Harmon Jordan Form 3: ANGX holdings and option disclosures
Form 3 initial ownership filing by Harmon Jordan for Angel Studios, Inc. (ANGX).
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Form 3 initial ownership filing by Harmon Jordan for Angel Studios, Inc. (ANGX). The filing reports direct ownership of 8,673 shares of Class A common stock and 647,079 shares of Class B common stock. It also discloses multiple stock options and performance stock units that convert into Class A or Class B shares, including exercisable options covering 535,046; 288,282; 1,070,092; and 1,605,138 Class B shares, plus several PSUs totaling hundreds of thousands of Class A shares. Vesting schedules and exercise prices are provided as listed.
Positive
- Transparent initial disclosure of direct Class A and Class B share ownership complying with Section 16 requirements
- Detailed reporting of multiple stock options and performance stock units with exercise prices and vesting schedules
Negative
- None.
Insights
TL;DR: Routine Section 16 initial disclosure showing substantial option- and PSU-based exposure to ANGX equity.
The Form 3 documents Harmon Jordan's direct holdings and a large portfolio of stock options and performance stock units that convert to Class A and Class B common shares. All holdings are reported with exercise prices and vesting timelines where applicable. The filing is principally a transparency disclosure under Section 16; it does not provide company-wide capitalization data or percentages of outstanding shares, so ownership stakes relative to the company cannot be determined from this filing alone.
TL;DR: Properly executed initial beneficial-ownership report detailing direct holdings and equity-based incentives.
The filing includes clear identification of roles (President and Officer) and itemized non-derivative and derivative holdings with conversion and vesting details. It documents converted pre-merger awards and specifies tranche-based vesting tied to stock price milestones for several grants. This information is useful for assessing insider alignment but lacks total outstanding shares and dilution impact, which are not provided here.
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 | Performance Stock Units | -- | -- | -- |
| Holding | Performance Stock Units | -- | -- | -- |
| Holding | Performance Stock Units | -- | -- | -- |
| Holding | Performance Stock Units | -- | -- | -- |
| Holding | Stock Option (right to buy) | -- | -- | -- |
| 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 | -- | -- | -- |
Footnotes (9)
- F1. Prior to the Issuer's business combination (the "Business Combination"), the fully-vested stock options represented the right to purchase 100,000 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 535,046 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 53,880 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 288,282 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.
- F3. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 200,000 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 1,070,092 shares of the Issuer's Class B 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.
- F4. 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 22,924 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 122,653 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.
- 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 5,273 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 28,212 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 78,118 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 417,967 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 8,976 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 48,025 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 fully-vested stock options represented the right to purchase 300,000 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 1,605,138 shares of the Issuer's Class B 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 3,477 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 18,603 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.
How many stock options and PSUs does the Form 3 disclose for Harmon Jordan?
Are exercise prices and vesting terms provided in the Form 3?
What role does Harmon Jordan hold at the issuer according to the filing?
AI-generated analysis. How Rhea-AI works. Not financial advice.
