Southport Acquisition Corporation Identifies Material Weaknesses in Financial Controls, No Reportable Events Found
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Southport Acquisition Corporation, now Angel Studios, Inc., announced a change in its certifying accountant after merging with Angel Studios Legacy, Inc. An audit by BDO found material weaknesses in financial reporting controls for the fiscal years ending December 31, 2024, and 2023, specifically in cash flow presentation, excise tax liabilities, and accrued liabilities. Despite these weaknesses, there were no disagreements with BDO on accounting practices. The audit raised concerns about Southport's ability to continue as a going concern, pending the execution of its business plan.
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