business, industry, sector or geographical location, the Company intends to focus on acquisition opportunities in the financial software space with particular focus on mortgage and real estate verticals in the United States.
This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering and the Company's plans with respect to the target industry for a potential business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the Company will ultimately complete a business combination transaction. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the offering filed with the Securities and Exchange Commission ("SEC"). Copies of these documents are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
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