Southport Acquisition Corporation (NYSE: PORT) Cancels Special Meeting and Plans for Rescheduled Special Meeting

Southport Acquisition Corporation recently announced the cancellation of its special meeting of stockholders scheduled for October 22, 2024. The decision to cancel the meeting was disclosed in the company’s definitive proxy statement filed with the U.S. Securities and Exchange Commission (SEC) on October 2, 2024. The company had previously reported this development in a Current Report on Form 8-K submitted to the SEC on October 15, 2024.

In light of the cancellation, Southport Acquisition Corporation intends to file an amendment to the Proxy Statement, referred to as the “Revised Proxy Statement.” This revision will incorporate a new proposal to amend the company’s Amended and Restated Certificate of Incorporation. The amendment aims to eliminate the restriction that prohibited the redemption of outstanding shares of Class A common stock under certain conditions.

Specifically, the proposed change seeks to remove the limitation preventing the company from redeeming its Class A common stock shares if such redemption resulted in the company having net tangible assets of less than $5,000,001. The revision intends to allow Southport Acquisition Corporation to redeem shares beyond this threshold without constraint.

Furthermore, the company plans to convene a new special meeting of stockholders, known as the “Rescheduled Special Meeting,” to seek approval for the updated proposals outlined in the Revised Proxy Statement.

In adherence to regulatory disclosures, Southport Acquisition Corporation included forward-looking statements in its Form 8-K submission. The company cautioned that these forward-looking statements are subject to risks and uncertainties that could lead to divergent outcomes from the projections.

The report emphasized the importance of determining stockholder approval for the proposed amendments delineated in the Revised Proxy Statement and acknowledged potential obstacles that could arise, such as meeting the deadline for an initial business combination.

Southport Acquisition Corporation indicated that its directors, executive officers, and other stakeholders may be involved in requesting proxies from stockholders concerning the forthcoming proposals disclosed in the Revised Proxy Statement. Information regarding key personnel is available in the company’s Annual Report on Form 10-K for the fiscal year concluded on December 31, 2023.

Additionally, the company clarified that the communication does not constitute an offer to buy or sell securities, highlighting that any such action must adhere to relevant securities laws. Southport Acquisition Corporation underscored the significance of updated disclosures, stating that it intends to file the Revised Proxy Statement with the SEC and distribute it to stockholders for review.

Investors and interested parties were advised to examine the Revised Proxy Statement and other related documents filed with the SEC in preparation for the Rescheduled Special Meeting. Those seeking further details can access the documents at the SEC’s website or contact Sodali & Co. for additional information.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Southport Acquisition’s 8K filing here.

About Southport Acquisition

Southport Acquisition Corporation does not have significant operations. The company focuses on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or assets. It intends to acquire businesses in the field of financial software with a focus on mortgage and real estate verticals in the United States.