The Latest Non-Redemption Agreements: May 26, 2023
by Marlena Haddad on 2023-05-26 at 5:39pm

Latest Non-Redemption Agreements:  Southport Acquisition Corp., and Social Leverage Acquisition Corp. I


Southport Acquisition Corporation (PORT) Adds Non-Redemption Agreement

On May 25, 2023, Southport Acquisition Corporation (NYSE:PORT) and its sponsor, Southport Acquisition Sponsor LLC, entered into voting and non-redemption agreements with unaffiliated third parties in exchange for such third parties agreeing  not to redeem an aggregate of 4,000,000 shares of Class A common stock and to vote in favor of the Extension Proposal and the Extension at the Special Meeting.

In exchange for the foregoing commitments, the sponsor has agreed to transfer to such third parties an aggregate of up to 1,499,996 shares of Class B common stock held by the Sponsor, with 500,000 of such shares to be transferred to such third parties promptly upon consummation of the Extension, and an additional 166,666 shares to be transferred to such third parties monthly beginning on September 14, 2023 and up to, and including, February 14, 2024, if the Board elects to further extend the deadline to consummate an initial business combination at or prior to such date, in each case, if such third parties continue to hold such Non-Redeemed Shares through the Special Meeting.

READ

Social Leverage Acquisition Corp. I (SLAC) Adds Non-Redemption Agreement

On May 26, Social Leverage Acquisition Corp. I (NASDAQ:SLAC) entered into additional non-redemption agreements with three additional unaffiliated holders with respect to certain shares of the Company’s Class A common stock currently held by or recently purchased by such Additional Holders, or which may be purchased by such Additional Holders prior to the date that is 30 days from the date of the Additional Redemption Agreements or such later date agreed by the company in its absolute discretion, up to an aggregate cap of 345,220 shares of the company’s Class A common stock.

The Additional Holders currently hold an aggregate of approximately 297,767 shares of the company’s Class A common stock and one of the Additional Holders may purchase up to approximately 47,453 additional shares of Class A common stock. The additional shares of Class A common stock may be purchased by such Additional Holder either on the open market or directly, in a privately negotiated transaction, from other holders of the Class A common stock.

READ

 

Recent Posts
by Nicholas Alan Clayton on 2024-07-19 at 12:46pm

Vine Hill Capital Investment Corp. (NASDAQ:ESPAU) has filed for a $200 million IPO, which marks underwriter Stifel Nicolaus’ return to the SPAC market after a hiatus of over two years. Stifel last served as a book-runner for a SPAC when filing for Kensington Capital IV in January 2022 and hasn’t acted as left-lead since Spree...

by Nicholas Alan Clayton on 2024-07-19 at 8:13am

At the SPAC of Dawn SPACs may be back on the upswing, but it seems increasingly unlikely they will return to the same stomping grounds as in 2020-2022. Teams took 14 Fintech firms public during those years, 17 more in broader Financial Services and five more in Crypto. But, those sectors may no longer hold...

by Nicholas Alan Clayton on 2024-07-18 at 1:18pm

Expectation Acquisition Corporation (NASDAQ:ESPAU) has filed to bring another Oppenheimer alum back to the market with a $60 million SPAC IPO. That officer is Expectation CFO Chi Zhuang, who started out as an equity research associate at the firm’s New York office in 2014. This overlapped with a period when Lewis Silberman, co-CEO of yesterday’s...

by Kristi Marvin on 2024-07-18 at 10:19am

In the past few months we’ve seen a number of SPACs IPO using what we like to call “anchor investors”, a term we use as a bit of shorthand.  What that means is, the bankers round out the IPO with qualified institutional buyers, sometimes called “non-managing sponsor investors”, that indicate for up to 9.9% of...

by Nicholas Alan Clayton on 2024-07-18 at 8:20am

At the SPAC of Dawn Stardust Power (NASDAQ:SDST) is the latest de-SPAC to rocket up this week after closing its combination with Global Partner II, but there could be more to its spike than simply the low float it currently represents. The parties got through their July 8 closing with just 134,550 public shares remaining...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved