Southport Acquisition Corp. II proposes an initial public offering of 20,000,000 units for $200,000,000 at $10.00 per unit; sales may begin only after the registration statement is effective. Each unit includes one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant is exercisable for one Class A ordinary share at $11.50, beginning 30 days after completion of an initial business combination. Underwriters may buy up to 3,000,000 additional units under a 45-day over-allotment option. Proceeds to the company before expenses are $188,000,000. Separately, Southport Acquisition Sponsor II LLC and Cohen & Company Capital Markets committed to buy 750,000 private-placement units for $7,500,000.
The blank-check company has no target selected and says its search will focus on artificial intelligence, although it may pursue a combination in any industry, sector or geography. It has 24 months from the offering’s closing to complete a business combination, subject to shareholder-approved extensions. Public shareholders may redeem shares upon a combination. Founder-share anti-dilution provisions may result in Class A shares issued above a one-for-one conversion ratio, which the company says could materially dilute public shareholders.