Angel Studios (ANGX) Form 3 Reports COO's Shares, Options, and PSUs

Rhea-AI Filing Summary

Elizabeth Ellis, Chief Operating Officer, filed a Form 3 reporting initial beneficial ownership in Angel Studios, Inc. (ANGX). The filing discloses 5,264 Class A shares directly and 133,761 Class B shares directly, plus an indirect interest in 26,752 Class B shares held by a household family member. The report also lists numerous stock options and performance stock units that convert to Class A or B shares with various exercise prices and vesting schedules.

Insights

Securities Analyst

TL;DR: Routine Section 16 initial disclosure showing officer ownership, stock options, and PSUs; no new transactions beyond initial reporting.

The Form 3 is an initial Section 16 filing for Elizabeth Ellis as Chief Operating Officer of Angel Studios, Inc. (ANGX). It itemizes direct ownership of 5,264 Class A and 133,761 Class B shares and an indirect pecuniary interest in 26,752 Class B shares held by a household member. Multiple stock options and performance stock units are disclosed with exercise prices ranging from $0.06 to $2.66 (and a higher grant at $6.13–$7.29) and exercisable/expiration dates through 2035. This is a routine ownership disclosure for an executive and does not state any sales or purchases to suggest an immediate market impact.

Corporate Governance Expert

TL;DR: Initial beneficial ownership filing documents executive equity and equity-linked incentives; standard governance disclosure.

The filing documents both direct and indirect holdings and details conversion history from pre-business-combination awards into the issuer's Class A and B shares. Several performance stock units vest based on stock-price milestones and are divided into tranches, which is typical for incentive alignment. The filing includes a Power of Attorney signature indicating an attorney-in-fact executed the filing on the reporting person's behalf.

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^*

Ellis Elizabeth

(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 Operating 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	5,264	D
Class B Common Stock, par value $0.0001 per share	26,752	I	See Footnote(1)
Class B Common Stock, par value $0.0001 per share	133,761	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)	(2)	08/10/2026	Class B Common Stock	149,812	$0.16	D
Stock Option (right to buy)	(3)	06/06/2028	Class B Common Stock	5,446	$0.06	D
Stock Option (right to buy)	(4)	12/14/2028	Class B Common Stock	107,009	$0.06	D
Stock Option (right to buy)	(5)	07/20/2030	Class B Common Stock	541,734	$0.06	D
Stock Option (right to buy)	(6)	03/16/2031	Class B Common Stock	62,696	$0.64	D
Stock Option (right to buy)	(7)	09/03/2031	Class B Common Stock	267,710	$1.62	D
Stock Option (right to buy)	(8)	12/02/2032	Class B Common Stock	38,410	$2.24	D
Stock Option (right to buy)	(9)	04/20/2033	Class B Common Stock	355,784	$2.66	D
Performance Stock Units	(10)	10/20/2033	Class A Common Stock	88,416	$2.66	D
Performance Stock Units	(11)	07/22/2034	Class A Common Stock	24,173	$2.66	D
Performance Stock Units	(12)	09/10/2034	Class A Common Stock	285,853	$5.66	D
Performance Stock Units	(13)	04/24/2035	Class A Common Stock	43,065	$6.13	D
Performance Stock Units	(14)	07/17/2035	Class A Common Stock	18,501	$7.29	D

Explanation of Responses:

1. These shares of Class B Common Stock are held by an immediate family member of Mrs. Ellis sharing the same household. Mrs. Ellis is thus deemed to hold an indirect pecuniary interest in these shares of Class B Common Stock.

2. Prior to the Issuer's business combination (the "Business Combination"), the fully-vested stock options represented the right to purchase 28,000 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 149,812 shares of the Issuer's Class B Common Stock.

3. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 1,018 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 5,446 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 20,000 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 107,009 shares of the Issuer's Class B Common Stock.

5. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 101,250 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 541,734 shares of the Issuer's Class B Common Stock.

6. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 11,718 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 62,696 shares of the Issuer's Class B Common Stock.

7. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 50,035 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 267,710 shares of the Issuer's Class B Common Stock.

8. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 7,179 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 38,410 shares of the Issuer's Class B Common Stock.

9. Prior to the Business Combination, the stock options represented the right to purchase 66,496 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 355,784 shares of the Issuer's Class B Common Stock. Twenty-five percent (25%) of these options vested on April 20, 2024, with the remaining options vesting in equal monthly installments through April 20, 2027.

10. 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 16,525 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 88,416 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.

11. 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 4,518 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 24,173 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.

12. 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 53,426 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 285,853 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.

13. 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 8,049 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 43,065 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.

14. 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 3,458 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 18,501 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 and what is their role?

Elizabeth Ellis, the Chief Operating Officer of Angel Studios, Inc. (ANGX), filed the Form 3.

How many Class A and Class B shares does Elizabeth Ellis directly own according to the Form 3?

The filing lists 5,264 Class A shares and 133,761 Class B shares as directly owned.

Does the filing report any indirect ownership and, if so, how much?

Yes. The filing reports an indirect pecuniary interest in 26,752 Class B shares held by an immediate family member sharing the household.

What types of equity-linked awards are disclosed on the Form 3?

The filing discloses multiple stock options to buy Class B shares and performance stock units that convert to Class A shares, with various exercise prices and vesting conditions.

Are vesting schedules or exercise prices provided for the disclosed awards?

Yes. Exercise prices range from $0.06 to $2.66 (and higher amounts noted), and certain PSUs vest in tranches tied to stock-price milestones; specific exercisable and expiration dates are included.