ANGX Form 3: COO Elizabeth Ellis Discloses Equity and Option Holdings
Elizabeth Ellis, Chief Operating Officer, filed a Form 3 reporting initial beneficial ownership in Angel Studios, Inc. (ANGX).
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Rhea-AI Filing Summary
Elizabeth Ellis, Chief Operating Officer, filed a Form 3 reporting initial beneficial ownership in Angel Studios, Inc. (ANGX). The filing discloses 5,264 Class A shares directly and 133,761 Class B shares directly, plus an indirect interest in 26,752 Class B shares held by a household family member. The report also lists numerous stock options and performance stock units that convert to Class A or B shares with various exercise prices and vesting schedules.
Insights
TL;DR: Routine Section 16 initial disclosure showing officer ownership, stock options, and PSUs; no new transactions beyond initial reporting.
The Form 3 is an initial Section 16 filing for Elizabeth Ellis as Chief Operating Officer of Angel Studios, Inc. (ANGX). It itemizes direct ownership of 5,264 Class A and 133,761 Class B shares and an indirect pecuniary interest in 26,752 Class B shares held by a household member. Multiple stock options and performance stock units are disclosed with exercise prices ranging from $0.06 to $2.66 (and a higher grant at $6.13–$7.29) and exercisable/expiration dates through 2035. This is a routine ownership disclosure for an executive and does not state any sales or purchases to suggest an immediate market impact.
TL;DR: Initial beneficial ownership filing documents executive equity and equity-linked incentives; standard governance disclosure.
The filing documents both direct and indirect holdings and details conversion history from pre-business-combination awards into the issuer's Class A and B shares. Several performance stock units vest based on stock-price milestones and are divided into tranches, which is typical for incentive alignment. The filing includes a Power of Attorney signature indicating an attorney-in-fact executed the filing on the reporting person's behalf.
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 | 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 | -- | -- | -- |
| Holding | Class A Common Stock, par value $0.0001 per share | -- | -- | -- |
| Holding | Class B Common Stock, par value $0.0001 per share | -- | -- | -- |
| Holding | Class B Common Stock, par value $0.0001 per share | -- | -- | -- |
Footnotes (14)
- F1. These shares of Class B Common Stock are held by an immediate family member of Mrs. Ellis sharing the same household. Mrs. Ellis is thus deemed to hold an indirect pecuniary interest in these shares of Class B Common Stock.
- F2. Prior to the Issuer's business combination (the "Business Combination"), the fully-vested stock options represented the right to purchase 28,000 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 149,812 shares of the Issuer's Class B Common Stock.
- F3. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 1,018 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 5,446 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 20,000 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 107,009 shares of the Issuer's Class B Common Stock.
- F5. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 101,250 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 541,734 shares of the Issuer's Class B Common Stock.
- F6. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 11,718 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 62,696 shares of the Issuer's Class B Common Stock.
- F7. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 50,035 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 267,710 shares of the Issuer's Class B Common Stock.
- F8. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 7,179 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 38,410 shares of the Issuer's Class B Common Stock.
- F9. Prior to the Business Combination, the stock options represented the right to purchase 66,496 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the stock options converted into the right to purchase 355,784 shares of the Issuer's Class B Common Stock. Twenty-five percent (25%) of these options vested on April 20, 2024, with the remaining options vesting in equal monthly installments through April 20, 2027.
- F10. 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 16,525 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 88,416 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.
- F11. 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 4,518 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 24,173 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.
- F12. 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 53,426 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 285,853 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.
- F13. 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 8,049 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 43,065 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.
- F14. 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 3,458 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 18,501 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
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
Who filed the Form 3 for ANGX and what is their role?
Does the filing report any indirect ownership and, if so, how much?
What types of equity-linked awards are disclosed on the Form 3?
Are vesting schedules or exercise prices provided for the disclosed awards?
AI-generated analysis. How Rhea-AI works. Not financial advice.
