Southport Acquisition updates merger disclosures to include NYSE in listing plans

Southport Acquisition Corp (OTC:PORT), currently trading at $10.75 with a market capitalization of $75.24 million, filed a press release statement Thursday announcing supplemental disclosures related to its pending merger with Angel Studios, Inc. According to InvestingPro data, the stock is trading near its 52-week high, showing significant momentum ahead of the merger announcement. The company updated language in its joint proxy statement and prospectus to clarify that the combined company’s Class A common stock may be listed on either the Nasdaq Capital Market or the New York Stock Exchange (NYSE) under the ticker symbol “ANGX,” pending the completion of the merger.

Previously, Southport had stated that it would apply for listing on Nasdaq. The new disclosures specify that the combined company will apply to list on either Nasdaq or NYSE, and that references to Nasdaq rules in the proxy materials are amended to include NYSE rules. The company also clarified that the combined company will be considered a “controlled company” under the listing rules of either exchange and may elect not to comply with certain corporate governance standards.

The amendments detail that shareholder approval for the issuance of new shares in connection with the merger is required under both Nasdaq and NYSE listing rules. The filing outlines the relevant approval thresholds for each exchange, including requirements for changes in control and equity compensation plans.

Southport’s current securities, including Class A common stock (OTC:PORT), warrants (OTC:PORTW), and units (OTC:PORTU), are quoted on the OTC Pink Marketplace and are not currently subject to Nasdaq or NYSE rules. The company reiterated its intention to seek listing on a national securities exchange at the closing of the merger.

The filing also updates risk factors to note that if the combined company’s shares are not listed on either Nasdaq or NYSE, there could be reduced liquidity and other trading restrictions.

These updates were made as part of Southport’s ongoing regulatory process and supplement information previously provided to shareholders. The information is based on a press release statement included in the company’s Form 8-K filing with the Securities and Exchange Commission.

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