Southport Acquisition enters non-redemption agreements covering 4M shares; Sponsor converts 4.2M Class B shares

On May 25, 2023, the Company and the Company’s sponsor, Southport Acquisition Sponsor LLC (the “Sponsor”), entered into voting and non-redemption agreements (the “Non-Redemption Agreements”) with unaffiliated third parties in exchange for such third parties agreeing (i) not to redeem an aggregate of 4,000,000 shares of the Company’s Class A common stock (“Class A Common Stock”) sold in its initial public offering (the “Non-Redeemed Shares”) in connection with the Special Meeting and (ii) to vote in favor of the Extension Proposal and the Extension at the Special Meeting (other than with respect to certain shares acquired or to be acquired pursuant to the Non-Redemption Agreements). In exchange for the foregoing commitments, the Sponsor has agreed to transfer to such third parties an aggregate of up to 1,499,996 shares of the Company’s Class B common stock (“Class B Common Stock”) held by the Sponsor, with 500,000 of such shares to be transferred to such third parties promptly upon cons