Southport Acquisition, a blank check company targeting the financial software space, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering.
The Del Mar, CA-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Southport Acquisition would command a market value of $250 million.
The company is led by CEO and Director Jeb Spencer, co-founder and Managing Partner of software-focused growth equity fund TVC Capital, and Chairman Jared Stone, co-founder and former Managing Director of global private equity firm Northgate Capital. The company plans to target the financial software space with particular focus on mortgage and real estate verticals in the US.
Southport Acquisition was founded in 2021 and plans to list on the NYSE under the symbol PORT.U. The company filed confidentially on June 16, 2021. BofA Securities is the sole bookrunner on the deal.
