ANGX Form 3: Officer Jared Geesey Reports Equity Awards and Vesting Terms

Rhea-AI Filing Summary

Jared Geesey filed a Form 3 reporting initial beneficial ownership in Angel Studios, Inc. (ANGX). The filing discloses multiple stock options exercisable into Class B Common Stock: 42,803; 53,504; 91,803; and 13,376 shares with exercise prices of $1.67, $2.24, $2.24 and $2.66 respectively. It also reports performance stock units convertible into Class A Common Stock: 149,925; 22,129; 67,897; 46,971; and 11,385 shares, each vesting under specified schedules and performance milestones following the issuer's business combination.

Insights

Securities Analyst

TL;DR: Routine Section 16 initial disclosure of equity awards after a business combination; no cash transactions or sales reported.

The Form 3 documents equity-based holdings of the reporting officer stemming from pre-combination awards that converted into the issuer's capital structure. The disclosure lists four non-derivative stock options into Class B Common Stock with explicit exercise prices and multiple performance stock units into Class A Common Stock subject to time and stock-price vesting conditions. This is a standard initial ownership filing that provides transparency about potential future dilution if options/PSUs vest and are exercised.

Corporate Governance Expert

TL;DR: Governance disclosure confirms officer-level insider holdings and vesting-linked incentives converted in the business combination.

The filing clarifies that fully-vested and performance-linked awards from the predecessor entity converted into the issuer's stock classes. It specifies vesting schedules for some grants and that PSUs vest across price-based tranches. This helps investors assess insider alignment and potential future insider stock movements but does not indicate any current dispositions or pledges.

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^*

Geesey Jared

(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 Distribution 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
Stock Option (right to buy)	(1)	11/02/2031	Class B Common Stock	42,803	$1.67	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)	12/02/2032	Class B Common Stock	91,803	$2.24	D
Stock Option (right to buy)	(4)	04/20/2033	Class B Common Stock	13,376	$2.66	D
Performance Stock Units	(5)	10/20/2033	Class A Common Stock	149,925	$2.66	D
Performance Stock Units	(6)	07/22/2034	Class A Common Stock	22,129	$2.66	D
Performance Stock Units	(7)	09/10/2034	Class A Common Stock	67,897	$5.66	D
Performance Stock Units	(8)	04/24/2035	Class A Common Stock	46,971	$6.13	D
Performance Stock Units	(9)	07/17/2035	Class A Common Stock	11,385	$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 8,000 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 42,803 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 17,158 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 91,803 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 2,500 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 13,376 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 28,021 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 149,925 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 4,136 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 22,129 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 12,690 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 67,897 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 8,779 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 46,971 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 2,128 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 11,385 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 ANGX?

The Form 3 was filed by Jared Geesey reporting beneficial ownership in Angel Studios, Inc. (ANGX).

What types of securities does the Form 3 report?

The filing reports stock options exercisable into Class B Common Stock and performance stock units (PSUs) convertible into Class A Common Stock.

What are the exercise prices for the reported stock options?

The disclosed exercise prices for the stock options are $1.67, $2.24, $2.24 and $2.66 per share as listed in the filing.

How many Class A Common Stock shares are covered by the PSUs?

The PSUs convert into 149,925; 22,129; 67,897; 46,971; and 11,385 shares of Class A Common Stock as reported.

Do the reported awards include vesting conditions?

Yes. The filing states certain awards vest over time and that PSUs vest in 10 tranches tied to increasing stock price milestones.