Angel Studios (NASDAQ: ANGX) director ends fund-based share stake

Rhea-AI Filing Summary

Angel Studios, Inc. director Paul Ahlstrom reported a restructuring of how he holds Class A common stock. On January 15, 2026, Alta Ventures Mexico Fund I, LP transferred 210,406 shares of Angel Studios Class A common stock from the fund to Ahlstrom, moving those shares from indirect to direct ownership at a reported price of $0 per share under transaction code J.

After this transfer, Ahlstrom directly beneficially owned 2,161,034 Class A shares. A related transaction removed his beneficial ownership, directly or indirectly, of the remaining 3,424,756 shares held by Alta Ventures Mexico Fund I, LP, leaving him with no indirect holdings through that fund.

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

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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^*

Ahlstrom Paul

(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)
01/15/2026

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	01/15/2026		J		210,406	D	(1)	3,424,756	I	By Alta Ventures Mexico Fund I, LP.
Class A Common Stock, par value $0.0001 per share	01/15/2026		J		210,406	A	(1)	2,161,034	D
Class A Common Stock, par value $0.0001 per share	01/15/2026		D		3,424,756	D	(1)	0	I	By Alta Ventures Mexico Fund I, LP.

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

Explanation of Responses:

1. On January 15, 2026, Alta Ventures Mexico Fund I, LP. ("Alta Ventures") transferred 210,406 shares held in the fund directly to the Reporter. Upon completion of this transaction the Reporter no longer beneficially owned, directly or indirectly, any of the remaining shares held by Alta Ventures.

	/s/ Patrick J. Reilly, Attorney-in-Fact	01/20/2026
	** 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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FAQ

What insider transaction did ANGX director Paul Ahlstrom report?

Director Paul Ahlstrom reported that on January 15, 2026, Alta Ventures Mexico Fund I, LP transferred 210,406 shares of Angel Studios Class A common stock from the fund to him, changing those shares from indirect to direct beneficial ownership.

How many Angel Studios (ANGX) shares does Paul Ahlstrom own after the reported transaction?

Following the reported transactions, Paul Ahlstrom beneficially owns 2,161,034 shares of Angel Studios Class A common stock directly and has no indirect holdings through Alta Ventures Mexico Fund I, LP.

What happened to the shares of ANGX held by Alta Ventures Mexico Fund I, LP?

On January 15, 2026, Alta Ventures Mexico Fund I, LP transferred 210,406 shares to Paul Ahlstrom and, upon completion of the transactions, he no longer beneficially owned any of the remaining 3,424,756 shares held by the fund.

Was the Angel Studios (ANGX) insider transaction a sale for cash?

The reported transactions use transaction code J (other) and show a price per share of 0.0000, indicating these were recorded as transfers or reclassifications rather than open-market cash sales.

Does Paul Ahlstrom still have indirect ownership in Angel Studios (ANGX) through Alta Ventures?

No. The footnote states that after the January 15, 2026 transactions, the reporter no longer beneficially owned, directly or indirectly, any of the remaining shares held by Alta Ventures Mexico Fund I, LP.

What type of security is involved in this Angel Studios (ANGX) Form 4 filing?

The Form 4 transactions involve Class A Common Stock, par value $0.0001 per share of Angel Studios, Inc.