Financial Performance - For the three months ended March 31, 2024, the Company reported a net income of $261,607, which included $559,907 in dividend income from marketable securities[126] - The Company raised $235,647 in cash through a capital contribution from the Sponsor for the three months ended March 31, 2024[132] - The underwriter waived its entitlement to a deferred fee of $8,050,000, which was recorded to accumulated deficit[144] - The underwriter was paid an underwriting commission of $4,600,000 upon the closing of the IPO[143] Cash and Working Capital - As of March 31, 2024, the Company had cash of $523,168 and a working capital deficit of $2,877,121[128] - The Company plans to seek capital contributions or loans to address its working capital deficiency, with no assurance of obtaining sufficient funds[132] - As of March 31, 2024, the Company had no long-term debt or liabilities[139] - As of March 31, 2024, the Company had no off-balance sheet arrangements[138] Marketable Securities - The Company had marketable securities held in the Trust Account amounting to $12,566,002 as of March 31, 2024[130] Shareholder Activity - The holders of 2,986,952 shares of Class A common stock redeemed their shares for a total amount of $32,214,591 during the extension vote[123] - On June 9, 2023, holders of 18,849,935 shares of Class A common stock redeemed their shares for $197,694,657 in cash, leaving 4,150,065 shares subject to possible redemption[137] - On May 25, 2023, the Sponsor converted 4,200,000 shares of Class B common stock into Class A common stock, resulting in 27,200,000 shares of Class A common stock outstanding, with 23,000,000 shares subject to possible redemption[137] Business Operations - As of March 31, 2024, the Company had not commenced any operations and all activities related to its formation and IPO[124] - The Company has extended the deadline to complete its initial business combination to December 14, 2024, following stockholder approval[122] - The Company has extended the deadline to complete the business combination six times, with the latest extension to March 14, 2024[145] Non-Redemption Agreements - The Company incurred a non-redemption agreement expense of $274,973 related to the transfer of Class B shares by the Sponsor for the three months ended March 31, 2024[126] - The Company entered into Non-Redemption Agreements, resulting in the transfer of 1,499,996 shares of Class B common stock to third parties[145] - The excess fair value of the transferred Class B common stock recognized as a non-redemption agreement expense was $1,209,879[146] Accounting Estimates - The Company has not identified any critical accounting estimates as of March 31, 2024[147]
Southport Acquisition (PORT) - 2024 Q1 - Quarterly Report