Jordan Harmon - 10 Sep 2025 Form 3 Insider Report for Angel Studios, Inc. (ANGX)

Role: President
Signature: /s/ Patrick J. Reilly, Attorney-in-Fact
Issuer symbol: ANGX
Transactions as of: 10 Sep 2025
Transactions value $: $0
Form type: 3
Filing time: 22 Sep 2025, 21:54:14 UTC
Previous filing: 21 Jul 2025
Next filing: 20 Nov 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Harmon Jordan	President	295 W. CENTER ST., PROVO	/s/ Patrick J. Reilly, Attorney-in-Fact	22 Sep 2025	0002020175

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	ANGX	Class A Common Stock, par value $0.0001 per share						8.67K	10 Sep 2025	Direct
holding	ANGX	Class B Common Stock, par value $0.0001 per share						647K	10 Sep 2025	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	ANGX	Stock Option (right to buy)							10 Sep 2025	Class B Common Stock	535K	$1.62	Direct	F1
holding	ANGX	Stock Option (right to buy)							10 Sep 2025	Class B Common Stock	288K	$2.66	Direct	F2
holding	ANGX	Stock Option (right to buy)							10 Sep 2025	Class B Common Stock	1.07M	$2.66	Direct	F3
holding	ANGX	Performance Stock Units							10 Sep 2025	Class A Common Stock	123K	$2.66	Direct	F4
holding	ANGX	Performance Stock Units							10 Sep 2025	Class A Common Stock	28.2K	$2.66	Direct	F5
holding	ANGX	Performance Stock Units							10 Sep 2025	Class A Common Stock	418K	$5.66	Direct	F6
holding	ANGX	Performance Stock Units							10 Sep 2025	Class A Common Stock	48K	$6.13	Direct	F7
holding	ANGX	Stock Option (right to buy)							10 Sep 2025	Class B Common Stock	1.61M	$6.13	Direct	F8
holding	ANGX	Performance Stock Units							10 Sep 2025	Class A Common Stock	18.6K	$7.29	Direct	F9

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	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.
F2	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.
F3	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.
F4	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.
F5	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.
F6	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.
F7	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.
F8	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.
F9	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