Southport Acquisition shareholders approve extension to Sep 2025; ~1.125M shares redeemed for ~$12M

Angel Studios, Inc.

Stockholders approved extending business combination deadline from Dec 14, 2024 to Sep 30, 2025.
Approved removal of $5M net tangible asset redemption limitation; charter amendment filed.
1,125,126 public shares redeemed at ~$11.08/share for approx. $12M aggregate.
Extension and redemption proposals passed with 5,754,087 votes for, 2 against.
Redemption proceeds reduce trust; company has until Sep 2025 to complete deal.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Angel Studios, Inc.: The Company amended its Amended and Restated Certificate of Incorporation to extend the deadline for consummating an initial business combination from December 14, 2024 to September 30, 2025, and to eliminate the redemption limitation that prevented redemption of public shares if it would cause net (effective 2024-11-13).

Change: charter amendment
Effective: 2024-11-13

Exact text from the filing

On November 13, 2024, Southport Acquisition Corporation (the “Company”) held a special meeting of stockholders (the “Special Meeting”) to vote upon the Extension Amendment Proposal and the Redemption Limitation Amendment Proposal (each as defined below). At the Special Meeting, the Company’s stockholders approved the Extension Amendment Proposal and the Redemption Limitation Amendment Proposal, and promptly thereafter, the Company filed with the Secretary of State of the State of Delaware an amendment (the “Charter Amendment”) to its Amended and Restated Certificate of Incorporation (the “Charter”) to implement the Extension Amendment Proposal and the Redemption Limitation Amendment Proposal.

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Angel Studios, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-24-117678

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