Angel Studios (ANGX) major holder boosts Class A stake via conversion

Rhea-AI Filing Summary

Angel Studios, Inc. large shareholder Stephen D. Oskoui converted 57,770 shares of Class B Common Stock into 57,770 shares of Class A Common Stock at a stated price of $0.00 per share.

Following the conversion, he directly holds 111,274 shares of Class A Common Stock. An additional 19,459,882 shares of Class A Common Stock are held indirectly through Gigafund 1, LP, where he and Luke Nosek control voting and investment decisions, subject to a stated beneficial ownership disclaimer.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Oskoui Stephen D.

(Last) (First) (Middle)

555 E. 5TH STREET #3127

(Street)

AUSTIN TX 78701

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
03/06/2026

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	03/06/2026		C		57,770	A	(1)	111,274	D
Class A Common Stock								19,459,882	I	See footnote(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	(1)	03/06/2026		C			57,770	(1)	(1)	Class A Common Stock	57,770	$0	0	D

Explanation of Responses:

1. Each share of Class B Common Stock was convertible at any time into one share of Class A Common Stock. The Class B Common Stock had no expiration date.

2. These shares of Class A Common Stock are directly held by Gigafund 1, LP. Gigafund 1 GP, LP is the general partner of Gigafund 1, LP. The Reporting Person and Luke Nosek control all voting and investments decisions with respect to securities held by Gigafund 1, LP and Gigafund 1 GP, LP. The Reporting Person may be deemed to beneficially own the Class A Common Stock directly held by Gigafund 1, LP and disclaims beneficial ownership of the securities, except to the extent of his pecuniary interest therein. This report shall not be deemed an admission that the Reporting Person is the beneficial owner of the reported securities.

	/s/ Lemuel Anaejionu, as attorney-in-fact for Stephen D. Oskoui	03/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What insider activity did ANGX shareholder Stephen D. Oskoui report?

Stephen D. Oskoui reported a conversion of 57,770 shares of Class B Common Stock into 57,770 shares of Class A Common Stock at $0.00 per share. This reflects a derivative conversion, not an open-market stock purchase or sale.

How many ANGX Class A shares does Stephen D. Oskoui own directly after this filing?

After the reported conversion, Stephen D. Oskoui directly holds 111,274 shares of Class A Common Stock. This direct ownership figure reflects the updated balance following the conversion of 57,770 Class B shares into Class A shares on the transaction date.

What happened to the Class B Common Stock in Stephen D. Oskoui’s ANGX filing?

Each share of Class B Common Stock was convertible into one Class A share, with no expiration date. In this filing, 57,770 Class B shares were converted, reducing his reported Class B balance to 0 shares following the transaction.

How many ANGX Class A shares are held indirectly through Gigafund 1, LP?

The filing reports 19,459,882 shares of Class A Common Stock held indirectly through Gigafund 1, LP. Stephen D. Oskoui and Luke Nosek control voting and investment decisions for these securities, subject to a stated beneficial ownership disclaimer in the footnotes.

Does Stephen D. Oskoui claim full beneficial ownership of Gigafund 1, LP’s ANGX shares?

No. The filing states he may be deemed to beneficially own the Class A shares held by Gigafund 1, LP but disclaims beneficial ownership except to the extent of his pecuniary interest, and the report is not an admission of beneficial ownership.

What type of transaction code is used in the ANGX Form 4 conversion?

The Form 4 lists transaction code “C”, described as a conversion of derivative security. This indicates a change from one class of security (Class B) into another (Class A) rather than a traditional market purchase or sale of Angel Studios, Inc. shares.