Special purpose acquisition company Southport Acquisition Corporation (NYSE: PORT.U) went public on Friday at the New York Stock Exchange. The company is seeking to raise US$200.0 million through its initial public offering.
The offering consists of 20.0 million company units priced at US$10.00 per unit. Each unit is composed of one Class A common share and one-half of a purchase warrant. Each whole warrant is redeemable to purchase one common share at US11.50 per share.
The units will be trading under the symbol “PORT.U” but once the securities are separated, the common shares and the purchase warrants will be trading on the New York-based big board under the symbols “PORT” and “PORT.W”, respectively.
BofA Securities serves as the sole bookrunner for the offering. The company has granted the underwriters a 45-day over-allotment option to purchase additional 3.0 million company units, potentially bringing the offering proceeds to US$230.0 million.
The newly-organized blank check firm is headed by the co-founder and managing director of software equity fund TVC Capital, Jeb Spencer. The firm intends to focus its search for business combination with firms “within the financial software space with particular focus on mortgage and real estate verticals in the United States.”
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
