Digital-media company generating revenue primarily from licensed content and related services, with substantial selling and marketing expense, significant investments in affiliates and digital assets, and a net loss in 2025.

# Company Name

The excerpt is an outline of Part I from the company's Form 10‑K and lists the following items:

- PART I
  - Item 1. Business — page 7
  - Item 1A. Risk Factors — page 15
  - Item 1B. Unresolved Staff Comments — page 33
  - Item 1C. Cybersecurity — page 33
  - Item 2. Properties — page 33
  - Item 3. Legal Proceedings — page 34
  - Item 4. Mine Safety Disclosures — page 36

If you provide the text of Item 1 (Business) or the consolidated financial statements, I can:
- Describe the business model and primary products/services
- Report disclosed customer and employee counts
- Provide revenue and net income (or loss) figures
- Highlight other material details about operations, markets, and performance

Southport Acquisition Corporation is a blank check company (SPAC) formed to pursue a business combination, particularly in the software and financial technology sectors, and has not yet engaged in operations or revenue generation.

# Company Summary: Southport Acquisition Corporation

## Overview
- **Type:** Blank check company (Special Purpose Acquisition Company - SPAC)
- **Incorporation Date:** April 13, 2021
- **Formation Purpose:** To effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
- **Operations:** Has **not** engaged in any operations or generated revenue to date.
- **Business Model:** Focused on identifying and completing a business combination with a target company, particularly in the software and financial technology sectors.

## Business Activities
- The company is currently a **shell entity** with no operational business or revenue.
- Its primary activity has been formation, public offering, and pursuit of a target company.
- **Target Industries & Criteria:** Focused on mission-critical companies with differentiated, scalable SaaS technologies, experienced management teams, and operating in growing, consolidatable markets.
- **Acquisition Strategy:** Looks for opportunities with market advantages, attractive financial models, experienced management, and favorable industry dynamics, primarily in the financial software industry.
- **Potential Targets:** Could include early-stage, financially unstable, or private companies, or targets outside its core industries, including international companies.

## Capital and Financial Details:
- **Initial Capital Raised:** $230 million through an IPO
- **Trust Funds:** Approximately $429,151 as of December 31, 2024 (invested in U.S. government securities)
- **Additional Funds Outside Trust:** $494,974 (as of December 31, 2024)
- **Employees:** Currently has **one officer**; no full-time employees before the initial business combination.
- **Revenue & Income:** No revenue or earnings so far; no operational income.

## Shareholder & Warrant Structure
- **Sponsor:** Southport Acquisition Sponsor LLC, controlled by Jeb Spencer and Jared Stone
- **Shares Held by Sponsor:** 
  - 4,200,000 Class A shares after conversion
  - 312,506 Class B shares
- **Warrants:** 11,700,000 Private Placement Warrants and 11,500,000 public warrants (accounted as a liability, with fair value fluctuations impacting earnings)

## Status & Regulatory Details
- **Listing:** Delisted from NYSE on March 21, 2024, now traded OTC Pink Marketplace under ticker symbols "PORT," "PORTW," and "PORTU."
- **Regulatory:** Class A shares and warrants are registered under the SEC, but the company operates on a reduced disclosure schedule as an emerging growth and smaller reporting company.

## Key Events
- Completed IPO on December 14, 2021
- Raised gross proceeds of $230 million
- Placed approximately $234.6 million in Trust Account
- Executed multiple extensions for completing a business combination, last extended to December 14, 2024
- Filed a proxy for further extension to September 30, 2025, and held special meetings to approve extensions and amendments
- Plans for a business combination with Angel Studios, Inc., announced as of September 11, 2024

## Company Focus
- Seeking a business in the financial software or SaaS sectors that can be scaled, has a competitive advantage, and is in a growing industry.
- The company aims to offer an alternative route for private companies seeking access to public markets through a merger instead of an IPO.
- The company's strategy involves partnering with companies that have proven technology, market acceptance, and experienced management teams.

## Current Status
- No revenues, operations, or ongoing business activities.
- Focused on completing the proposed merger with Angel Studios, Inc.
- Has not yet commenced any operations beyond formation, IPO, and pursuit of a target.
- Underwent multiple extensions, delisted from NYSE, and transitioned trading to OTC Pink Marketplace.

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**Note:** The company has not yet generated any revenue or profit and primarily functions as a shell and acquisition vehicle with a focus on future business combination activities.

Southport Acquisition Corporation is a blank check company focused on merging with businesses in the financial software sector, having raised significant capital but not yet commenced operations.

# Southport Acquisition Corporation: Company Overview

## General Description
Southport Acquisition Corporation is a blank check company incorporated in Delaware on April 13, 2021. Its primary objective is to effectuate a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses (hereafter referred to as the "initial business combination"). 

**Operational Status**: 
- The Company has not engaged in any operations nor generated any revenue as of the date of the report. 
- It is classified as a "shell company" under the Exchange Act of 1934, holding nominal assets primarily in cash.

## Initial Public Offering (IPO)
- **Date of IPO**: December 14, 2021
- **Units Sold**: 23,000,000 units, each consisting of one share of Class A common stock and one-half of one warrant.
- **Gross Proceeds from IPO**: $230,000,000.
- **Private Placement**: Concurrent with the IPO, the Company raised $11,700,000 through the private placement of 11,700,000 private placement warrants.
- **Trust Account Deposits**: The net proceeds from the IPO and private placement were deposited in a Trust Account, totaling $234,600,000.

## Financial Summary
- **Cash on Hand**: As of December 31, 2023, the Company had approximately **$2,171,553** outside the Trust Account.
- **Working Capital Deficit**: **$2,808,465**.
- **Total Public Shares**: As of December 31, 2023, there were **8,350,065 shares** of Class A common stock issued and outstanding, including **4,150,065 shares** subject to possible redemption.

## Company Focus
- **Target Industry**: Primarily aims to focus on the financial software space, particularly in the mortgage and real estate sectors within the United States.
- **Acquisition Criteria**: 
  - Services or products that offer competitive advantages with strong market positions.
  - Candidates generating between **$50 million and $100 million in revenues** and valued between **$1 billion and $2 billion**.
  
## Management Team
- **Key Individuals**: The company is led by Jeb Spencer (CEO) and Jared Stone (Chairman), who are both involved in the management and direction of the company.
- **Current Employees**: It currently employs **one officer** and does not intend to hire more before completing its initial business combination. 

## Business Development
- The company has not commenced operations related to a specific target but is engaged in identifying potential candidates.
- It anticipates that its target companies will benefit from access to public markets and additional liquidity as part of an initial business combination.

## Summary
In summary, Southport Acquisition Corporation is a publicly listed blank check company actively seeking a merger or acquisition in the financial software sector. It has raised significant capital but has yet to commence operations or generate revenue, with a clear focus on targeting mid-sized companies poised for growth in the U.S. financial technology market.

Angel Studios, Inc.

10-K / March 12, 2026

10-K / April 15, 2025

10-K / April 1, 2024

10-K / March 12, 2026

Company Name