Angel Studios (ANGX) Form 3: Initial Insider Holdings and Vesting

Rhea-AI Filing Summary

Form 3 filing by Scott Edward Klossner reports initial beneficial ownership in Angel Studios, Inc. (ANGX). The filing shows 80,256 Class A shares underlying performance stock units and 267,523 Class B shares underlying stock options following a conversion after the issuer's business combination. The PSUs vest in 10 tranches tied to stock-price milestones; the options vest 25% on June 4, 2026, with the remainder vesting monthly through June 4, 2029.

Insights

Securities Analyst

TL;DR: Officer reports convertible equity and options with multi-year vesting; disclosure is routine for insiders.

The filing documents converted equity awards from a pre-combination entity into Angel Studios common stock: 80,256 Class A shares under PSUs and 267,523 Class B shares under option awards. Vesting schedules are specified and extend through 2035 for PSUs and through 2029 for options, which is important for dilution timing and insider alignment but is a standard disclosure following a business combination.

Corporate Governance Expert

TL;DR: Disclosure provides clear beneficial ownership and vesting mechanics; no governance exceptions noted.

The statement identifies the reporting person as CFO and discloses the nature of indirect ownership and conversion mechanics from legacy awards. The filing includes an executed power of attorney and signatures. All material items required for an initial Form 3 appear present: titles, amounts, conversion explanation, and vesting timelines.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Klossner Scott Edward

Role Chief Financial Officer

Type	Security	Shares	Price	Value
holding	Performance Stock Units	--	--	--
holding	Stock Option (right to buy)	--	--	--

Holdings After Transaction: Performance Stock Units — 80,256 shares (Direct); Stock Option (right to buy) — 267,523 shares (Direct)

Footnotes (1)

1. Prior to the Issuer's business combination (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 15,000 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 80,256 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. Prior to the Business Combination, the stock options represented the right to purchase 50,000 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the stock options converted into the right to purchase 267,523 shares of the Issuer's Class B Common Stock. Twenty-five percent (25%) of these options will vest on June 4, 2026, with the remaining options vesting in equal monthly installments through June 4, 2029.

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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^*

Klossner Scott Edward

(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 Financial 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)

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
Performance Stock Units	(1)	07/17/2035	Class A Common Stock	80,256	$7.29	D
Stock Option (right to buy)	(2)	07/17/2035	Class B Common Stock	267,523	$7.29	D

Explanation of Responses:

1. Prior to the Issuer's business combination (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 15,000 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 80,256 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.

2. Prior to the Business Combination, the stock options represented the right to purchase 50,000 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the stock options converted into the right to purchase 267,523 shares of the Issuer's Class B Common Stock. Twenty-five percent (25%) of these options will vest on June 4, 2026, with the remaining options vesting in equal monthly installments through June 4, 2029.

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.
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FAQ

What securities did Scott Edward Klossner report on Form 3 for Angel Studios (ANGX)?

He reported 80,256 Class A shares underlying performance stock units and 267,523 Class B shares underlying stock options.

What are the vesting terms for the reported stock options?

The options vest 25% on June 4, 2026, with the remaining options vesting in equal monthly installments through June 4, 2029.

How do the performance stock units (PSUs) vest?

The PSUs vest in 10 tranches, equally divided, with each tranche vesting based on increasing stock-price milestones; they convert into Class A common stock shares.

Who filed the Form 3 and what is his role at the issuer?

The Form 3 reports Scott Edward Klossner as the reporting person and lists his relationship as Chief Financial Officer.

Does the Form 3 include any power of attorney or signature?

Yes, the filing shows execution by Patrick J. Reilly, Attorney-in-Fact and references Exhibit 24 (Power of Attorney).