Southport Acquisition Corp 8-K Details SPAC Unit Structure
Ticker: ANGX · Form: 8-K · Filed: Jan 24, 2024 · CIK: 1865200
Complexity: simple
Sentiment: neutral
Topics: SPAC, capital-structure, warrants, 8-K
TL;DR
**Southport Acquisition Corp (SPAC) just clarified its unit structure, including Class A shares and $11.50 warrants.**
AI Summary
Southport Acquisition Corporation filed an 8-K on January 24, 2024, reporting an event that occurred on January 23, 2024. This filing indicates that the company is a blank check company, also known as a Special Purpose Acquisition Company (SPAC), which means it exists to acquire another company. The filing details the structure of its units, consisting of Class A Common Stock and warrants, with each whole warrant exercisable for one share at an exercise price of $11.50. This matters to investors because it provides foundational details about the company's capital structure and the terms under which its securities can be converted, which is crucial for understanding potential dilution and future value as it seeks an acquisition target.
Why It Matters
This filing provides essential details about Southport Acquisition Corp's capital structure, including its Class A Common Stock and warrants, which is fundamental for investors to assess potential future value and dilution.
Risk Assessment
Risk Level: medium — As a blank check company (SPAC), Southport Acquisition Corp carries inherent risks related to finding a suitable acquisition target and the success of any future business combination.
Analyst Insight
An investor should understand that this filing provides foundational structural details for Southport Acquisition Corp, a SPAC. The next critical step for investors is to monitor for news regarding a potential business combination, as the success of a SPAC hinges on its ability to identify and complete a value-accretive merger.
Key Numbers
- $11.50 — Warrant Exercise Price (The price at which each whole warrant can be exercised for one share of Class A Common Stock.)
Key Players & Entities
- Southport Acquisition Corporation (company) — the registrant filing the 8-K
- $11.50 (dollar_amount) — the exercise price for each whole warrant
- January 23, 2024 (date) — the date of the earliest event reported in the 8-K
- January 24, 2024 (date) — the filing date of the 8-K
FAQ
What is the primary business of Southport Acquisition Corporation, as indicated by its SIC code?
Southport Acquisition Corporation's Standard Industrial Classification (SIC) is 'BLANK CHECKS [6770]', indicating it is a Special Purpose Acquisition Company (SPAC) formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
What is the par value of Southport Acquisition Corporation's Class A Common Stock?
The filing states that each unit consists of one share of Class A Common Stock with a par value of $0.0001.
What is the exercise price for the warrants mentioned in the filing?
Each whole warrant is exercisable for one share of Class A Common Stock at an exercise price of $11.50, subject to adjustment.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on January 23, 2024.
What does a 'unit' of Southport Acquisition Corporation's securities consist of?
A 'unit' of Southport Acquisition Corporation's securities consists of one share of Class A Common Stock (par value $0.0001) and one-half of one warrant.
Filing Stats: 633 words · 3 min read · ~2 pages · Grade level 12.5 · Accepted 2024-01-24 08:30:32
Key Financial Figures
- $0.0001 — g of one share of Class A common stock, $0.0001 par value, and one-half of one warrant
- $11 — A common stock at an exercise price of $11.50, subject to adjustment PORT.W Th
Filing Documents
- tm243919d1_8k.htm (8-K) — 35KB
- tm243919d1_ex10-1.htm (EX-10.1) — 18KB
- 0001104659-24-006115.txt ( ) — 283KB
- port-20240123.xsd (EX-101.SCH) — 4KB
- port-20240123_def.xml (EX-101.DEF) — 27KB
- port-20240123_lab.xml (EX-101.LAB) — 39KB
- port-20240123_pre.xml (EX-101.PRE) — 25KB
- tm243919d1_8k_htm.xml (XML) — 7KB
02 Departure of Directors or Certain Officers; Election
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On January 23, 2024, the Board of Directors of Southport Acquisition Corporation (the "Company") adopted the Southport Acquisition Corporation Clawback Policy (the "Clawback Policy") in order to comply with Section 10D of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), Rule 10D-1 of the Exchange Act ("Rule 10D-1") and the listing standards of the New York Stock Exchange (collectively, the "Clawback Rules"). The Clawback Policy provides for the mandatory recovery of erroneously awarded incentive-based compensation from current and former executive officers of the Company, as determined in accordance with the Clawback Rules, in the event that the Company is required to prepare an accounting restatement of its financial statements due to the Company's material noncompliance with any financial reporting requirement under the securities laws. The foregoing description of the Clawback Policy does not purport to be complete and is qualified in its entirety by reference to the full text of the Clawback Policy, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Exhibit 10.1 Southport Acquisition Corporation Clawback Policy. 104 Cover Page Interactive Data File (formatted as Inline XBRL). 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. Southport Acquisition Corporation Date: January 24, 2024 By: /s/ Jeb Spencer Name: Jeb Spencer Title: Chief Executive Officer