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

Financial Analyst

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.

Corporate Governance Expert

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.

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^*

Ahlstrom Paul

(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	1,950,628	D
Class A Common Stock, par value $0.0001 per share	1,712	I	By NISI Publishing, LLC.
Class A Common Stock, par value $0.0001 per share	3,635,162	I	By Alta Ventures Mexico Fund I, LP.
Class B Common Stock, par value $0.0001 per share	1,712	I	By NISI Publishing, LLC.

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)	12/02/2032	Class B Common Stock	123,237	$2.24	I	By NISI Publishing, LLC.
Stock Option (right to buy)	(2)	02/03/2035	Class B Common Stock	155,960	$6.13	I	By NISI Publishing, LLC.
Stock Option (right to buy)	(3)	02/03/2035	Class B Common Stock	41,760	$6.13	I	By NISI Publishing, LLC.

Explanation of Responses:

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.

2. 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.

3. 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.

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

How many shares does Paul Ahlstrom beneficially own in Angel Studios (ANGX)?

The filing reports 1,950,628 Class A shares directly and indirect holdings of 3,635,162 Class A shares and 1,712 Class A plus 1,712 Class B shares via affiliated entities.

What derivative securities does the Form 3 disclose for ANGX?

The Form 3 discloses stock options totaling 320,957 underlying Class B shares across three grants with exercise prices of $2.24 and $6.13.

When do the unvested options begin vesting?

One set of options will vest in substantially equal quarterly increments over one year beginning January 1, 2025.

What entities hold shares indirectly for the reporting person?

Indirect holdings are reported by NISI Publishing, LLC and Alta Ventures Mexico Fund I, LP as stated in the filing.

Is this filing an initial statement or an amendment?

This is a Form 3 — an initial statement of beneficial ownership filed under Section 16.