Angel Studios (ANGX) director converts 2,648 RSUs into Class A shares

Rhea-AI Filing Summary

Angel Studios, Inc. director Nguyen Trang T reported the vesting and conversion of restricted stock units into Class A common stock. On January 23, 2026, 2,648 RSUs converted on a one-for-one basis into 2,648 shares of Class A common stock at an effective price of $0.00 per share, leaving 2,648 shares of Class A common stock held directly after the transaction.

The RSUs were granted under Angel Studios’ 2025 Long-Term Incentive Plan, became effective on October 23, 2025, and vest in substantially equal quarterly installments over one year starting on that date. After this transaction, 7,945 RSUs remain beneficially owned, each scheduled to convert automatically into one share of common stock upon vesting.

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^*

Nguyen Trang T

(Last) (First) (Middle)

295 W. CENTER ST

(Street)

PROVO UT 84601

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
01/23/2026

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, par value $0.0001 per share	01/23/2026		M		2,648	A	(1)	2,648	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)	01/23/2026		M			2,648	(2)	(2)	Class A Common Stock, par value $0.0001 per share	2,648	(1)	7,945	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	01/26/2026
	** 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).
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FAQ

What did Angel Studios (ANGX) director Nguyen Trang T report on this Form 4?

Director Nguyen Trang T reported the vesting and conversion of 2,648 restricted stock units (RSUs) into 2,648 shares of Class A common stock on January 23, 2026.

How many Angel Studios (ANGX) shares and RSUs does Nguyen Trang T hold after the transaction?

Following the transaction, Nguyen Trang T directly holds 2,648 shares of Class A common stock and 7,945 RSUs that are still outstanding as derivative securities.

What is the conversion rate of the Angel Studios RSUs reported in this filing?

The filing states that the RSUs convert into Class A common stock on a one-for-one basis, meaning each RSU becomes one share upon vesting.

Under which plan were the Angel Studios (ANGX) RSUs granted to Nguyen Trang T?

The restricted stock units were awarded under Angel Studios’ 2025 Long-Term Incentive Plan, as disclosed in the footnotes.

What is the vesting schedule for the Angel Studios RSUs held by Nguyen Trang T?

The RSUs became effective on October 23, 2025 and vest in substantially equal quarterly increments over a one-year period beginning on that date. On each vesting date, vested RSUs automatically convert into common shares.

Was cash paid for the shares obtained by Nguyen Trang T in this Form 4 transaction?

The transaction code is M (related to derivative security exercise), and the reported transaction price per share is $0.00, indicating no cash consideration per share in this conversion.