Angel Studios, Inc. — Director's Dealing 2025

Sep 22, 2025

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: Angel Studios, Inc. (ANGX)
CIK: 0001865200
Period of Report: 2025-09-10

Reporting Person: Harmon Neal (Director, Chief Executive Officer)

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock, par value $0.0001 per share	26495	Direct
Class A Common Stock, par value $0.0001 per share	27849	Indirect
Class B Common Stock, par value $0.0001 per share	22032683	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$0.06	2027-10-25	Class B Common Stock (18726)		Direct
Stock Option (right to buy)	$0.06	2028-06-06	Class B Common Stock (190235)		Direct
Stock Option (right to buy)	$0.06	2029-06-17	Class B Common Stock (13911)		Direct
Stock Option (right to buy)	$0.64	2031-03-16	Class B Common Stock (70401)		Direct
Stock Option (right to buy)	$1.67	2031-11-02	Class B Common Stock (37453)		Direct
Performance Stock Units	$2.66	2033-10-20	Class A Common Stock (136158)		Direct
Performance Stock Units	$2.66	2034-07-22	Class A Common Stock (24157)		Direct
Performance Stock Units	$5.66	2034-09-10	Class A Common Stock (253729)		Direct
Performance Stock Units	$6.13	2035-04-24	Class A Common Stock (41300)		Direct
Performance Stock Units	$7.29	2035-07-17	Class A Common Stock (14087)		Direct

Footnotes

F1: These shares of Class A Common Stock are held by an immediate family member of Mr. Harmon sharing the same household. Mr. Harmon is thus deemed to hold an indirect pecuniary interest in these shares of Class A Common Stock.

F2: Prior to the Issuer's business combination (the "Business Combination"), the fully-vested stock options represented the right to purchase 3,500 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 18,726 shares of the Issuer's Class B Common Stock.

F3: Prior to the Business Combination, the fully-vested stock options represented the right to purchase 35,555 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 190,235 shares of the Issuer's Class B Common Stock.

F4: Prior to the Business Combination, the fully-vested stock options represented the right to purchase 2,600 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 13,911 shares of the Issuer's Class B Common Stock.

F5: Prior to the Business Combination, the fully-vested stock options represented the right to purchase 13,158 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 70,401 shares of the Issuer's Class B Common Stock.

F6: Prior to the Business Combination, the stock options represented the right to purchase 7,000 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 37,453 shares of the Issuer's Class B Common Stock. Twenty-five percent (25%) of these options vested on November 2, 2022, with the remaining options vesting in equal monthly installments through November 2, 2025.

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 25,448 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 136,158 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 performance stock units (PSUs) were granted under Angel Legacy, Inc's. 2023 Performance Equity Plan and represented the right to purchase 4,515 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 24,157 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.

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 47,422 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 253,729 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.

F10: 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 7,719 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 41,300 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.

F11: 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 2,633 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 14,087 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.