Financial Performance - For the three months ended June 30, 2022, the company reported a net income of $3,371,189, primarily from a $3,427,000 gain on the change in fair value of warrant liabilities[113] - For the six months ended June 30, 2022, the company reported a net income of $13,741,030, with a $14,279,000 gain on the change in fair value of warrant liabilities[114] - The company has not generated any operating revenues to date and will not until after completing its initial business combination[112] IPO and Financing - The company generated gross proceeds of $230 million from its IPO, selling 23 million units at $10.00 per unit[106] - The company has deposited $234.6 million of net proceeds from its IPO and private placement into a trust account[107] - The company expects to incur approximately $300,000 for legal, accounting, and due diligence expenses related to any business combination[118] - The company may need to seek additional financing to complete its initial business combination if cash available is insufficient[121] - The underwriter is entitled to a deferred fee of $8,050,000, payable only upon completion of a business combination[125] Cash and Working Capital - As of June 30, 2022, the company had cash of $472,622 and working capital of $139,063[115] - The company has no long-term debt or capital lease obligations as of June 30, 2022[124] Stock and Equity - As of June 30, 2022, the company has 23,000,000 shares of Class A common stock subject to possible redemption, presented as temporary equity at a redemption value of $234,933,954[130][131] - For the three and six months ended June 30, 2022, the company recorded accretion of $22,304 and $333,264 to remeasure the value of Class A common stock subject to possible redemption[131] - The company allocates net income using an 80% ratio for Class A redeemable common stock and 20% for non-redeemable common stock for the three and six months ended June 30, 2022[135] Regulatory and Accounting Considerations - The company is currently assessing the impact of ASU 2020-03 and ASU 2020-06 on its financial position, results of operations, or cash flows[138] Investment Strategy - The company invests net proceeds from its IPO and Private Placement in U.S. government securities with a maturity of 185 days or less, minimizing exposure to interest rate risk[140]

IPO and Financial Position - The company completed its IPO on December 14, 2021, raising gross proceeds of $230 million from the sale of 23 million units at $10.00 per unit[104]. - The company has deposited $234.6 million of net proceeds from its IPO and private placement into a trust account, which will be used for a business combination[105]. - The underwriter of the IPO is entitled to a deferred fee of $8,050,000, payable only upon the completion of a business combination[123]. - The company had cash of $531,095 and working capital of $407,302 as of March 31, 2022, indicating a decrease from $1,950,543 and $1,010,298, respectively, as of December 31, 2021[112]. Income and Revenue - As of March 31, 2022, the company reported a net income of $10,369,840, primarily due to a $10,852,000 gain on the change in fair value of warrant liabilities[111]. - The company has not generated any operating revenues to date and will not do so until after completing its initial business combination[110]. Business Strategy and Plans - The company is focused on identifying a target business in the financial software space, particularly in mortgage and real estate verticals, with revenues between $50 million and $100 million and a valuation of $1 billion to $2 billion[103]. - The company expects to incur approximately $300,000 for legal, accounting, and due diligence expenses related to potential business combinations over the next 12 months[114]. - The company plans to seek loans from its management team or sponsor to address potential working capital deficiencies, with up to $1,500,000 of such loans convertible into warrants[117]. Equity and Stock - As of March 31, 2022, 23,000,000 shares of Class A common stock subject to possible redemption are presented as temporary equity at a redemption value of $234,622,994[130][131]. - For the three months ended March 31, 2022, the company recorded accretion of $22,304 to remeasure the value of Class A common stock subject to possible redemption[131]. - The company allocates net income using an 80% ratio for Class A redeemable common stock and 20% for non-redeemable common stock for the three months ended March 31, 2022[133]. Liabilities and Accounting - The company has no long-term debt or capital lease obligations as of March 31, 2022[122]. - The company accounts for warrants not indexed to its own shares as liabilities at fair value, with changes recognized as other income (expense), net[132]. - The company is currently assessing the impact of ASU 2020-06 on its financial position, results of operations, or cash flows[135]. Investment Strategy - The company invests net proceeds from its IPO and Private Placement in U.S. government securities with a maturity of 185 days or less, minimizing exposure to interest rate risk[137].

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41150 Southport Acquisition Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 85-3483780 (I.R.S. Employer Identification Number) 1745 Grand ...