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: Geesey Jared (Chief Distribution Officer)

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (right to buy)	$1.67	2031-11-02	Class B Common Stock (42803)		Direct
Stock Option (right to buy)	$2.24	2032-07-22	Class B Common Stock (53504)		Direct
Stock Option (right to buy)	$2.24	2032-12-02	Class B Common Stock (91803)		Direct
Stock Option (right to buy)	$2.66	2033-04-20	Class B Common Stock (13376)		Direct
Performance Stock Units	$2.66	2033-10-20	Class A Common Stock (149925)		Direct
Performance Stock Units	$2.66	2034-07-22	Class A Common Stock (22129)		Direct
Performance Stock Units	$5.66	2034-09-10	Class A Common Stock (67897)		Direct
Performance Stock Units	$6.13	2035-04-24	Class A Common Stock (46971)		Direct
Performance Stock Units	$7.29	2035-07-17	Class A Common Stock (11385)		Direct

Footnotes

F1: Prior to the Issuer's business combination (the "Business Combination"), the fully-vested stock options represented the right to purchase 8,000 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 42,803 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 10,000 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 53,504 shares of the Issuer's Class B Common Stock. Twenty-five percent (25%) of these options vested on April 1, 2023, with the remaining options vesting in equal monthly installments through April 1, 2026.

F3: Prior to the Business Combination, the fully-vested stock options represented the right to purchase 17,158 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 91,803 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 2,500 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 13,376 shares of the Issuer's Class B Common Stock.

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 28,021 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 149,925 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 4,136 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 22,129 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 12,690 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 67,897 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 8,779 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 46,971 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 2,128 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 11,385 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.