Angel Studios (ANGX) director adds 2,648 shares as RSUs vest and settle

Rhea-AI Filing Summary

Angel Studios (ANGX) director Katie Liljenquist reported the vesting and settlement of 2,648 restricted stock units into 2,648 shares of Class A common stock on January 23, 2026. The Form 4 shows this as an option-like RSU conversion coded "M" at a stated price of $0.00 per share, reflecting equity compensation rather than an open‑market purchase.

After this transaction, Liljenquist directly holds 53,001 shares of Class A common stock and 7,945 derivative securities in the form of RSUs. The RSUs were granted under Angel Studios’ 2025 Long-Term Incentive Plan and are scheduled to vest in substantially equal quarterly installments over one year beginning October 23, 2025, with each vested RSU automatically converting into one share of common stock.

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^*

Liljenquist Katie

(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)	53,001	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.
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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 transaction did Angel Studios (ANGX) report for Katie Liljenquist?

The filing shows director Katie Liljenquist had 2,648 restricted stock units (RSUs) convert into 2,648 shares of Class A common stock on January 23, 2026, reported with transaction code "M".

How many Angel Studios (ANGX) shares does Katie Liljenquist own after this Form 4?

Following the reported transaction, Katie Liljenquist directly owns 53,001 shares of Angel Studios Class A common stock.

What is the status of Katie Liljenquist’s RSUs reported in the Angel Studios (ANGX) Form 4?

After the January 23, 2026 transaction, Liljenquist holds 7,945 derivative securities in the form of RSUs, which convert into Class A common stock on a one-for-one basis.

Under which plan were Katie Liljenquist’s Angel Studios (ANGX) RSUs granted?

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

How do Katie Liljenquist’s RSUs in Angel Studios (ANGX) vest and settle?

The RSUs became effective on October 23, 2025 and vest in substantially equal quarterly increments over one year. On each vesting date, each vested RSU automatically converts into one share of Class A common stock.

Did Katie Liljenquist pay cash for the Angel Studios (ANGX) shares received in this Form 4?

The transaction is reported with a price of $0.00 per share, consistent with RSU settlement as equity compensation rather than a market purchase.