What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2023-05-30 compared with 2022-03-31 · 12 added, 195 removed, 4 unchanged (98% of the section changed)

Market for Registrant’s Common Equity, Related Stockholder

Matters and Issuer Purchases of Equity Securities.

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market Information

Our units, Class A common stock and warrants are

each traded on the New York Stock Exchange under the symbols “PORT.U,”

“PORT”

and “PORT.W,”

respectively.

Our units commenced public trading on December 10, 2021, and our Class A common stock and warrants commenced separate public trading on

January 31, 2022.

On March 22, 2022, there was 1 holder of

record of our units, 1 holder of record of our Class A common stock, 2 holders of record of our warrants, and 1

holder of record of our founder shares.

Our units, Class A common stock and warrants are each traded on the NYSE under the symbols “PORT.U,” “PORT” and “PORT.W,” respectively.

Our units commenced public trading on December 10, 2021, and our Class A common stock and warrants commenced separate public trading on January 31, 2022.

On March 31, 2023, there was 1 holder of record of our units, 1 holder of record of our Class A common stock, 2 holders of record of our warrants, and 1 holder of record of our founder shares.

We have not paid any cash dividends on our common stock to date and do not intend to pay cash dividends prior to the completion of an initial business combination.

The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of a business combination.

The payment of any dividends subsequent to a business combination will be within the discretion of our board of directors at such time.

It is the present intention of our board of directors to retain all earnings, if any, for use in our business operations and, accordingly, our board of directors does not anticipate declaring any dividends in the foreseeable future.

In addition, our board of directors is not currently contemplating and does not anticipate declaring any share dividends in the foreseeable future.

Further, if we incur any indebtedness, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

Securities Authorized for Issuance Under Equity Compensation Plans

Recent Sales of Unregistered Securities

On May 27, 2021 our sponsor purchased an aggregate

of 7,187,500 founder shares for an aggregate purchase price of $25,000.

On November 24, 2021, our sponsor surrendered 1,437,500 founder

shares for no consideration, thereby reducing the aggregate number of founder shares outstanding to 5,750,000, resulting in an effective

purchase price paid for the founder shares of approximately $0.004 per share, and reducing the aggregate number of founder shares owned

by our sponsor to 5,750,000.

The sale of the founder shares was made pursuant to an exemption from registration contained in Section 4(a)(2)

of the Securities Act.

As described above under the heading “Business

General”

in Part I of this report, on December 14, 2021, we consummated the Private Placement, with our sponsor, of an aggregate

of 11,700,000 private placement warrants at a price of $1.00 per private placement warrant, generating gross proceeds to us of $11,700,000.

On December 14, 2021, a total of $234,600,000 of the net proceeds from our IPO and the Private Placement were deposited in the Trust Account.

The private placement warrants are identical to the warrants sold as part of the units in our IPO except that, so long as they are

held by our sponsor or its permitted transferees:

(1) they will not be redeemable by us, except under certain limited circumstances;

(2) they (including the Class A common stock issuable upon exercise of these warrants) may not, subject to certain limited exceptions,

be transferred, assigned or sold, until 30 days after the completion of our initial business combination;

(3) they may always

be exercised by the holders on a cashless basis;

and (4) the holders thereof (including with respect to the shares of common stock

issuable upon exercise of these warrants) are entitled to registration rights.

The sale of the private placement warrants was made pursuant

to an exemption from registration contained in Section 4(a)(2) of the Securities Act.

Use of Proceeds from the Initial Public Offering

On December 14, 2021, we consummated our IPO

of 23,000,000 units, which included 3,000,000 units issued pursuant to the exercise in full by Bofa Securities, Inc., the underwriter,

of its over-allotment option, which option was granted to the underwriter under the underwriting agreement for our IPO.

were sold at a price of $10.00 per unit, and our IPO generated gross proceeds of $230,000,000.

The securities sold in our IPO were

registered under the Securities Act on a registration statement on Form S-1 (No.

The SEC declared the registration

statement effective on December 9, 2021.

At the time of the consummation of our IPO, we

paid a total of $4,600,000 in underwriting fees related to our IPO.

In addition, the underwriter agreed to defer $8,050,000 in underwriting

On December 14, 2021, a total of $234,600,000

of the net proceeds from our IPO and the Private Placement were deposited in the Trust Account.

The net proceeds deposited into the

Trust Account remain on deposit in the Trust Account and are available for a business combination, assuming no redemptions, after

payment of $8,050,000 of deferred underwriting fees, before fees and expenses associated with our initial business combination.

proceeds held in the Trust Account will be invested only in U.S.

government securities with a maturity of 185 days or less or in

money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S.

government treasury obligations.

Use of Proceeds

Not applicable.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Management’s Discussion and Analysis of Financial Condition

and Results of Operations.

We are a recently incorporated blank check company

incorporated as a Delaware corporation and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock

purchase, reorganization or similar business combination with one or more businesses.

We have not identified any business combination

We intend to effectuate our initial business combination using cash from the proceeds from our IPO and the Private

Placement, our capital stock, debt or a combination of cash, capital stock and debt.

On December 14, 2021, we completed our IPO of 23,000,000

units (including 3,000,000 units pursuant to the exercise in full of the underwriter’s over-allotment option) and the Private Placement

of an aggregate of 11,700,000 private placement warrants.

An aggregate of $234,600,000 in proceeds from our IPO and the Private Placement

has been placed in the Trust Account.

For the period from April 13, 2021 (inception)

through December 31, 2021, we had net income of $2,325,692, which consisted of formation and operating expenses of $838,998, offset

by a gain of $3,164,000 for the change in fair value of the warrant liability and an unrealized gain of $690 on marketable securities

held in the Trust Account.

Results of Operations and Known Trends or Future Events

We did not commence operations until after the

closing of our IPO in December 2021, and we have not engaged in any significant operations nor generated any operating revenues to date.

We will not generate any operating revenues until after completion of our initial business combination.

We will generate non-operating

income in the form of interest income on cash and cash equivalents.

There has been no material adverse change in our financial condition

since the date of our audited financial statements.

We have incurred and expect to continue to incur increased expenses as a result of

being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

Liquidity and Capital Resources

The funds in the Trust Account have been and will

continue to be invested only in U.S.

government treasury bills with a maturity of 185 days or less or in money market funds that meet

certain conditions under Rule 2a-7 under the Investment Company Act and that invest only in direct U.S.

government obligations.

to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the funds held

in the Trust Account (less taxes payable and deferred underwriting fees) to complete our initial business combination.

Delaware franchise

tax is based on our authorized shares or on our assumed par and non-par capital, whichever yields a lower result.

Under the authorized

shares method, each share is taxed at a graduated rate based on the number of authorized shares with a maximum aggregate tax of $200,000

Under the assumed par value capital method, Delaware taxes each $1,000,000 of assumed par value capital at the rate of $400;

where assumed par value would be (1) our total gross assets, divided by (2) our total issued shares of common stock, multiplied by (3)

the number of our authorized shares.

Our annual franchise tax obligation is expected to be capped at the maximum amount of annual franchise

taxes payable by us as a Delaware corporation of $200,000.

Our annual income tax obligations will depend on the amount of interest and

other income earned on the amounts held in the Trust Account.

We expect the only taxes payable by us out of the funds in the Trust Account

will be income and franchise taxes.

We expect the interest earned on the amount in the Trust Account will be sufficient to pay our taxes.

To the extent that our capital stock or debt is used, in whole or in part, as consideration to complete our initial business combination,

the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses,

make other acquisitions and pursue our growth strategies.

As of December 31, 2021, we held $1,950,543

outside the Trust Account.

We expect to use these funds primarily to identify and evaluate target businesses, perform business due

diligence on prospective target businesses, travel to and from the offices or similar locations of prospective target businesses or

their representatives or owners, review corporate documents and material agreements of prospective target businesses, structure,

negotiate and complete a business combination, and to pay taxes to the extent the interest earned on the Trust Account is not

sufficient to pay our taxes.

As of December 31, 2021, we had working capital

of $1,010,298.

In order to fund working capital deficiencies or finance transaction costs in connection with an intended initial business

combination, our management team or our sponsor or any of their respective affiliates may, but none of them is obligated to, loan us funds

as may be required.

If we complete our initial business combination, we would repay such loaned amounts out of the proceeds of the Trust

Account released to us.

In the event that our initial business combination does not close, we may use a portion of the working capital

held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used for such repayment.

to $1,500,000 of such loans may be convertible into warrants at a price of $1.00 per warrant at the option of the lender.

These warrants

would be identical to the private placement warrants.

The terms of such loans, if any, have not been determined and no written agreements

exist with respect to such loans.

We do not expect to seek loans from parties other than our management team, or our sponsor or any of

their affiliates, if any, as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all

rights to seek access to funds in the Trust Account.

Prior to our initial business combination, we expect

our primary liquidity requirements to include approximately $300,000 for legal, accounting, due diligence, travel and other expenses in

connection with any business combinations;

$150,000 for legal and accounting fees related to regulatory reporting requirements;

for directors and officers insurance premiums;

$270,000 for office space, utilities, and secretarial and administrative services pursuant

to our agreement with our sponsor to pay our sponsor $15,000 per month for these services from December 10, 2021 until our initial business

combination or liquidation;

$85,000 for NYSE continued listing fees;

and approximately $195,000 for working capital to cover miscellaneous

expenses (including franchise taxes net of anticipated interest income).

These amounts are estimates and may differ materially

from our actual expenses.

In addition, we could use a portion of the funds held outside the Trust Account to pay commitment fees for financing,

fees to consultants to assist us with our search for a target business or as a down payment or to fund a “no-shop”

(a provision designed to keep target businesses from “shopping”

around for transactions with other companies or investors

on terms more favorable to such target businesses) with respect to a particular proposed business combination, although we do not have

any current intention to do so.

If we entered into an agreement where we paid for the right to receive exclusivity from a target business,

the amount that would be used as a down payment or to fund a “no-shop”

provision would be determined based on the terms of

the specific business combination and the amount of our available funds at the time.

Our forfeiture of such funds (whether as a result

of our breach or otherwise) could result in our not having sufficient funds to continue searching for, or conducting due diligence with

respect to, prospective target businesses.

We do not believe we will need to raise additional

funds in order to meet the expenditures required for operating our business prior to our initial business combination.

However, if our

estimates of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an initial business combination

are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial

business combination.

Moreover, we may need to obtain additional financing either to complete our initial business combination or because

we become obligated to redeem a significant number of our public shares upon completion of our initial business combination, in which

case we may issue additional securities or incur debt in connection with such business combination.

In addition, we may target businesses

with enterprise values that are greater than we could acquire with the net proceeds from our IPO and the Private Placement, and, as a

result, if the cash portion of the purchase price exceeds the amount available from the Trust Account, net of amounts needed to satisfy

redemptions by public stockholders, we may be required to seek additional financing to complete such proposed initial business combination.

We may also obtain financing prior to the closing of our initial business combination to fund our working capital needs and transaction

costs in connection with our search for and completion of our initial business combination.

There is no limitation on our ability to raise

funds through the issuance of equity or equity-linked securities or through loans, advances or other indebtedness in connection with our

initial business combination, including pursuant to forward purchase agreements or backstop arrangements we may enter into.

compliance with applicable securities laws, we would only complete such financing simultaneously with the completion of our business combination.

If we are unable to complete our initial business combination because we do not have sufficient funds available to us, we will be forced

to cease operations and liquidate the Trust Account.

In addition, following our initial business combination, if cash on hand is insufficient,

we may need to obtain additional financing in order to meet our obligations.

Commitments and Contractual Obligations

Pursuant to the underwriting

agreement for our IPO, the underwriter is entitled to a deferred fee of $0.35 per unit sold, or $8,050,000 in the aggregate.

fee is payable to the underwriter from the amounts held in the Trust Account solely in the event that we complete a business combination

within the prescribed time period.

We have entered into a letter agreement with our sponsor pursuant to which we are required to pay our sponsor a total of $15,000 per month

for office space, utilities, and secretarial and administrative services, commencing on December 10, 2021, the date that our securities

were first listed on the NYSE, through the earlier of our initial business combination and our liquidation.

Please refer to Note 8 –

Commitments and Contingencies of our financial statements for more information on our commitments and contractual obligations.

Critical Accounting Policies and Estimates

Please refer to the information in Note 2 —

Summary of Significant Accounting Policies of our financial statements for a description of our critical accounting policies and estimates.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity