Southport Acquisition Corporation Announces Closing of $230,000,000 Initial Public Offering
Southport Acquisition Corporation (the "Company") announced today that it had closed its initial public offering. The Company sold 23,000,000 units in the offering, 3,000,000 of which were purchased by BofA Securities, the sole underwriter for the offering, pursuant to the full exercise of the option granted to it by the Company to purchase additional units to cover over-allotments.
The units began trading on the New York Stock Exchange (the "NYSE") under the symbol "PORT.U" 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 being made only by means of a prospectus. Copies of the 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.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute "forward-looking statements," including with respect to the Company's plans with respect to the target industry for a potential business combination. No assurance can be given 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 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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