Angel Studios (ANGX) holder exercises options, withholds shares for tax duties

Rhea-AI Filing Summary

Angel Studios, Inc. insider option exercise and tax share delivery

Ten percent owner Stephen D. Oskoui exercised options for 137,651 shares of Class B common stock at an exercise price of $2.24 per share, following the conversion of options to purchase 137,651 shares at a reported price of $0.00 per option.

To cover the exercise price or tax obligations, 79,881 shares of Class B common stock were disposed of through a tax-withholding transaction at $3.86 per share, leaving 57,770 shares of Class B common stock held directly after these transactions.

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^*

Oskoui Stephen D.

(Last) (First) (Middle)

555 E. 5TH STREET #3127

(Street)

AUSTIN TX 78701

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
02/27/2026

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 B Common Stock	02/27/2026		M		137,651	A	$2.24	137,651	D
Class B Common Stock	02/27/2026		F		79,881	D	$3.86	57,770	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
Options to Purchase Class B Common Stock	$2.24	02/27/2026		M			137,651	09/10/2025	12/02/2032	Class B Common Stock	137,651	$0	0	D

Explanation of Responses:

	/s/ Stephen D. Oskoui	03/03/2026
	** 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 transactions did ANGX ten percent owner Stephen D. Oskoui report?

Stephen D. Oskoui reported exercising options into 137,651 shares of Angel Studios Class B common stock, then delivering 79,881 shares to cover exercise or tax liabilities. After these transactions, he directly held 57,770 shares of Class B common stock.

Was the Form 4 for ANGX an open-market stock purchase or sale?

The Form 4 for ANGX reflects an option exercise and a tax-withholding disposition, not an open-market purchase or sale. Shares were acquired through converting options and some were delivered back to cover exercise price or taxes, rather than sold on the open market.

How many Angel Studios Class B shares did Oskoui acquire and dispose of?

Oskoui acquired 137,651 shares of Class B common stock through an option exercise. He then disposed of 79,881 shares in a tax-withholding transaction, leaving a remaining direct holding of 57,770 Class B common shares after the reported transactions.

What prices were used in the ANGX option exercise and tax-withholding transactions?

The derivative options were reported with a $0.00 price and were exercised into Class B common stock at $2.24 per share. The tax-withholding disposition involved delivering 79,881 Class B shares valued at $3.86 per share to cover obligations.

What is Oskoui’s direct ownership in ANGX after these Form 4 transactions?

After exercising options and delivering shares for tax or exercise obligations, Oskoui’s direct ownership stands at 57,770 shares of Angel Studios Class B common stock. This figure reflects his holdings immediately following the reported transactions on the Form 4.

Does the ANGX Form 4 indicate multiple types of insider transactions?

Yes. The ANGX Form 4 shows two acquisition events from exercising derivative options into Class B common stock, and one disposal event where 79,881 shares were delivered to satisfy the exercise price or tax liabilities associated with those option exercises.