Director Oskoui Converts 53,504 Shares; Gigafund 1 Holds 19.46M ANGX

Rhea-AI Filing Summary

Stephen D. Oskoui, a director of Angel Studios, Inc., reported transactions on Form 4 showing a conversion and his firm's holdings. On 09/12/2025 he converted 53,504 shares of Class B common stock into 53,504 shares of Class A common stock at a $0 conversion price. After the reported transaction he directly held 53,504 Class A shares. He also beneficially owns 19,459,882 Class A shares indirectly through Gigafund 1, LP, where Gigafund 1 GP, LP is the general partner and Mr. Oskoui and Luke Nosek control voting and investment decisions. The report disclaims ownership except to the extent of pecuniary interest.

Positive

• Conversion disclosed: 53,504 Class B shares converted into 53,504 Class A shares, reported transparently
• Large indirect stake disclosed: 19,459,882 Class A shares held by Gigafund 1, LP clarifies substantial ownership and control links
• Clear control disclosure: Footnote states Mr. Oskoui and Luke Nosek control voting and investment decisions for Gigafund 1 entities

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine insider conversion and disclosure; significant indirect stake reported via venture vehicle.

The Form 4 documents a non-cash conversion of 53,504 Class B shares into Class A shares and public disclosure of an indirect 19,459,882-share position held by Gigafund 1, LP. This is a standard Section 16 filing that updates public ownership and conversion events. The $0 conversion price is disclosed, indicating a mechanical conversion right rather than a market purchase. For investors, the filing clarifies voting and economic alignment between the reporting person and Gigafund 1 entities.

Corporate Governance Expert

TL;DR: Disclosure strengthens transparency on control and beneficial ownership from a key director.

The filing names Mr. Oskoui as a director and details indirect control over Gigafund 1, LP holdings, which is material for governance because it identifies who controls voting and investment decisions for a large block of Class A shares. The explanatory footnote appropriately disclaims direct beneficial ownership except for pecuniary interest, following common disclosure practice. The filing is procedural but important for shareholder records and proxy/voting considerations.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Oskoui Stephen D.

(Last) (First) (Middle)

555 E. 5TH STREET #3127

(Street)

AUSTIN TX 78701

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Angel Studios, Inc. [ ANGX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/12/2025

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/12/2025		C		53,504	A	(1)	53,504	D
Class A Common Stock								19,459,882	I	See footnote(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	(1)	09/12/2025		C			53,504	(1)	(1)	Class A Common Stock	53,504	$0	0	D

Explanation of Responses:

1. Each share of Class B Common Stock was convertible at any time into one share of Class A Common Stock. The Class B Common Stock had no expiration date.

2. These shares of Class A Common Stock are directly held by Gigafund 1, LP. Gigafund 1 GP, LP is the general partner of Gigafund 1, LP. The Reporting Person and Luke Nosek control all voting and investments decisions with respect to securities held by Gigafund 1, LP and Gigafund 1 GP, LP. The Reporting Person may be deemed to beneficially own the Class A Common Stock directly held by Gigafund 1, LP and disclaims beneficial ownership of the securities, except to the extent of his pecuniary interest therein. This report shall not be deemed an admission that the Reporting Person is the beneficial owner of the reported securities.

	/s/ Stephen D. Oskoui	09/16/2025
	** 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 4 (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 transaction did Stephen D. Oskoui report on Form 4 for Angel Studios (ANGX)?

He reported a conversion on 09/12/2025 of 53,504 Class B shares into 53,504 Class A shares at a $0 conversion price.

How many Class A shares does the Form 4 show beneficially owned indirectly?

The filing shows 19,459,882 Class A shares are directly held by Gigafund 1, LP, which Mr. Oskoui controls with Luke Nosek.

What is the reporting person's relationship to Angel Studios in this filing?

The filing identifies Stephen D. Oskoui as a director of Angel Studios, Inc.

Does the Form 4 indicate any cash purchase price for the converted shares?

No. The conversion lists a $0 price, indicating the Class B shares were convertible into Class A shares without a cash payment.

When was the Form 4 signed by the reporting person?

The document is signed by /s/ Stephen D. Oskoui with a signature date of 09/16/2025.