Southport Acquisition in an 8-K filing said said it entered into non-redemption agreements with unaffiliated third parties who will hold 4 million shares through the upcoming vote on a deadline extension.
The SPAC’s sponsor in return will give the particvipating investors 1,499,996 shares, of which 500,000 shares would be transferred upon approval of the extension, and an additional 166,666 shares to be transferred from Sept. 14 to Feb. 14, 2024, if the Southporot board uses all monthly extension periods.
After raising $200 million in a December 2021 IPO, Southport has been focused on companies engaged in the development of financial software for the mortgage and real estate space. Read more.
