Southport Acquisition Corp. II (PORT) priced its initial public offering of 20 million units at $10 per unit, for a total of $200 million, the company said Wednesday.

Each unit consists of 1 Class A common share and half of a redeemable warrant, with each whole warrant exercisable for 1 Class A share at $11.50 per share, subject to certain adjustments, according to the statement.

The company said it granted the underwriters a 45-day option to purchase up to 3 million additional units at the same IPO price. Closing is expected on or about Friday, Southport Acquisition added.

Southport Acquisition units are set to start trading on the New York Stock Exchange from Thursday under the "PORT.U" ticker, the company said.