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Angel Studios (ANGX) extends TTS and TCP mergers, converts $23.6M funding to preferred units if deals fail

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Angel Studios, Inc. amended and restated its merger agreements to acquire Tuttle Twins Show (TTS) and Toothy Cow Productions (TCP), mainly to extend the Outside Date for both deals to October 31, 2026 and adjust certain closing conditions and structures.

For TTS, the company removed a showrunner-agreement closing condition for Daniel Harmon. Company-related parties owned 41.6% of TTS units as of June 23, 2026, and Angel Studios has funded $11.7 million of TTS operations that will convert into preferred units at $1.16 per unit if the merger does not close. For TCP, related parties owned 2.4% of units, and Angel Studios has funded $11.9 million that will convert into TCP Class B Preferred Units at $1.50 per unit plus warrants if that merger is not consummated.

Positive

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Insights

Angel Studios extends two related-party TV content mergers and formalizes interim funding terms.

Angel Studios is pursuing acquisitions of Tuttle Twins Show (TTS) and Toothy Cow Productions (TCP) through amended and restated merger agreements. The Outside Date for both deals is pushed to October 31, 2026, giving more time to satisfy conditions and finalize structures.

The company has already advanced $11.7 million to TTS and $11.9 million to TCP to fund production through future seasons. If either merger fails, these advances convert into preferred units—at $1.16 per TTS unit and $1.50 per TCP Class B Preferred Unit—plus warrants for TCP, turning funding into equity-like stakes rather than being repaid in cash.

These are related-party transactions: company-related parties owned 41.6% of TTS and 2.4% of TCP units as of June 23, 2026, and will receive Angel Studios Class A Common Stock as consideration if the mergers close. The impact will depend on completion of the mergers and future performance of the acquired content assets.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Outside Date for TTS and TCP mergers October 31, 2026 Extended under Amended and Restated Merger Agreements
TTS operational funding $11.7 million Provided by Angel Studios; converts to preferred units if no merger
TCP operational funding commitment $11.9 million Committed and provided; converts to Class B Preferred Units and warrants if no merger
TTS preferred unit conversion price $1.16 per unit Applies if TTS acquisition is not consummated
TCP Class B Preferred Unit price $1.50 per unit Conversion price if TCP acquisition is not completed
TTS related-party ownership 41.6% of units Company-related parties as of June 23, 2026
TCP related-party ownership 2.4% of units Company-related parties as of June 23, 2026
Amended and Restated Agreements and Plans of Merger regulatory
"the Company entered into Amended and Restated Agreements and Plans of Merger with respect to each of the Original TTS Merger Agreement"
Outside Date regulatory
"extending the Outside Date to October 31, 2026 (as defined in the A&R TTS Merger Agreement)"
An outside date is the final contractual deadline by which a planned deal—such as a merger, acquisition, or financing—must be completed; if the transaction hasn’t closed by that date, parties typically gain the right to walk away or trigger agreed remedies. It matters to investors because it sets a clear timetable for when uncertainty should end, and approaching or missing the outside date can raise the chance of deal failure, renegotiation, or changes to valuation.
preferred units financial
"will be converted into preferred units of TTS at $1.16 per unit"
Preferred units are a class of ownership interests in a partnership or trust that pay fixed or priority distributions before common units, similar to having a reserved lane for getting paid first. They matter to investors because they typically offer steadier income and lower risk of missed payments than common units, but usually provide less upside if the business grows.
Class B Preferred Units financial
"will be converted into TCP Class B Preferred Units at $1.50 per unit"
warrant to purchase TCP Common Units financial
"plus a warrant to purchase TCP Common Units at a nominal strike price"
Surviving Company regulatory
"such that, following the TCP Merger, Angel TCP Merger Sub shall continue as the Surviving Company"
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): June 29, 2026

 

Angel Studios, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware   000-56642   46-5217451
(State or other jurisdiction of
incorporation or organization)
  (Commission File Number)   (I.R.S. Employer
Identification No.)
         
295 W Center St.
Provo, UT 84601
(Address of principal executive offices)
 
(760) 933-8437
(Registrant’s telephone number, including area code)

 

None.
(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading
symbol(s)

Name of each exchange on which
registered

Class A Common Stock, par value $0.0001 per share ANGX The New York Stock Exchange

    

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

 

Emerging growth company x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

  

Item 1.01 Entry Into a Material Definitive Agreement

 

As previously disclosed, on November 14, 2025, Angel Studios, Inc., a Delaware corporation (the “Company” or “Angel Studios”), entered into (i) an Agreement and Plan of Merger (the “Original TTS Merger Agreement,” and, such transactions contemplated thereby, the “TTS Merger”), by and among the Company, Angel Tuttle Merger Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company (“Angel Tuttle Merger Sub”), Tuttle Twins Show, LLC, a Utah limited liability company (“TTS”), and Daniel Harmon, as Unitholder Representative, and (ii) an Agreement and Plan of Merger (the “Original TCP Merger Agreement,” and, such transactions contemplated thereby, the “TCP Merger”), by and among the Company, Angel TCP Merger Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company (“Angel TCP Merger Sub”), Toothy Cow Productions, LLC, a Tennessee limited liability company (“TCP”), and Shining Isle Productions, LLC, a Tennessee limited liability company, as Unitholder Representative.

 

On June 29, 2026, the Company entered into Amended and Restated Agreements and Plans of Merger with respect to each of the Original TTS Merger Agreement (the “A&R TTS Merger Agreement”) and Original TCP Merger Agreement (the “A&R TCP Merger Agreement,” and together with the A&R TTS Merger Agreement, the “A&R Merger Agreements”), which amend and restate in their entirety the corresponding Original TTS Merger Agreement and Original TCP Merger Agreement as described below.

 

A&R TTS Merger Agreement

  

The key revisions to the A&R TTS Merger Agreement include, but are not limited to, (i) extending the Outside Date to October 31, 2026 (as defined in the A&R TTS Merger Agreement) and (ii) eliminating as a closing condition the requirement of a showrunner agreement for Daniel Harmon.

 

As previously disclosed, certain directors and officers of the Company or their family members are TTS Key Operators and signatories to the TTS Support Agreements, including the Company’s officers Neal Harmon, Jeffrey Harmon, Jordan Harmon and Daniel Harmon and director Benton Crane. Daniel Harmon, brother of Neal, Jordan, and Jeffrey Harmon, along with the Company’s CEO Neal Harmon, President Jordan Harmon, director Benton Crane, certain family members of the Company’s directors and officers, and certain affiliated entities of the Company, including Harmon Brothers, LLC and VAS Portal, LLC, own units of TTS, and such individuals and entities will receive shares of Company Class A Common Stock, par value $0.0001 per share (the “Company Class A Common Stock”) as consideration in the TTS Merger. As of June 23, 2026, Company related parties own 41.6% of the units of TTS.

 

Further, while negotiations were ongoing, the Company committed to funding the operations of TTS through the entirety of season four. If the acquisition of TTS by the Company is not consummated, any amount of operational funding provided by the Company to TTS since September 10, 2025 will be converted into preferred units of TTS at $1.16 per unit. The Company has provided $11.7 million to TTS to date.

 

A&R TCP Merger Agreement

 

The key revisions to the A&R TCP Merger Agreement include, but are not limited to, (i) extending the Outside Date to October 31, 2026, (ii) replacing as a closing condition the previously required execution of a confirmation of an intellectual property assignment agreement with a requirement that the parties enter into a new TCP A&R License Agreement, (iii) clarifying the consideration to be payable at closing of the TCP Merger, and (iv) revising the merger structure of the TCP Merger such that, following the TCP Merger, Angel TCP Merger Sub shall continue as the Surviving Company and the separate existence of TCP shall cease (each, as defined in the A&R TCP Merger Agreement).

 

2

 

 

As previously disclosed, certain affiliated entities of the Company own units of TCP, and such entities will receive shares of Company Class A Common Stock as consideration in the TCP Merger. As of June 23, 2026, Company related parties own 2.4% of the units of TCP.

 

Further, while negotiations were ongoing, the Company committed to funding the operations of TCP through season three and season four, with a maximum commitment of $11.9 million. If the acquisition of TCP by the Company is not consummated, any amount of operational funding provided by the Company to TCP will be converted into TCP Class B Preferred Units at $1.50 per unit plus a warrant to purchase TCP Common Units at a nominal strike price for each two units of Class B preferred units of TCP received. The Company has provided $11.9 million to TCP to date.

 

The foregoing summary of the A&R Merger Agreements do not purport to be a complete description and are subject to and qualified in their entirety by reference to the full text of the A&R TTS Merger Agreement and A&R TCP Merger Agreement, which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ending June 30, 2026.

 

3

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  ANGEL STUDIOS, INC.
   
Date: June 29, 2026 By: /s/ Scott Klossner
    Scott Klossner
    Chief Financial Officer

 

4

 

FAQ

What mergers is Angel Studios (ANGX) updating in this 8-K?

Angel Studios is updating its planned acquisitions of Tuttle Twins Show (TTS) and Toothy Cow Productions (TCP). Both are governed by amended and restated merger agreements that replace prior versions and revise key dates, conditions, and transaction structures.

How much has Angel Studios funded to Tuttle Twins Show (TTS) so far?

Angel Studios has provided $11.7 million to fund TTS operations through season four. If the TTS acquisition is not completed, this operational funding will convert into TTS preferred units at $1.16 per unit instead of being repaid in cash.

What happens if the TTS merger with Angel Studios does not close?

If the TTS merger is not consummated, all operational funding from Angel Studios since September 10, 2025 converts into TTS preferred units. The conversion price is $1.16 per unit, effectively giving Angel Studios a preferred equity position in TTS instead of a completed acquisition.

How much has Angel Studios committed and funded to TCP and on what terms?

Angel Studios committed up to $11.9 million to fund TCP through seasons three and four and has already provided the full amount. If the TCP merger fails, this converts into TCP Class B Preferred Units at $1.50 per unit plus warrants for TCP common units at a nominal strike price.

When do the amended TTS and TCP mergers with Angel Studios expire?

Both amended mergers now have an Outside Date of October 31, 2026. This extension gives Angel Studios, TTS, and TCP additional time to meet closing conditions and complete required steps before the transactions can be finalized or allowed to lapse.

Filing Exhibits & Attachments

3 documents