Form 3: Angel Studios director discloses 703,970 shares and warrant details

Rhea-AI Filing Summary

Steven I. Sarowitz filed an initial Form 3 disclosing his holdings in Angel Studios, Inc. (ANGX). He reports indirect ownership of 703,970 shares of Class A common stock through 4S Unity Direct, LLC, and indirect rights to purchase 163,322 Class A shares via a warrant exercisable beginning 05/05/2025 with a $6.13 exercise price and expiring 05/01/2027. The Form 3 is signed 09/22/2025 for an event dated 09/10/2025. The filer disclaimers beneficial ownership except for pecuniary interest.

Positive

• Disclosure of substantial indirect holding: 703,970 Class A shares reported, increasing transparency
• Warrant disclosure: 163,322-share warrant detailed with exercise price and dates, clarifying potential future dilution

Negative

• None.

Insights

Financial Analyst

TL;DR: Director disclosed substantial indirect stake and a warrant in ANGX, providing transparency but no immediate liquidity or governance change.

The filing records 703,970 Class A shares held indirectly and a warrant for 163,322 shares at a $6.13 strike expiring 05/01/2027. For investors, this is a routine Section 16 disclosure that improves transparency about insider economic exposure. The indirect nature (via 4S Unity Direct, LLC) and the disclaimer limit conclusions about control. No option exercises, sales, or new grants are reported here.

Corporate Governance Expert

TL;DR: Routine initial beneficial-ownership filing by a director; discloses indirect holdings but does not indicate control or changes to board dynamics.

The Form 3 appropriately notifies the market that a director has economic exposure to ANGX through an entity. The disclaimer and indirect ownership suggest the holdings are economic rather than direct voting control. The warrant's exercisability window and expiration are disclosed, which is relevant for potential future dilution but no immediate governance implications are disclosed here.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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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1. Name and Address of Reporting Person^*

Sarowitz Steven I

(Last) (First) (Middle)

295 W. CENTER ST.

(Street)

PROVO UT 84601

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
09/10/2025

3. Issuer Name and Ticker or Trading Symbol
Angel Studios, Inc. [ ANGX ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

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

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock, par value $0.0001 per share	703,970	I	By 4S Unity Direct, LLC(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrant (right to buy)	05/05/2025	05/01/2027	Class A Common Stock	163,322	$6.13	I	By 4S Unity Direct, LLC(1)

Explanation of Responses:

1. The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose

	/s/ Steve Sarowitz	09/22/2025
	** 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 5 (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 did Steven I. Sarowitz disclose on his Form 3 for ANGX?

Sarowitz disclosed indirect ownership of 703,970 Class A shares and a warrant for 163,322 Class A shares, exercisable from 05/05/2025, expiring 05/01/2027, at a $6.13 exercise price.

Is the ownership direct or indirect in the Form 3 filing?

The ownership is reported as indirect through 4S Unity Direct, LLC, per the filing.

When is the warrant exercisable and when does it expire?

The warrant is exercisable beginning 05/05/2025 and expires 05/01/2027, according to the filing.

Did the Form 3 indicate any sales, exercises, or transfers?

No sales, exercises, or transfers are reported; the Form 3 records initial beneficial ownership and includes a disclaimer of beneficial ownership except for pecuniary interest.

What dates are shown on the Form 3?

The event date is 09/10/2025 and the Form 3 is signed 09/22/2025, per the document.