Southport Acquisition Corporation Reports Results of Special Meeting and Amendments to Charter

Southport Acquisition Corporation (NYSE:PORT) recently announced the outcomes of its special meeting of stockholders held on November 13, 2024. At the meeting, stockholders voted on important proposals and amendments that have implications for the future operations of the company.

The company’s stockholders unanimously approved both the Extension Amendment Proposal and the Redemption Limitation Amendment Proposal. Following the approval, Southport Acquisition Corporation promptly filed the necessary amendment to its Amended and Restated Certificate of Incorporation to implement these proposals.

The details of the Charter Amendment can be found in Exhibit 3.1 of the filing submitted to the Secretary of State of the State of Delaware. The company highlighted that the full text of the Charter Amendment is available for review.

During the special meeting, stockholders voted on various proposals, which included amending the Charter to extend the deadline for an initial business combination and eliminating limitations related to the redemption of outstanding Class A Common Stock. Additionally, a proposal for the adjournment of the meeting for further solicitation and vote of proxies was considered.

A quorum was met at the meeting, with holders representing approximately 83.2% of the voting power present virtually or by proxy.

Key results of the voting were as follows:

– Extension Amendment Proposal: 5,754,087 votes were cast in favor.
– Redemption Limitation Amendment Proposal: 5,753,981 votes were in favor.
– Adjournment Proposal: As the Extension and Redemption Limitation Amendment Proposals received sufficient shareholder support, the Adjournment Proposal was not voted upon.

In a related event, Public Shareholders exercised their redemption rights for approximately 1,125,126 shares, amounting to an aggregate redemption of around $12 million at a price of about $11.08 per Public Share.

The filing also included information about financial statements and relevant exhibits associated with the meeting outcomes.

The company underscored the significance of these decisions for its future strategic direction and regulatory compliance.

The full filing and details of the proposals are available for public access.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Southport Acquisition’s 8K filing here.

Southport Acquisition Company Profile

Southport Acquisition Corporation does not have significant operations. The company focuses on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or assets. It intends to acquire businesses in the field of financial software with a focus on mortgage and real estate verticals in the United States.