Angel Studios (ANGX) director acquires 2,648 shares through RSU vesting

Rhea-AI Filing Summary

Angel Studios, Inc. director Katie Liljenquist exercised restricted stock units, acquiring 2,648 shares of Class A Common Stock at a stated price of $0.0000 per share. Following this derivative exercise, she directly holds 55,649 Class A shares and 5,297 RSUs. The RSUs were granted under Angel Studios’ 2025 Long-Term Incentive Plan and vest in substantially equal quarterly installments over one year beginning on October 23, 2025, with each vested RSU converting into one share of Class A Common Stock on a one-for-one basis.

Insider Trade Summary

2,648 shares exercised/converted

Mixed 2 txns

Insider Liljenquist Katie

Role null

Type	Security	Shares	Price	Value
Exercise	Class A Common Stock Restricted Stock Units	2,648	$0.00	--
Exercise	Class A Common Stock, par value $0.0001 per share	2,648	$0.00	--

Holdings After Transaction: Class A Common Stock Restricted Stock Units — 5,297 shares (Direct, null); Class A Common Stock, par value $0.0001 per share — 55,649 shares (Direct, null)

Footnotes (1)

1. RSU's convert into Class A Common Stock on a one-for-one basis. Restricted Stock Units ("RSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan. The RSUs were effective on October 23, 2025, with such RSUs vesting in substantially equal quarterly increments, over a one-year period beginning October 23, 2025. Upon each vesting date, each vested RSU shall automatically convert into one share of common stock.

Key Figures

Shares acquired via RSU exercise: 2,648 shares Direct Class A shares after transaction: 55,649 shares RSUs remaining after transaction: 5,297 RSUs +3 more

6 metrics

Shares acquired via RSU exercise 2,648 shares Class A Common Stock received on derivative exercise

Direct Class A shares after transaction 55,649 shares Holdings following Form 4 transactions

RSUs remaining after transaction 5,297 RSUs Unconverted restricted stock units outstanding

RSU conversion ratio 1:1 Each RSU converts into one Class A share

RSU vesting schedule Quarterly over 1 year Beginning October 23, 2025 under 2025 Long-Term Incentive Plan

Reported RSU exercise price $0.0000 per share Stated transaction price for RSU conversion

Key Terms

Restricted Stock Units ("RSUs"), 2025 Long-Term Incentive Plan, Class A Common Stock

3 terms

Restricted Stock Units ("RSUs") financial

"Restricted Stock Units ("RSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan."

Restricted stock units (RSUs) are a company promise to give an employee shares of stock (or cash equivalent) in the future, but only after certain conditions—usually staying with the company for a set time or hitting performance goals—are met. Investors watch RSUs because when they vest they increase the number of shares outstanding and can lead insiders to sell shares, affecting share price, company dilution and the true cost of employee pay.

2025 Long-Term Incentive Plan financial

"RSUs are awarded under the Issuer's 2025 Long-Term Incentive Plan."

Class A Common Stock financial

"RSU's convert into Class A Common Stock on a one-for-one basis."

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

Form 4 Insider Transactions: What Each Field Means →

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Liljenquist Katie

(Last) (First) (Middle)

295 W. CENTER ST

(Street)

PROVO UTAH 84601

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/23/2026

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

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

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

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, par value $0.0001 per share	04/23/2026		M		2,648	A	(1)	55,649	D

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 A Common Stock Restricted Stock Units	(2)	04/23/2026		M			2,648	(2)	(2)	Class A Common Stock, par value $0.0001 per share	2,648	(1)	5,297	D

Explanation of Responses:

1. RSU's convert into Class A Common Stock on a one-for-one basis.

2. Restricted Stock Units ("RSUs") are awarded under the Issuer's 2025 Long-Term Incentive Plan. The RSUs were effective on October 23, 2025, with such RSUs vesting in substantially equal quarterly increments, over a one-year period beginning October 23, 2025. Upon each vesting date, each vested RSU shall automatically convert into one share of common stock.

	/s/ Patrick J. Reilly, Attorney-in-Fact	04/24/2026
	** 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 4 (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.
* Form 4: SEC 1474 (03-26)

FAQ

What did Angel Studios (ANGX) director Katie Liljenquist report on this Form 4?

Katie Liljenquist reported exercising restricted stock units, receiving 2,648 shares of Angel Studios Class A Common Stock. This was a derivative exercise transaction, not an open-market purchase or sale, and reflects equity compensation vesting under the company’s 2025 Long-Term Incentive Plan.

How many Angel Studios (ANGX) shares did Katie Liljenquist acquire?

She acquired 2,648 shares of Class A Common Stock through the exercise of restricted stock units. The transaction price per share was reported as $0.0000, indicating this was compensation-related vesting rather than a cash purchase on the open market.

How many Angel Studios (ANGX) shares does Katie Liljenquist hold after this transaction?

After the transaction, she directly owns 55,649 shares of Angel Studios Class A Common Stock. In addition, she holds 5,297 restricted stock units, which can convert into the same number of Class A shares as they vest over time.

Were any Angel Studios (ANGX) shares sold in this Form 4 filing?

No sales were reported. The Form 4 shows only derivative exercises coded “M,” where restricted stock units converted into 2,648 shares of Class A Common Stock. There were no transactions coded as open-market purchases or sales in this filing.

What are the terms of the Angel Studios (ANGX) restricted stock units reported?

The restricted stock units convert into Class A Common Stock on a one-for-one basis. They were granted under the 2025 Long-Term Incentive Plan and vest in substantially equal quarterly increments over one year beginning October 23, 2025, with each vesting date triggering share conversion.

What is the exercise or conversion price for the Angel Studios (ANGX) RSUs?

The RSU exercise or conversion price is reported as $0.0000 per unit. This indicates the director receives Class A Common Stock upon vesting without paying additional cash consideration, consistent with typical equity-based compensation structures using restricted stock units.