Angel Studios director buys 488,637 shares

Angel Studios, Inc. (ANGX) director Steven I. Sarowitz reported open-market purchases of a total of 488,637 shares of Class A Common Stock over two days.

Rhea-AI Filing Summary

Angel Studios, Inc. (ANGX) director Steven I. Sarowitz reported open-market purchases of a total of 488,637 shares of Class A Common Stock over two days. On September 9, 2026 he bought 132,639 shares at a weighted average price of $4.9537 per share, in multiple trades between $4.7550 and $5.0350. On September 10, 2026 he bought 355,998 shares at a weighted average price of $5.2791 per share, in multiple trades between $4.9000 and $5.4000. No Rule 10b5-1 trading plan is reported for these transactions.

Insider Trade Summary

Net Buyer: 488,637 shares

Net Buy 2 txns

Insider Sarowitz Steven I

Role Director

Bought 488,637 shs ($2.54M)

Type	Security	Shares	Price	Value
Purchase	Class A Common Stock, par value $0.0001 per share F2	355,998	$5.2791	$1.88M
Purchase	Class A Common Stock, par value $0.0001 per share F1	132,639	$4.9537	$657K

Holdings After Transaction: Class A Common Stock, par value $0.0001 per share — 1,240,841 shares (Direct)

Footnotes (2)

1. F1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.7550 to $5.0350, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
2. F2. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.9000 to $5.4000, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Key Figures

Total shares purchased: 488,637 shares Shares purchased on September 9, 2026: 132,639 shares Weighted average price on September 9, 2026: $4.9537 per share +2 more

5 metrics

Total shares purchased 488,637 shares Open-market purchases reported for September 9–10, 2026

Shares purchased on September 9, 2026 132,639 shares Class A Common Stock, open-market purchase

Weighted average price on September 9, 2026 $4.9537 per share Multiple trades between $4.7550 and $5.0350

Shares purchased on September 10, 2026 355,998 shares Class A Common Stock, open-market purchase

Weighted average price on September 10, 2026 $5.2791 per share Multiple trades between $4.9000 and $5.4000

Key Terms

weighted average price, open market or private transaction, Class A Common Stock

3 terms

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

open market or private transaction financial

"Purchase in open market or private transaction"

Class A Common Stock financial

"Class A Common Stock, par value $0.0001 per share"

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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions were reported for ANGX in this Form 4?

Director Steven I. Sarowitz reported two open-market purchases of Angel Studios, Inc. Class A Common Stock, totaling 488,637 shares on September 9 and 10, 2026.

How many ANGX shares did the director buy on September 9, 2026?

On September 9, 2026, the director purchased 132,639 ANGX Class A shares at a weighted average price of $4.9537 per share, with individual trade prices ranging from $4.7550 to $5.0350.

How many ANGX shares did the director buy on September 10, 2026?

On September 10, 2026, the director purchased 355,998 ANGX Class A shares at a weighted average price of $5.2791 per share, with trades executed between $4.9000 and $5.4000.

Were the reported ANGX insider purchases made under a Rule 10b5-1 plan?

No. The Form 4 indicates that the Rule 10b5-1 checkbox is not selected, and no footnote states that the 488,637 ANGX shares were purchased under a Rule 10b5-1 trading plan.

What is meant by weighted average price in the ANGX Form 4?

The filing states each reported per-share price is a weighted average price for multiple trades. For example, the September 9, 2026 purchases ranged from $4.7550 to $5.0350; the director will provide trade-level details upon request.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/11/2026 - 04:09 PM Accepted by SEC EDGAR 09/11/2026 - 04:09 PM Learn about SEC filing dates

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^*

Sarowitz Steven I

(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)
09/09/2026

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	09/09/2026		P		132,639	A	$4.9537(1)	884,843	D
Class A Common Stock, par value $0.0001 per share	09/10/2026		P		355,998	A	$5.2791(2)	1,240,841	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

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.7550 to $5.0350, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

2. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.9000 to $5.4000, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

	/s/ Steve Sarowitz	09/11/2026
	** 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)