Southport Acquisition Corp. Files 8-K on Definitive Agreement
Ticker: ANGX · Form: 8-K · Filed: Oct 3, 2024 · CIK: 1865200
Sentiment: neutral
Topics: spac, definitive-agreement, warrants
TL;DR
Southport Acquisition Corp. filed an 8-K on Oct 3, 2024, detailing a material definitive agreement and its unit structure (stock + warrants).
AI Summary
Southport Acquisition Corp. entered into a material definitive agreement on October 3, 2024, related to its creation of a direct financial obligation. The filing details the structure of its units, each consisting of one share of Class A common stock and one-half of a warrant, with an exercise price of $11.50 for the warrants.
Why It Matters
This filing indicates a significant step in Southport Acquisition Corp.'s business operations, potentially related to a future merger or acquisition, which could impact its stock value.
Risk Assessment
Risk Level: medium — The filing pertains to a SPAC, which inherently carries risks associated with finding and completing a business combination.
Key Numbers
- $11.50 — Warrant Exercise Price (This is the price at which holders can exercise their warrants to purchase common stock.)
Key Players & Entities
- Southport Acquisition Corp. (company) — Registrant
- October 3, 2024 (date) — Date of earliest event reported
- 11.50 (dollar_amount) — Warrant exercise price
FAQ
What is the specific nature of the material definitive agreement entered into by Southport Acquisition Corp. on October 3, 2024?
The filing does not specify the exact nature of the agreement beyond it being a 'Material Definitive Agreement' and creating a 'Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement'.
What does a 'unit' consist of for Southport Acquisition Corp. according to this filing?
Each unit consists of one share of Class A common stock and one-half of one warrant.
What is the exercise price for the warrants issued by Southport Acquisition Corp.?
The exercise price for the warrants is $11.50, subject to adjustment.
What is the Central Index Key (CIK) for Southport Acquisition Corp.?
The CIK for Southport Acquisition Corp. is 0001865200.
What is the SEC file number for Southport Acquisition Corp.'s 8-K filing?
The SEC file number for Southport Acquisition Corp. is 001-41150.
Filing Stats: 878 words · 4 min read · ~3 pages · Grade level 11.6 · Accepted 2024-10-03 16:05:42
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 PORTW Non
- $1,000,000 — Note") in the principal amount of up to $1,000,000 to Southport Acquisition Sponsor LLC, a
Filing Documents
- tm2425557d1_8k.htm (8-K) — 38KB
- tm2425557d1_ex10-1.htm (EX-10.1) — 23KB
- 0001104659-24-105840.txt ( ) — 292KB
- port-20241003.xsd (EX-101.SCH) — 4KB
- port-20241003_def.xml (EX-101.DEF) — 27KB
- port-20241003_lab.xml (EX-101.LAB) — 37KB
- port-20241003_pre.xml (EX-101.PRE) — 25KB
- tm2425557d1_8k_htm.xml (XML) — 7KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. The information set forth under Item 2.03 to this Current Report on Form 8-K is hereby incorporated by reference herein. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. On October 3, 2024, Southport Acquisition Corporation (the "Company") issued a non-convertible unsecured promissory note (the "Promissory Note") in the principal amount of up to $1,000,000 to Southport Acquisition Sponsor LLC, a Delaware limited liability company (the "Sponsor"). The Promissory Note bears no interest and is repayable in full upon the earlier of December 14, 2024 (which date shall be extended automatically to September 30, 2025 if the Company's stockholders approve a proposal to extend its deadline to consummate a business combination to such date) or the date on which the Company consummates a business combination. If the Company does not consummate a business combination, the Promissory Note will not be repaid and all amounts owed under the Promissory Note will be forgiven except to the extent that the Company has funds available to it outside of its trust account, as set forth in the Promissory Note. A copy of the Promissory Note is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. The disclosure as set forth in this Item 2.03 is intended to be a summary only and is qualified in its entirely by reference to the full text of the Promissory Note.
01. Financial
Item 9.01. Financial (d) Exhibits. Exhibit No. Description 10.1 Promissory Note, dated October 3, 2024, issued to Southport Acquisition Sponsor LLC. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 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: October 3, 2024 By: /s/ Jeb Spencer Name: Jeb Spencer Title: Chief Executive Officer -3-