ANGX Form 3 — Seth Taylor Discloses Options and PSUs Through 2035

Rhea-AI Filing Summary

Form 3 filing for Angel Studios, Inc. (ANGX) reports initial beneficial ownership by Seth Taylor, Chief Experience Officer. He directly owns 4,494 shares of Class A common stock and 267 shares of Class B common stock. The filing lists multiple stock options and performance stock units that convert into Class B or Class A shares, with exercise prices ranging from $1.62 to $7.29 and exercisable/vesting dates between 08/03/2031 and 07/17/2035.

Positive

• Transparency: Initial beneficial ownership and equity awards are fully disclosed as required under Section 16.
• Equity incentives: Clear listing of stock options and performance stock units with exercise prices and vesting/exercisable dates through 2035.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine initial insider disclosure showing direct holdings plus long-dated options and PSUs, typical for senior executives.

The filing documents direct ownership of 4,761 total common shares across Class A and Class B and a portfolio of stock options and performance stock units that convert to Class B or Class A shares after the business combination. Option exercise prices are between $1.62 and $7.29 with multiple future exercisable/vesting dates through 2035. This is a standard Section 16 disclosure reflecting equity-based compensation rather than an immediate cash transaction.

Corporate Governance Expert

TL;DR: Disclosure provides necessary transparency on executive equity and long-term incentive structure following the business combination.

The Form 3 clarifies conversion of legacy Angel Legacy, Inc. awards into the issuer's capital structure and describes tranche-based vesting for PSUs tied to stock-price milestones. The filing includes a Power of Attorney signature, indicating authorized filing. No departures, sales, or unusual transactions are reported 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^*

Taylor Seth

(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)

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

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	4,494	D
Class B Common Stock, par value $0.0001 per share	267	D

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
Stock Option (right to buy)	(1)	08/03/2031	Class B Common Stock	160,513	$1.62	D
Stock Option (right to buy)	(2)	07/22/2032	Class B Common Stock	53,504	$2.24	D
Stock Option (right to buy)	(3)	08/02/2032	Class B Common Stock	18,646	$2.24	D
Stock Option (right to buy)	(4)	04/20/2033	Class B Common Stock	26,752	$2.66	D
Performance Stock Units	(5)	10/20/2033	Class A Common Stock	89,513	$2.66	D
Performance Stock Units	(6)	07/22/2034	Class A Common Stock	13,547	$2.66	D
Performance Stock Units	(7)	09/10/2034	Class A Common Stock	99,732	$5.66	D
Performance Stock Units	(8)	04/24/2035	Class A Common Stock	31,417	$6.13	D
Performance Stock Units	(9)	07/17/2035	Class A Common Stock	5,676	$7.29	D

Explanation of Responses:

1. Prior to the Issuer's business combination (the "Business Combination"), the fully-vested stock options represented the right to purchase 30,000 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the fully-vested stock options converted into the right to purchase 160,513 shares of the Issuer's Class B Common Stock.

2. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 10,000 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the fully-vested stock options converted into the right to purchase 53,504 shares of the Issuer's Class B Common Stock. Twenty-five percent (25%) of these options vested on April 1, 2023, with the remaining options vesting in equal monthly installments through April 1, 2026.

3. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 3,485 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the fully-vested stock options converted into the right to purchase 18,646 shares of the Issuer's Class B Common Stock.

4. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 5,000 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the fully-vested stock options converted into the right to purchase 26,752 shares of the Issuer's Class B Common Stock.

5. Prior to the Business Combination, the performance stock units (PSUs) were granted under Angel Legacy, Inc's. 2023 Performance Equity Plan and represented the right to purchase 16,730 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 89,513 shares of the Issuer's Class A Common Stock. These options will vest in 10 tranches, equally divided, with each tranche becoming vested based on a series of increasing stock price milestones.

6. Prior to the Business Combination, the performance stock units (PSUs) were granted under Angel Legacy, Inc's. 2023 Performance Equity Plan and represented the right to purchase 2,532 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 13,547 shares of the Issuer's Class A Common Stock. These options will vest in 10 tranches, equally divided, with each tranche becoming vested based on a series of increasing stock price milestones.

7. Prior to the Business Combination, the performance stock units (PSUs) were granted under Angel Legacy, Inc's. 2023 Performance Equity Plan and represented the right to purchase 18,640 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 99,732 shares of the Issuer's Class A Common Stock. These options will vest in 10 tranches, equally divided, with each tranche becoming vested based on a series of increasing stock price milestones.

8. Prior to the Business Combination, the performance stock units (PSUs) were granted under Angel Legacy, Inc's. 2023 Performance Equity Plan and represented the right to purchase 5,872 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 31,417 shares of the Issuer's Class A Common Stock. These options will vest in 10 tranches, equally divided, with each tranche becoming vested based on a series of increasing stock price milestones.

9. Prior to the Business Combination, the performance stock units (PSUs) were granted under Angel Legacy, Inc's. 2023 Performance Equity Plan and represented the right to purchase 1,061 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 5,676 shares of the Issuer's Class A Common Stock. These options will vest in 10 tranches, equally divided, with each tranche becoming vested based on a series of increasing stock price milestones.

Remarks:

Exhibit 24 - Power of Attorney

	/s/ Patrick J. Reilly, Attorney-in-Fact	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

Who filed the Form 3 for Angel Studios (ANGX)?

The filing reports beneficial ownership by Seth Taylor, who is identified as the Chief Experience Officer.

How many shares does Seth Taylor directly own in ANGX?

He directly owns 4,494 shares of Class A common stock and 267 shares of Class B common stock, totaling 4,761 shares.

What equity awards are disclosed in the Form 3 for ANGX?

The filing lists several stock options converting to Class B shares and performance stock units (PSUs) converting to Class A shares, with specified amounts and exercise prices.

What are the exercise prices and latest exercisable dates listed?

Exercise prices range from $1.62 to $7.29; exercisable/vesting dates span from 08/03/2031 to 07/17/2035 depending on the award.

Does the Form 3 show any sale or transfer of securities by the reporting person?

No. The Form 3 only reports initial ownership and equity awards; it does not disclose any sales or transfers.