[SCHEDULE 13D] Southport Acquisition Corp SEC Filing

Rhea-AI Filing Summary

Jeffrey Harmon, Chief Content Officer of Angel Studios, Inc., reports beneficial ownership of 22,267,509 shares of the issuer's common stock, representing approximately 18.2% of outstanding common stock on a fully converted basis. The total includes direct holdings of Class A and Class B shares, founder's shares granted at formation, modest purchases under Regulation A and CF offerings, compensation grants and vested options exercisable within 60 days for conversion into Class A shares. Harmon states the shares are held for investment and employment-related incentive purposes and that he intends to remain active in management. A lock-up agreement restricts transfers for up to one year after the closing date, subject to customary price-based early release conditions.

Positive

• Substantial founder ownership: 22,267,509 shares representing approximately 18.2% of outstanding common stock
• : Holdings include founder shares, compensation grants, and vested options indicating long-term alignment with Angel Studios
• No disclosed legal issues: Reporting Person states no criminal convictions or disqualifying civil judgments in the past five years

Negative

• Transfer restrictions: Lock-up agreement restricts sales for up to one year post-closing, limiting liquidity for these shares
• High ownership concentration: An 18.2% stake means significant influence by a single insider, which may concern some investors seeking broader governance diversification

Insights

Financial Analyst

TL;DR: Founder-level stake of ~18.2% gives meaningful ownership alignment but not outright control; lock-up limits near-term liquidity.

The Reporting Person holds 22.27 million shares, including convertible Class B shares and exercisable options, amounting to ~18.2% of outstanding common stock on a converted basis. That concentration signals strong founder alignment with the company and potential influence on strategic decisions, though the filing disclaims constructive ownership beyond direct voting and dispositive power. The existence of a one-year lock-up with tiered price-based early release provisions reduces immediate sell pressure but could affect share supply if price triggers are met. No recent transactions within 60 days were reported beyond described historical acquisitions and grants.

Corporate Governance Expert

TL;DR: Significant insider stake and board role imply governance influence; disclosures are routine and show no litigation or legal encumbrances.

Mr. Harmon is identified as Chief Content Officer and a significant holder via founder shares and convertibles. The Schedule 13D provides standard disclosures about source of holdings, absence of legal proceedings, and potential future equity pursuant to incentive plans. The lock-up agreement and explicit disclaimer of constructive ownership are customary. There is no indication of voting arrangements with third parties or plans to form a group to act in concert, which limits immediate governance changes signaled by this filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

Angel Studios, Inc.

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

034948109

(CUSIP Number)

Neal Harmon
95 W Center Street,
Provo, UT, 84601
(760) 933-8437

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/10/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 034948109

1

Name of reporting person

Jeffrey Harmon

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 22,267,509.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 22,267,509.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

22,267,509.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

18.2 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Includes (i) 26,324 shares of Class A Common Stock owned by Mr. Harmon directly, (ii) 21,911,388 shares of Class B Common Stock owned by Mr. Harmon directly which are convertible into Class A Common Stock on a one-to-one basis at the option of Mr. Harmon and (iii) vested stock incentive options exercisable for 329,797 shares of Class B Common Stock that Mr. Harmon has the right to acquire within 60 days of September 11, 2025, which are convertible for Class A Common Stock on a one-to-one basis at the option of Mr. Harmon.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock
(b)	Name of Issuer: Angel Studios, Inc.
(c)	Address of Issuer's Principal Executive Offices: 95 W Center Street, Provo, UTAH , 84601.
Item 1 Comment: This Statement relates to the Class A common stock, par value $0.0001 (the "Common Stock") Angel Studios, Inc., a Delaware corporation (the "Issuer"). The principal executive offices of the Issuer are located at 295 W Center St., Provo, UT 84601.
Item 2.	Identity and Background
(a)	This Statement is being filed by Jeffrey Harmon (the "Reporting Person").
(b)	The business address of the Reporting Person is 295 W Center St., Provo, UT 84601.
(c)	The Reporting Person is the Chief Content Officer of the board of directors of the Issuer. The business address of the Reporting Person is 295 W Center St., Provo, UT 84601.
(d)	During the last five years, the Reporting Person has not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	During the last five years, the Reporting Person has not been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	The Reporting Person is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	All of the Common Stock to which this Schedule 13D relates were purchased by the Reporting Person using the Reporting Person's available funds or granted to the Reporting Person as founder's shares. The 22,267,509 shares of Common Stock held by the Reporting Person, which includes the Reporting Person's Class B Common Stock convertible for Class A Common Stock on a one-for-one basis, and reported herein were acquired as follows: (i) on September 10, 2024, the Reporting Person purchased 42 shares for a consideration of $241.92 pursuant to a Regulation A offering; (ii) on July 15, 2024, the Reporting Person was granted 26,281 shares of Common Stock for a consideration of $69,652.12 as compensation for his service in lieu of a portion of his salary; (iii) on June 8, 2021, the Reporting Person purchased an aggregate of 218 shares of Common Stock for a consideration of $364.90 pursuant to a Regulation CF Offering; (iv) on November 18, 2016, the Reporting Person purchased 8,913 shares of Common Stock for a consideration of $4,998.00 pursuant to a Regulation A offering and (v) the Reporting Person was granted 22,232,055 shares of Common Stock as founder's shares. Such shares of Common Stock owned by the Reporting Person were acquired prior to September 10, 2025 (the "Closing Date" of the previously reported Business Combination, and such shares, the "Angel Legacy Shares"), and in connection therewith, on the Closing Date, each Angel Legacy Share was converted into its Corresponding Class of Common Stock. As used herein, "Corresponding Class" refers to: (i) for Angel Legacy Class A common stock, Class A Common Stock; (ii) for Angel Legacy Class B common stock, Class B Common Stock; (iii) for Angel Legacy Class C common stock, Class A Common Stock; and (iv) for Angel Legacy Class F common stock, Class B Common Stock.
Item 4.	Purpose of Transaction
	The Reporting Person owns the Common Stock for investment purposes and to incentivize him in connection with his employment with the Issuer. In his capacity as Chief Content Officer of the Issuer, the Reporting Person intends to continue taking an active role in the Issuer's management. Also, subject to applicable approvals from board of directors of the Issuer or a committee thereof, as applicable, the Reporting Person may receive additional securities of the Issuer in connection with the Issuer's equity incentive and compensation plans. The Reporting Person may also, from time to time, sell or transfer securities of the Issuer in connection with sell-to-cover transactions to satisfy tax withholding obligations. The Reporting Person has not entered into any agreement with any third party to act together for the purpose of acquiring, holding, voting or disposing of the Common Stock reported herein.
Item 5.	Interest in Securities of the Issuer
(a)	The responses to this Item 5 and the information on the cover page are based on 99,910,315 shares of Class A Common Stock outstanding as of September 11, 2025 and 22,241,185 shares of Class B Common Stock held by the Reporting Person, which are convertible for Class A Common Stock on a one-for-one basis, as reported in the Issuer's Registration Statement on Form S-1 filed with the U.S. Securities and Exchange Commission on September 16, 2025. The information set forth in Items 2, 3 and 6 of this Schedule 13D and the cover pages of this Schedule 13D is hereby incorporated by reference into this Item 5. The Reporting Person may be deemed to have, in the aggregate, beneficial ownership of 22,267,509 shares of Common Stock, which represents approximately 18.2% of the Issuer's outstanding Common Stock, which includes the Reporting Person's Class B Common Stock convertible for shares of Common Stock on a one-for-one basis. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Person is, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the beneficial owner of any securities of the Issuer he does not directly own. The Reporting Person specifically disclaims beneficial ownership of the securities of the Issuer reported herein except to the extent the Reporting Person actually exercises voting or dispositive power with respect to such securities.
(b)	The Reporting Person may be deemed to have, in the aggregate, beneficial ownership of 22,267,509 shares of Common Stock, which represents approximately 18.2% of the Issuer's outstanding Common Stock, which includes the Reporting Person's Class B Common Stock convertible for shares of Common Stock on a one-for-one basis. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Person is, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the beneficial owner of any securities of the Issuer he does not directly own. The Reporting Person specifically disclaims beneficial ownership of the securities of the Issuer reported herein except to the extent the Reporting Person actually exercises voting or dispositive power with respect to such securities.
(c)	The Reporting Person has not effected any transactions of the Common Stock during the 60 days preceding the date of this report, except as described in Item 3 of this Schedule 13D which information is incorporated herein by reference.
(d)	No other person is known to have the right to receive or the power to direct the receipt of dividends from, or any proceeds from the sale of the Common Stock beneficially held by the Reporting Persons.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	On the Closing Date. the Reporting Person entered into a lock-up agreement (the "Lock-Up Agreement") with the Issuer, pursuant to which the Reporting Person agreed to restrictions on transfer for up to one year following the Closing Date with respect to the Lock-Up Shares (as defined in the Lock-Up Agreement), which lock-up, subject to certain exceptions, will end on the earlier of (i) the date that is one year after the Closing Date and (ii) (a) for 33% of the Lock-Up Shares held by each of the parties thereto (and their respective permitted transferees), the date which the last reported sale price of Common Stock equals or exceeds $12.50 per share (subject to adjustment) for any 20 trading days within any 30-trading day period commencing at least 30 days after the Closing Date and (b) for an additional 50% of the Lock-Up Shares held by each of the parties thereto (and their respective permitted transferees), the date which the last reported sale price of the Common Stock equals or exceeds $15.00 per share (subject to adjustment) for any 20 trading days within any 30-trading day period commencing at least 30 days after the Closing Date. The summary of the Lock-Up Agreement in Item 6 of this Schedule 13D is qualified in its entirety by reference to the full text of such agreement, which is incorporated herein by reference as Exhibit 99.1, and a form of which is filed as Exhibit 4.1 to the Issuer's Registration Statement on Form S-1, as filed with the Securities and Exchange Commission on September 16, 2025.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.1 Form of Lock-Up Agreement (incorporated herein by reference to Exhibit 4.1 to the Issuer's Registration Statement on Form S-1, as filed with the Securities and Exchange Commission on September 16, 2025).

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Jeffrey Harmon

Signature:	/s/ Jeffrey Harmon
Name/Title:	Chief Content Officer
Date:	09/17/2025

FAQ

How many shares of Angel Studios does Jeffrey Harmon beneficially own?

The filing reports beneficial ownership of 22,267,509 shares, which includes Class A, convertible Class B shares and exercisable options.

What percentage of Angel Studios outstanding stock does Mr. Harmon own?

The reported holdings represent approximately 18.2% of the issuer's outstanding common stock on a converted basis.

Are there restrictions on selling the shares reported by Jeffrey Harmon?

Yes. He entered into a lock-up agreement that restricts transfers for up to one year after the closing date, with tiered early release if price thresholds are met.

Did the reporting person disclose any legal or regulatory problems in the past five years?

No. The filing states the reporting person has not been convicted of a crime nor been subject to a disqualifying civil judgment in the last five years.

What is the stated purpose for holding these shares?

The shares are held for investment purposes and to incentivize the reporting person in connection with his employment; he intends to remain active in management.