Angel Studios (ANGX) Registration Filing summary

Company overview and business model

• Operates as a values-based media distribution company, leveraging technology and a global community to select, fund, and promote film and TV projects through the Angel Guild, which had 1.6 million paying members in over 160 countries as of September 30, 2025.

• Revenue streams include membership fees, theatrical distribution, content licensing to third parties, and merchandise sales.

• The company completed a business combination in September 2025, resulting in a dual-class share structure and a transition from Southport Acquisition Corporation to its current form.

Financial performance and metrics

• As an emerging growth company, presents only two years of audited financials and reduced executive compensation disclosures.

• Audited financials for Angel Legacy and Southport for fiscal years ended December 31, 2024 and 2023 are incorporated by reference.

Use of proceeds and capital allocation

• Net proceeds from securities sales are intended for general corporate purposes, with discretion retained by management; specific uses may be detailed in future prospectus supplements.