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Southport Acquisition Corp. II closed its initial public offering on October 2, raising $210 million by selling 21 million units at $10 each, the company announced. The total includes 1 million units issued after underwriters partially exercised their over-allotment option. The Greenwich, Connecticut-based blank-check company said $212.1 million from the IPO and a simultaneous private placement was placed in trust for public shareholders.
The closing followed the start of trading in the units on the New York Stock Exchange on October 1 under the symbol PORT.U. Southport has not identified an acquisition target. Its registration statement says it intends to focus its search on artificial-intelligence businesses, although the company may pursue a combination in any industry or geographic area.
Units combine shares and warrants
Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant would allow its holder to buy one Class A share for $11.50, subject to adjustments described in the offering documents; only whole warrants will trade.
The company said that once the securities begin trading separately, the shares and warrants are expected to list on the NYSE under PORT and PORT.W, respectively. The units’ October 1 debut preceded the October 2 closing of the offering.
Cohen & Company Capital Markets acted as sole book-running manager. Southport’s registration statement was declared effective by the Securities and Exchange Commission on September 30, clearing the way for the offering.
AI is the stated focus, but no deal is in view
Southport’s prospectus describes the company as a Cayman Islands exempted company formed to pursue a merger, share exchange, asset acquisition or similar business combination. It states that no target had been selected and that no substantive discussions with a potential target had begun when the filing was prepared.
The prospectus identifies AI as the intended focus of the company’s initial sourcing efforts. Areas it lists include enterprise applications and workflow automation, AI data security and governance, infrastructure and enabling technologies, industrial AI and robotics, and healthcare AI and life-sciences software.
Southport says it seeks companies generating meaningful revenue and addressing significant customer needs. Those are stated search criteria, not evidence that it has identified a candidate or reached an agreement. The company has not announced a timetable for a transaction.
Trust account and shareholder options
The company’s announcement said the trust account would hold $212.1 million following the IPO and private placement. The final amount is higher than the $210 million raised through the public offering because the trust deposit also reflects proceeds from the private placement. The company said an audited balance sheet as of October 2 would be included in a Form 8-K filing with the SEC.
Under the prospectus terms, public shareholders are generally to receive an opportunity to redeem shares for cash in connection with a proposed business combination. The redemption amount is based on the trust balance, including interest and net of taxes, divided by the number of public shares then outstanding, subject to the conditions described in the filing.
If Southport does not complete a business combination within its stated completion period, the prospectus provides for redemption of public shares and subsequent liquidation, subject to applicable law. These provisions describe the structure of the SPAC; they do not guarantee a particular redemption value or that a transaction will be completed.
Management and next steps
Chief Executive Officer and Chairman Jeb Spencer leads the management team, with Griffith Gates serving as president and chief operating officer, according to the company. Spencer previously led the earlier Southport Acquisition Corporation, which completed a merger with Angel Studios in September 2025, according to Southport II’s SEC filing.
The next substantive milestone remains the identification and announcement of a proposed business combination. Any eventual transaction would be subject to its negotiated terms, applicable shareholder procedures and regulatory requirements. As of the IPO closing announcement, the company had disclosed no target, transaction agreement or scheduled vote.
