ANGX Form 3: Director Paul Ahlstrom Discloses Multi‑Million Share Stake and Options
Rhea-AI Filing Summary
Paul Ahlstrom, identified as a director of Angel Studios, Inc. (ANGX), reports ownership across multiple classes and option grants. He directly holds 1,950,628 shares of Class A common stock and indirectly holds 3,635,162 Class A shares through Alta Ventures Mexico Fund I, LP and 1,712 Class A plus 1,712 Class B shares through NISI Publishing, LLC. He also has derivative rights totaling 320,957 underlying Class B shares from three option grants, with exercise prices of $2.24 and $6.13; one tranche vests quarterly beginning January 1, 2025.
Positive
- Director disclosed substantial ownership with 1,950,628 shares held directly, increasing transparency
- Converted legacy awards and option details provided, including exercise prices and vesting commencement (January 1, 2025)
Negative
- None.
Insights
TL;DR: Director disclosure shows concentrated equity exposure and meaningful option overhang; routine Section 16 filing.
The filing documents substantial beneficial ownership by the reporting person across direct and indirect holdings, totaling several million Class A shares and a modest number of Class B shares, plus 320,957 underlying option shares. The presence of options with exercise prices at $2.24 and $6.13 creates potential future dilution if exercised. This Form 3 is an initial disclosure following a business combination and conversion of prior awards into the issuer's Class B shares; it is informational and routine under Section 16.
TL;DR: Initial Section 16 filing by a director; establishes ownership and option vesting schedule for governance transparency.
The report identifies the reporting person as a director and discloses both direct and indirect holdings through entities (NISI Publishing, LLC and Alta Ventures Mexico Fund I, LP). It clarifies conversion of legacy options after the business combination and specifies vesting timing for one tranche beginning January 1, 2025. The filing meets disclosure obligations and provides shareholders visibility into insider holdings and forthcoming potential exercises.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Stock Option (right to buy) | -- | -- | -- |
| holding | Stock Option (right to buy) | -- | -- | -- |
| holding | Stock Option (right to buy) | -- | -- | -- |
| holding | Class A Common Stock, par value $0.0001 per share | -- | -- | -- |
| holding | Class A Common Stock, par value $0.0001 per share | -- | -- | -- |
| holding | Class A Common Stock, par value $0.0001 per share | -- | -- | -- |
| holding | Class B Common Stock, par value $0.0001 per share | -- | -- | -- |
Footnotes (1)
- Prior to the Issuer's business combination (the "Business Combination"), the fully-vested stock options represented the right to purchase 23,033 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 123,237 shares of the Issuer's Class B Common Stock. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 29,149 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 155,960 shares of the Issuer's Class B Common Stock. Prior to the Business Combination, the stock options represented the right to purchase 7,805 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 41,760 shares of the Issuer's Class B Common Stock. These stock options will vest in substantially equal quarterly increments, over a one-year period beginning January 1, 2025.
