Angel Studios (ANGX) director shifts 200,000 Class B into Class A and logs RSU vesting

Rhea-AI Filing Summary

Angel Studios director Crane Benton Deloss reported equity changes involving Class A and Class B shares and restricted stock units. On November 26, 2025, he converted 200,000 shares of Class B Common Stock into 200,000 shares of Class A Common Stock. Following this conversion, he held 367,202 shares of Class B Common Stock and 200,000 shares of Class A Common Stock directly.

On January 23, 2026, 2,648 restricted stock units granted under Angel Studios' 2025 Long-Term Incentive Plan vested and were converted on a one-for-one basis into 2,648 shares of Class A Common Stock at no exercise price. After this RSU conversion, he directly owned 202,648 shares of Class A Common Stock and 7,945 remaining restricted stock units tied to Class A shares, which vest in substantially equal quarterly increments over a one-year period beginning October 23, 2025.

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^*

Crane Benton Deloss

(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)
11/26/2025

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 B Common Stock, par value $0.0001 per share	11/26/2025		C		200,000	D	(1)	367,202	D
Class A Common Stock, par value $0.0001 per share	11/26/2025		C		200,000	A	(1)	200,000	D
Class A Common Stock, par value $0.0001 per share	01/23/2026		M		2,648	A	(2)	202,648	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	(3)	01/23/2026		M			2,648	(3)	(3)	Class A Common Stock, par value $0.0001 per share	2,648	(2)	7,945	D

Explanation of Responses:

1. On November 26, 2025, the reporting person converted Class B Common Stock into Class A Common Stock.

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

3. 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).
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.

FAQ

What insider activity did Angel Studios (ANGX) report on this Form 4?

The filing shows director Crane Benton Deloss converted 200,000 Class B Common Stock into 200,000 Class A Common Stock on November 26, 2025, and reported the vesting and conversion of 2,648 restricted stock units into Class A shares on January 23, 2026.

How many Angel Studios (ANGX) Class A shares does Crane Benton Deloss hold after these transactions?

After the January 23, 2026 RSU conversion, Crane Benton Deloss directly owned 202,648 shares of Class A Common Stock, according to the filing.

What happened to Angel Studios (ANGX) Class B shares in this Form 4?

On November 26, 2025, Crane Benton Deloss converted 200,000 shares of Class B Common Stock into 200,000 shares of Class A Common Stock. After this, he held 367,202 Class B shares directly.

How do Angel Studios (ANGX) RSUs convert into Class A Common Stock?

The filing states that RSUs convert into Class A Common Stock on a one-for-one basis. Upon each vesting date, each vested RSU automatically converts into one share of common stock.

What are the vesting terms of the Angel Studios (ANGX) RSUs reported here?

The restricted stock units were awarded under Angel Studios' 2025 Long-Term Incentive Plan, effective October 23, 2025. They vest in substantially equal quarterly increments over one year, beginning October 23, 2025.

What derivative securities does Crane Benton Deloss hold in Angel Studios (ANGX) after the Form 4 transactions?

After the January 23, 2026 transaction, he held 7,945 restricted stock units tied to Class A Common Stock, as shown in the derivative securities table.