Angel Studios (ANGX) Form 3: Jared Geesey Discloses Stock Options and PSUs
Jared Geesey filed a Form 3 reporting initial beneficial ownership in Angel Studios, Inc. (ANGX).
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Rhea-AI Filing Summary
Jared Geesey filed a Form 3 reporting initial beneficial ownership in Angel Studios, Inc. (ANGX). The filing discloses multiple stock options exercisable into Class B Common Stock: 42,803; 53,504; 91,803; and 13,376 shares with exercise prices of $1.67, $2.24, $2.24 and $2.66 respectively. It also reports performance stock units convertible into Class A Common Stock: 149,925; 22,129; 67,897; 46,971; and 11,385 shares, each vesting under specified schedules and performance milestones following the issuer's business combination.
Insights
TL;DR: Routine Section 16 initial disclosure of equity awards after a business combination; no cash transactions or sales reported.
The Form 3 documents equity-based holdings of the reporting officer stemming from pre-combination awards that converted into the issuer's capital structure. The disclosure lists four non-derivative stock options into Class B Common Stock with explicit exercise prices and multiple performance stock units into Class A Common Stock subject to time and stock-price vesting conditions. This is a standard initial ownership filing that provides transparency about potential future dilution if options/PSUs vest and are exercised.
TL;DR: Governance disclosure confirms officer-level insider holdings and vesting-linked incentives converted in the business combination.
The filing clarifies that fully-vested and performance-linked awards from the predecessor entity converted into the issuer's stock classes. It specifies vesting schedules for some grants and that PSUs vest across price-based tranches. This helps investors assess insider alignment and potential future insider stock movements but does not indicate any current dispositions or pledges.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Holding | Stock Option (right to buy) | -- | -- | -- |
| Holding | Stock Option (right to buy) | -- | -- | -- |
| Holding | Stock Option (right to buy) | -- | -- | -- |
| Holding | Stock Option (right to buy) | -- | -- | -- |
| Holding | Performance Stock Units | -- | -- | -- |
| Holding | Performance Stock Units | -- | -- | -- |
| Holding | Performance Stock Units | -- | -- | -- |
| Holding | Performance Stock Units | -- | -- | -- |
| Holding | Performance Stock Units | -- | -- | -- |
Footnotes (9)
- F1. Prior to the Issuer's business combination (the "Business Combination"), the fully-vested stock options represented the right to purchase 8,000 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the fully-vested stock options converted into the right to purchase 42,803 shares of the Issuer's Class B Common Stock.
- F2. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 10,000 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the fully-vested stock options converted into the right to purchase 53,504 shares of the Issuer's Class B Common Stock. Twenty-five percent (25%) of these options vested on April 1, 2023, with the remaining options vesting in equal monthly installments through April 1, 2026.
- F3. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 17,158 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the fully-vested stock options converted into the right to purchase 91,803 shares of the Issuer's Class B Common Stock.
- F4. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 2,500 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the fully-vested stock options converted into the right to purchase 13,376 shares of the Issuer's Class B Common Stock.
- F5. Prior to the Business Combination, the performance stock units (PSUs) were granted under Angel Legacy, Inc's. 2023 Performance Equity Plan and represented the right to purchase 28,021 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 149,925 shares of the Issuer's Class A Common Stock. These options will vest in 10 tranches, equally divided, with each tranche becoming vested based on a series of increasing stock price milestones.
- F6. Prior to the Business Combination, the performance stock units (PSUs) were granted under Angel Legacy, Inc's. 2023 Performance Equity Plan and represented the right to purchase 4,136 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 22,129 shares of the Issuer's Class A Common Stock. These options will vest in 10 tranches, equally divided, with each tranche becoming vested based on a series of increasing stock price milestones.
- F7. Prior to the Business Combination, the performance stock units (PSUs) were granted under Angel Legacy, Inc's. 2023 Performance Equity Plan and represented the right to purchase 12,690 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 67,897 shares of the Issuer's Class A Common Stock. These options will vest in 10 tranches, equally divided, with each tranche becoming vested based on a series of increasing stock price milestones.
- F8. Prior to the Business Combination, the performance stock units (PSUs) were granted under Angel Legacy, Inc's. 2023 Performance Equity Plan and represented the right to purchase 8,779 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 46,971 shares of the Issuer's Class A Common Stock. These options will vest in 10 tranches, equally divided, with each tranche becoming vested based on a series of increasing stock price milestones.
- F9. Prior to the Business Combination, the performance stock units (PSUs) were granted under Angel Legacy, Inc's. 2023 Performance Equity Plan and represented the right to purchase 2,128 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 11,385 shares of the Issuer's Class A Common Stock. These options will vest in 10 tranches, equally divided, with each tranche becoming vested based on a series of increasing stock price milestones.
FAQ
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Who filed the Form 3 for ANGX?
What types of securities does the Form 3 report?
What are the exercise prices for the reported stock options?
Do the reported awards include vesting conditions?
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