If You Invested in SOUTHPORT ACQUISITION CORP (PORT)

PORT was the ticker symbol for Southport Acquisition Corporation, a special purpose acquisition company (SPAC) in the Financial Services sector classified under Shell Companies. Southport was formed in Delaware for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. According to a transaction announcement, Southport entered into a business combination agreement with Angel Studios, Inc., a media and technology company.

The available information describes Southport as a blank check company that sought a business combination target. Its role was to provide a corporate and capital markets vehicle through which a private operating company could become publicly traded. Southport was led by a chairman and a chief executive officer, and it filed a registration statement on Form S-4 in connection with the proposed business combination with Angel Studios, Inc.

News reports state that Angel Studios, Inc. completed its business combination with Southport Acquisition Corporation, which had traded under the ticker PORT. Following completion of that transaction, the combined company operates as Angel Studios, Inc., and shares of its Class A common stock are expected to trade on the New York Stock Exchange under the ticker symbol ANGX. As a result, PORT functions as a historical ticker associated with Southport’s SPAC phase prior to the combination.

Angel Studios, Inc. is described in transaction materials as a values-based distribution company for stories that "amplify light" to mainstream audiences. Through the Angel Guild, a large base of paying members from many countries help decide which film and television projects the studio will market and distribute, and they support filmmakers who create films and series aligned with that focus. The business combination with Southport provided a path for Angel to access public equity markets.

Subsequent SEC filings under the Angel Studios, Inc. name describe matters such as an at-the-market equity offering program under an Equity Distribution Agreement, long-term incentive compensation arrangements for executive officers using restricted stock units (RSUs) and performance-based restricted stock units (PSUs), and Regulation FD disclosures about press releases. These filings illustrate how the post-combination public company uses SEC reports to describe capital-raising arrangements, executive compensation structures and selected corporate developments.

Because PORT is historically linked to Southport Acquisition Corporation’s SPAC structure, investors researching this symbol are often interested in understanding the transition from a blank check company to the combined operating company Angel Studios, Inc., and how that combination was documented through SEC filings and press releases.

Business background of Southport Acquisition Corporation (PORT)

Southport Acquisition Corporation was formed on April 13, 2021, in Delaware. Its stated purpose, as described in transaction materials, was to effect a business combination with one or more businesses. As a SPAC, it did not have an operating business of its own; instead, it sought a merger partner and ultimately agreed to combine with Angel Studios, Inc.

Information filed with the SEC notes that Southport filed a registration statement on Form S-4 in connection with the proposed business combination, which was declared effective by the SEC. A joint proxy statement/prospectus was prepared for stockholders of both Southport and Angel Studios to vote on the transaction. Southport’s annual report on Form 10-K is cited in the transaction materials for information about its directors, executive officers, executive compensation, security ownership and related party transactions.

Transition to Angel Studios, Inc. and ANGX

According to a press release referenced in the news, Angel Studios, Inc. announced completion of its business combination with Southport Acquisition Corporation (OTC: PORT). The combined company operates as Angel Studios, Inc., and its Class A common stock is expected to trade on the New York Stock Exchange under the ticker symbol ANGX. The transaction is described as Angel’s public company debut, following a successful capital raise and growth in Angel Guild membership and audience reach.

Earlier news indicates that the SEC declared effective the registration statement on Form S-4 for the proposed business combination between Angel Studios, Inc. and Southport. A special meeting of Angel stockholders was scheduled to approve the merger, with details set out in a joint proxy statement/prospectus filed with the SEC. Upon closing, shares of Angel’s existing classes of common stock were to convert into shares of the combined company’s Class A and Class B common stock as described in the transaction materials.

Angel Studios, Inc. overview (post-combination operating company)

The transaction materials and SEC filings characterize Angel Studios, Inc. as a values-based distribution company for stories that "amplify light" to mainstream audiences. Through the Angel Guild, a large number of paying members from more than 180 countries help decide what film and television projects the studio will market and distribute, and they support the filmmakers who create those films and series. Angel is also described as a "film & TV platform" curated by members of the Angel Guild.

News reports and filings reference Angel’s Angel Guild membership growth and revenue performance over time, as well as app installs and capital raises. However, for evergreen purposes, the key structural point is that Angel uses a guild of paying members to participate in selecting and supporting projects, and it focuses on distribution of stories that align with its stated mission of amplifying light.

Key themes in Angel Studios, Inc. SEC filings

Recent SEC filings under the Angel Studios, Inc. name provide insight into the public company’s corporate and financial structure:

• Regulation FD disclosures: Form 8-K filings describe press releases, such as announcements about surpassing a specified number of paying Angel Guild members or planned acquisitions of certain series. These are furnished under Item 7.01 and explicitly noted as "furnished" rather than "filed" for purposes of the Exchange Act.
• Equity Distribution Agreement: An 8-K describes an Equity Distribution Agreement with several sales agents, allowing Angel Studios, Inc. to offer and sell shares of its Class A common stock in an at-the-market equity offering program under an effective shelf registration statement on Form S-3 and related prospectus supplements.
• Executive compensation and equity incentives: Another 8-K details approval of compensation arrangements for certain executive officers under a long-term incentive plan, including grants of RSUs and PSUs. The filing explains that each RSU or PSU represents the right to receive one share of the company’s Class A common stock, and it outlines vesting conditions tied to time and stock-price performance milestones.
• Acquisition of content series: A Form 8-K and an amended Form 8-K/A discuss a press release about the planned acquisition of three series and clarify the status of those transactions and the description of purchase consideration.

These filings demonstrate how the combined company discloses material agreements, incentive plans and selected corporate developments in compliance with SEC requirements.

How PORT fits into Angel Studios, Inc. history

For investors and researchers, the PORT symbol is primarily relevant as the historical listing for Southport Acquisition Corporation, the SPAC that combined with Angel Studios, Inc. The business combination converted Southport from a shell company into part of a publicly traded operating company structure for Angel Studios. Subsequent filings and news are made under the Angel Studios, Inc. name and its new trading symbol, as described in the transaction announcements.

FAQs about PORT and Southport Acquisition Corporation