Robert C. Gay files Form 3 disclosing 205,789 Class A shares in ANGX

Rhea-AI Filing Summary

Robert C. Gay filed an initial Form 3 reporting an indirect ownership interest in Angel Studios, Inc. (symbol ANGX). The report reflects a transaction date of 09/10/2025 and lists Mr. Gay's relationship to the issuer as a Director. He is shown as beneficially owning 205,789 shares of Class A common stock indirectly through KI 2025 Directs, LLC. The filing includes a standard disclaimer that the reporting person disclaims beneficial ownership except to the extent of his pecuniary interest. The form is signed by an attorney-in-fact, Patrick J. Reilly, dated 09/22/2025, and references an Exhibit 24 Power of Attorney.

Positive

• Disclosure filed in compliance with Section 16, improving transparency
• 205,789 Class A shares reported, providing a clear ownership figure
• No derivatives reported, simplifying assessment of potential dilution

Negative

• No purchase price or acquisition details provided, limiting economic context
• Indirect ownership via an LLC may obscure direct control or beneficial-owner specifics beyond pecuniary interest

Insights

Corporate Governance Expert

TL;DR: Routine initial Section 16 filing showing a director's indirect stake; no material control change or derivative holdings disclosed.

The Form 3 is a standard disclosure that notifies investors and regulators of a director-level insider's initial reported stake in the issuer. The 205,789 Class A shares are held indirectly via an LLC, which is common for estate planning or investment-entity structures and does not, by itself, indicate direct control or operational change. The explicit disclaimer limits assertions of beneficial ownership to pecuniary interest only. No options, warrants, convertible securities, or other derivative positions are reported, and there are no red flags such as pledging or unusual encumbrances disclosed in the filing.

Securities Analyst

TL;DR: Initial ownership report is informational; the stake size is disclosed but the filing contains no transaction economics or timing beyond the event date.

This Form 3 provides necessary transparency under Section 16 but contains limited economic detail. It reports an indirect holding of 205,789 Class A shares in Angel Studios, Inc. via KI 2025 Directs, LLC, with no accompanying derivative positions or exercise prices. Because the filing lacks purchase price, acquisition source, or subsequent transactions, it does not change valuation models or liquidity assessments on its own. The attorney-in-fact signature and Exhibit 24 indicate proper authorization for filing.

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^*

GAY ROBERT C

(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	205,789	I	By KI 2025 Directs, 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

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.

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

What does the Form 3 filed by Robert C. Gay for Angel Studios (ANGX) report?

It reports an initial beneficial ownership interest of 205,789 shares of Class A common stock held indirectly through KI 2025 Directs, LLC, and lists his relationship as Director.

When is the event date listed on the Form 3 for ANGX?

The date of the event requiring the statement is listed as 09/10/2025.

Does the Form 3 disclose any options or derivative securities for ANGX?

No. Table II for derivative securities shows no derivatives reported in this filing.

Who signed the Form 3 and when was it signed?

The filing is signed by attorney-in-fact Patrick J. Reilly and dated 09/22/2025.

Does the reporting person claim full beneficial ownership of the reported shares?

No. The report includes a disclaimer that the reporting person disclaims beneficial ownership except to the extent of his pecuniary interest.