Southport Acquisition Corp supplements proxy on excise tax risk for redemptions

Angel Studios, Inc.

Redemptions in extension vote may incur 1% excise tax under Inflation Reduction Act; Treasury guidance may exempt SPAC liquidations.
Trust account funds won't be used to pay excise tax on redemptions before business combination or liquidation.
If business combination closes, excise tax reduces post-combination operating cash; if no deal, company seeks alternative funds.
Special meeting June 9, 2023 to consider extension from June 14, 2023 to Sept 14, 2023 or up to March 14, 2024.

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