Welcome to our dedicated page for Southport Acquisition SEC filings (Ticker: PORTW), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The SEC filings page for PORTW, tied in recent disclosures to Angel Studios, Inc., provides access to the company’s regulatory reports as filed with the U.S. Securities and Exchange Commission. These filings, primarily on Form 8-K and 8-K/A, describe material agreements, executive compensation arrangements, acquisition announcements, and selected operational milestones.
Current reports on Form 8-K detail several key topics. Under Item 1.01, Angel Studios, Inc. reports an Equity Distribution Agreement that allows at-the-market sales of its Class A common stock pursuant to an effective shelf registration statement on Form S-3 and related prospectus materials. The filing outlines the aggregate offering capacity, the participation of multiple sales agents, commission terms, and references to the full agreement and legal opinion filed as exhibits.
Under Item 5.02, the company discloses Board-approved 2026 compensation arrangements for certain executive officers under a 2025 Long-Term Incentive Plan. These filings explain the structure of restricted stock units (RSUs) and performance-based restricted stock units (PSUs), including multi-year vesting schedules and share price performance conditions. Each RSU or PSU represents the right to receive one share of Class A common stock, subject to the plan and award agreements.
Item 7.01 (Regulation FD Disclosure) filings furnish press releases announcing the planned acquisition of three series—Tuttle Twins, Homestead, and The Wingfeather Saga—and reporting that the company surpassed two million paying Angel Guild members. An 8-K/A amendment clarifies the status of the acquisition transactions and corrects the description of purchase consideration.
On Stock Titan, these filings are updated from EDGAR and paired with AI-powered summaries that explain the purpose and key points of each report. Users can quickly see which items relate to capital raising, compensation, acquisitions, or milestones, and can review exhibits such as agreements, opinions, and press releases referenced in the filings.
Angel Studios, Inc., formerly Southport Acquisition Corporation, completed a business combination with Angel Studios Legacy in September 2025 and now operates as a community-driven media and technology company. Its model centers on the Angel Guild, a group of approximately 2.0 million paying members as of December 31, 2025, who vote on and fund films and TV shows that “amplify light.”
The company uses a proprietary technology platform and AI tools to power its app, recommendation engine and production workflows, and had exclusively licensed 137 titles and produced 776 Dry Bar Comedy specials by year-end 2025. It is increasingly focused on theatrical releases: in 2025 it released eight films, including “The King of Kings” and “David,” with gross worldwide box office for 2025 releases ranging from $3.0 million to $83.9 million per title, and reports that material distribution agreements are tied to more than $573.0 million in total global gross box office as of December 31, 2025.
Financially, Angel Studios recorded net losses attributable to controlling interests of $170.5 million in 2025 and $88.3 million in 2024, compared with net income in 2023 and 2021. The company highlights significant risks around its relatively new business model, intense competition in streaming and theatrical markets, piracy, technology and cybersecurity, and regulatory and intellectual property challenges. It also discloses past Disney-related copyright litigation and a completed bankruptcy reorganization, as well as an arbitration with The Chosen that resulted in termination of a key distribution agreement and a July 2025 settlement.
Angel Studios, Inc. reported very rapid growth but widening losses for the fourth quarter and full year 2025. Fourth quarter revenue reached $109.9 million, up from $31.0 million a year earlier, driven mainly by a $54.7 million increase in Angel Guild revenue and a $19.6 million rise in theatrical revenue from the DAVID release. Full-year revenue was $321.6 million, compared with $96.5 million in 2024. Gross margin in Q4 improved to 60% from 58%, but heavy selling and marketing spend of $120.6 million in the quarter contributed to a Q4 net loss of $78.6 million, or ($0.47) per share. For 2025, net loss widened to $170.5 million. As of December 31, 2025, cash and cash equivalents were $44.1 million, up from $7.2 million a year earlier, while total liabilities rose to $267.2 million and stockholders’ equity turned negative at $(25.8) million. The company highlighted Angel Guild annual recurring revenue of $360 million and expects a significantly narrowed Adjusted EBITDA loss of less than $25 million for full-year 2026.
Angel Studios, Inc. large shareholder Stephen D. Oskoui converted 57,770 shares of Class B Common Stock into 57,770 shares of Class A Common Stock at a stated price of $0.00 per share.
Following the conversion, he directly holds 111,274 shares of Class A Common Stock. An additional 19,459,882 shares of Class A Common Stock are held indirectly through Gigafund 1, LP, where he and Luke Nosek control voting and investment decisions, subject to a stated beneficial ownership disclaimer.
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.
Angel Studios, Inc. has amended and ratified its Loan and Security Agreement with Trinity Capital and other lenders through a First Credit Facility Amendment effective as of September 9, 2025. This follows a September 10, 2025 business combination in which Angel Studios assumed all liabilities and obligations of the original borrower under the credit facility.
The amendment also reflects the formation of a joint venture and its acquisition of rights, titles and interests in the animated feature film provisionally entitled DAVID. Key financial covenants were revised, including setting the required liquidity level at $30,000,000.
In addition, the company must provide evidence to the administrative agent that it has received net cash proceeds of an additional $30,000,000 from the sale or issuance of Angel Studios’ equity interests between January 1, 2025 and June 30, 2026, on terms and conditions satisfactory to the administrative agent.
Angel Studios, Inc. director Steven I. Sarowitz reported the conversion of restricted stock units into Class A Common Stock. On January 26, 2026, 2,648 RSUs were converted on a one-for-one basis into 2,648 shares of Class A Common Stock at a price of $0.00 per share, all held directly.
The RSUs were granted under the company’s 2025 Long-Term Incentive Plan and became effective on October 23, 2025, vesting in substantially equal quarterly installments over one year. Following this transaction, Sarowitz directly holds 2,648 shares of Class A Common Stock and 7,945 RSUs, which will convert into additional shares as they vest.
Angel Studios, Inc. director Paul Ahlstrom reported an RSU vesting that delivered 2,648 shares of Class A common stock. On January 23, 2026, 2,648 Restricted Stock Units were converted into 2,648 shares of Class A common stock at a price of $0.00 per share under a previously granted equity award.
The RSUs were granted under the company’s 2025 Long-Term Incentive Plan and became effective on October 23, 2025, vesting in substantially equal quarterly installments over one year. After this transaction, Ahlstrom directly held 2,163,682 shares of Class A common stock and 7,945 RSUs, with each RSU convertible into one share of common stock upon vesting.
Angel Studios, Inc. director Nguyen Trang T reported the vesting and conversion of restricted stock units into Class A common stock. On January 23, 2026, 2,648 RSUs converted on a one-for-one basis into 2,648 shares of Class A common stock at an effective price of $0.00 per share, leaving 2,648 shares of Class A common stock held directly after the transaction.
The RSUs were granted under Angel Studios’ 2025 Long-Term Incentive Plan, became effective on October 23, 2025, and vest in substantially equal quarterly installments over one year starting on that date. After this transaction, 7,945 RSUs remain beneficially owned, each scheduled to convert automatically into one share of common stock upon vesting.
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.
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.