ANGX Form 3 — Harmon Jordan reports Class A/B shares and equity awards

Rhea-AI Filing Summary

Form 3 initial ownership filing by Harmon Jordan for Angel Studios, Inc. (ANGX). The filing reports direct ownership of 8,673 shares of Class A common stock and 647,079 shares of Class B common stock. It also discloses multiple stock options and performance stock units that convert into Class A or Class B shares, including exercisable options covering 535,046; 288,282; 1,070,092; and 1,605,138 Class B shares, plus several PSUs totaling hundreds of thousands of Class A shares. Vesting schedules and exercise prices are provided as listed.

Positive

• Transparent initial disclosure of direct Class A and Class B share ownership complying with Section 16 requirements
• Detailed reporting of multiple stock options and performance stock units with exercise prices and vesting schedules

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine Section 16 initial disclosure showing substantial option- and PSU-based exposure to ANGX equity.

The Form 3 documents Harmon Jordan's direct holdings and a large portfolio of stock options and performance stock units that convert to Class A and Class B common shares. All holdings are reported with exercise prices and vesting timelines where applicable. The filing is principally a transparency disclosure under Section 16; it does not provide company-wide capitalization data or percentages of outstanding shares, so ownership stakes relative to the company cannot be determined from this filing alone.

Corporate Governance Expert

TL;DR: Properly executed initial beneficial-ownership report detailing direct holdings and equity-based incentives.

The filing includes clear identification of roles (President and Officer) and itemized non-derivative and derivative holdings with conversion and vesting details. It documents converted pre-merger awards and specifies tranche-based vesting tied to stock price milestones for several grants. This information is useful for assessing insider alignment but lacks total outstanding shares and dilution impact, which are not provided here.

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^*

Harmon Jordan

(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)
	President

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	8,673	D
Class B Common Stock, par value $0.0001 per share	647,079	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)	(1)	08/03/2031	Class B Common Stock	535,046	$1.62	D
Stock Option (right to buy)	(2)	04/20/2033	Class B Common Stock	288,282	$2.66	D
Stock Option (right to buy)	(3)	04/20/2033	Class B Common Stock	1,070,092	$2.66	D
Performance Stock Units	(4)	10/20/2033	Class A Common Stock	122,653	$2.66	D
Performance Stock Units	(5)	07/22/2034	Class A Common Stock	28,212	$2.66	D
Performance Stock Units	(6)	09/10/2034	Class A Common Stock	417,967	$5.66	D
Performance Stock Units	(7)	04/24/2035	Class A Common Stock	48,025	$6.13	D
Stock Option (right to buy)	(8)	04/24/2035	Class B Common Stock	1,605,138	$6.13	D
Performance Stock Units	(9)	07/17/2035	Class A Common Stock	18,603	$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 100,000 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 535,046 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 53,880 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 288,282 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.

3. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 200,000 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 1,070,092 shares of the Issuer's Class B 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.

4. 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 22,924 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 122,653 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.

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 5,273 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 28,212 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 78,118 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 417,967 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 8,976 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 48,025 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 fully-vested stock options represented the right to purchase 300,000 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 1,605,138 shares of the Issuer's Class B 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 3,477 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 18,603 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

What shares does Harmon Jordan report owning in the Form 3 for ANGX?

The filing reports 8,673 shares of Class A common stock and 647,079 shares of Class B common stock directly owned.

How many stock options and PSUs does the Form 3 disclose for Harmon Jordan?

The Form 3 lists multiple awards, including options exercisable into 535,046, 288,282, 1,070,092, and 1,605,138 Class B shares, and PSUs convertible into several hundred thousand Class A shares as detailed in the filing.

Are exercise prices and vesting terms provided in the Form 3?

Yes. Exercise prices (for example, $1.62, $2.66, $6.13) and vesting schedules, including tranche- and milestone-based vesting, are included.

Does the Form 3 state Harmon Jordan's ownership as a percentage of ANGX outstanding shares?

No. The filing lists absolute share counts and awards but does not provide percentage ownership or total outstanding share counts.

What role does Harmon Jordan hold at the issuer according to the filing?

The Form 3 identifies Harmon Jordan as an Officer (President) and indicates he is also a Director.