The Latest Non-Redemption Agreements: May 26, 2023
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