Angel Studios (ANGX) director discloses 294,275-option at $5.66

Nguyen Trang T, a director of Angel Studios, Inc. (ANGX), filed an initial Form 3 disclosing a direct stock option dated 09/10/2025 that is exercisable on 09/10/2034 for 294,275 shares of Class B Common Stock at an exercise price of $5.66 per share.

Accepted by SEC EDGAR 09/22/2025 - 09:54 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Nguyen Trang T, a director of Angel Studios, Inc. (ANGX), filed an initial Form 3 disclosing a direct stock option dated 09/10/2025 that is exercisable on 09/10/2034 for 294,275 shares of Class B Common Stock at an exercise price of $5.66 per share. The filing explains these options were fully vested previously as rights to purchase 55,000 shares of Angel Legacy, Inc. Class F Common Stock and converted into the current 294,275 Class B shares following the issuer's business combination. The Form 3 is signed by an attorney-in-fact on behalf of the reporting person.

Positive

• Disclosure of beneficial ownership for a director is timely and complete with exercise price and share count
• Conversion detail provided explains how prior vested options (55,000 Class F) became 294,275 Class B shares, aiding transparency

Negative

• None.

Insights

Securities/Corporate Governance Analyst

TL;DR: Director disclosed a converted, fully vested option for 294,275 Class B shares exercisable in 2034 at $5.66.

The filing is a routine Section 16 initial disclosure showing beneficial ownership via a direct stock option that converted following a business combination. The conversion detail clarifies historical vesting and the new share count, which is important for accurately tracking insider holdings and potential future dilution if exercised. No grants, cancellations, or exercise events are reported beyond the conversion; the option remains exercisable in 2034 under the stated price.

Equity Compensation Specialist

TL;DR: This is a standard disclosure of a converted, vested option; exercise price and long-dated exercisability are notable.

The report documents a long-term, vested equity position with a fixed exercise price of $5.66 and a far-future exercisability date, which may reflect post-business-combination equity conversion mechanics rather than a new compensation grant. For stakeholders monitoring insider incentives and potential share issuance, the clear statement of conversion from 55,000 Class F to 294,275 Class B shares helps reconcile cap table changes tied to the transaction. No immediate liquidity or exercise activity is indicated.

Insider Trade Summary

Holdings reported, no transactions

Holdings

Insider Nguyen Trang T

Role Director

Type	Security	Shares	Price	Value
Holding	Stock Option (right to buy)	--	--	--

Holdings: Stock Option (right to buy) — 294,275 contracts (Direct)

Footnotes (1)

1. F1. Prior to the Issuer's business combination (the "Business Combination"), the fully-vested stock options represented the right to purchase 55,000 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 294,275 shares of the Issuer's Class B Common Stock.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Nguyen Trang T disclose on Form 3 for Angel Studios (ANGX)?

The filing discloses a direct stock option exercisable 09/10/2034 for 294,275 Class B shares at an exercise price of $5.66, converted from prior rights to 55,000 Class F shares.

When is the option exercisable and what is the exercise price?

The option is exercisable on 09/10/2034 with an exercise price of $5.66 per share.

Was the reported option vested before conversion?

Yes. The filing states the options were fully vested prior to the issuer's business combination and converted into the current Class B share equivalent.

Does the Form 3 report any exercised or sold shares by the reporting person?

No. The Form 3 only reports the beneficial ownership via a direct stock option converted after the business combination; no exercise or sale is reported.

Who signed the Form 3 and when was it signed?

The form is signed by Patrick J. Reilly, Attorney-in-Fact on 09/22/2025 on behalf of the reporting person.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding Insider Trading Forms →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Nguyen Trang T

(Last) (First) (Middle)

295 W. CENTER ST.

(Street)

PROVO UT 84601

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
09/10/2025

3. Issuer Name and Ticker or Trading Symbol
Angel Studios, Inc. [ ANGX ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	(1)	09/10/2034	Class B Common Stock	294,275	$5.66	D

Explanation of Responses:

1. Prior to the Issuer's business combination (the "Business Combination"), the fully-vested stock options represented the right to purchase 55,000 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 294,275 shares of the Issuer's Class B Common Stock.

Remarks:

Exhibit 24 - Power of Attorney

	/s/ Patrick J. Reilly, Attorney-in-Fact	09/22/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.