Southport Acquisition Corp. II reports $211.4M trust balance after IPO

Southport Acquisition Corp. II filed an audited balance sheet showing $211,430,000 in cash held in its Trust Account as of October 2, 2026. The filing, submitted as an exhibit to an 8-K, details the financial position following the company's initial public offering.

The Cayman Islands exempted company incorporated on July 8, 2026, for the purpose of effecting a merger, amalgamation, or similar business combination. As of the filing date, the company had not selected a specific target and had not engaged in substantive discussions with any potential business combination partners. All activity during the period from inception through October 2, 2026, related to formation and the IPO.

On October 2, 2026, the company closed its initial public offering of 21,000,000 units, generating gross proceeds of $210,000,000. Each public unit consists of one Class A ordinary share and one-half of one redeemable warrant. Simultaneously, the company completed a private placement of 770,000 units at $10.00 per unit to Southport Acquisition Sponsor II LLC and Cohen & Company Capital Markets. This private placement generated gross proceeds of $7,700,000, though $2,000,000 remains uncollected and is recorded as a share subscription receivable.

The balance sheet reports total assets of $211,430,000. This figure comprises the $211,430,000 in the Trust Account and zero cash in current assets. A note indicates that $1,330,000 of cash is due to the company from the Sponsor from the net proceeds of the IPO.

Current liabilities include $111,330 in accounts payable and accrued expenses. Non-current liabilities consist of $8,400,000 in deferred underwriting commissions.

Class A ordinary shares subject to possible redemption are valued at $212,100,000. This valuation is based on 21,000,000 issued and outstanding shares at a redemption value of $10.10 per share.

Transaction costs for the offering amounted to $13,131,749. This total includes $4,200,000 in cash underwriting discounts and commissions.

WithumSmith+Brown, PC served as the independent registered public accounting firm for Southport Acquisition Corp. II. The audit opinion states that the financial statement presents fairly the financial position of the company as of October 2, 2026, in conformity with U.S. generally accepted accounting principles. The firm has served as the company's auditor since 2026.

The underwriters partially exercised their over-allotment option on October 2, 2026. Consequently, 666,667 Class B ordinary shares are subject to forfeiture. Following this forfeiture, the number of Class B ordinary shares issued and outstanding is expected to be 7,000,000.

The company will not generate operating revenues until after the completion of its initial business combination. It may generate non-operating income from interest on cash and equivalents or dividends from marketable securities purchased with IPO proceeds.