SEC FORM 3

SEC FORM 3 SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Ellis Elizabeth

(Last)

(First)

(Middle)

295 W. CENTER ST.

(Street)

PROVO

84601

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
09/10/2025

3. Issuer Name and Ticker or Trading Symbol
Angel Studios, Inc. [ ANGX ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Operating Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock, par value $0.0001 per share	5,264	D
Class B Common Stock, par value $0.0001 per share	26,752	I	See Footnote⁽¹⁾
Class B Common Stock, par value $0.0001 per share	133,761	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Stock Option (right to buy)	⁽²⁾	08/10/2026	Class B Common Stock	149,812	$0.16	D
Stock Option (right to buy)	⁽³⁾	06/06/2028	Class B Common Stock	5,446	$0.06	D
Stock Option (right to buy)	⁽⁴⁾	12/14/2028	Class B Common Stock	107,009	$0.06	D
Stock Option (right to buy)	⁽⁵⁾	07/20/2030	Class B Common Stock	541,734	$0.06	D
Stock Option (right to buy)	⁽⁶⁾	03/16/2031	Class B Common Stock	62,696	$0.64	D
Stock Option (right to buy)	⁽⁷⁾	09/03/2031	Class B Common Stock	267,710	$1.62	D
Stock Option (right to buy)	⁽⁸⁾	12/02/2032	Class B Common Stock	38,410	$2.24	D
Stock Option (right to buy)	⁽⁹⁾	04/20/2033	Class B Common Stock	355,784	$2.66	D
Performance Stock Units	⁽¹⁰⁾	10/20/2033	Class A Common Stock	88,416	$2.66	D
Performance Stock Units	⁽¹¹⁾	07/22/2034	Class A Common Stock	24,173	$2.66	D
Performance Stock Units	⁽¹²⁾	09/10/2034	Class A Common Stock	285,853	$5.66	D
Performance Stock Units	⁽¹³⁾	04/24/2035	Class A Common Stock	43,065	$6.13	D
Performance Stock Units	⁽¹⁴⁾	07/17/2035	Class A Common Stock	18,501	$7.29	D

Explanation of Responses:

1. These shares of Class B Common Stock are held by an immediate family member of Mrs. Ellis sharing the same household. Mrs. Ellis is thus deemed to hold an indirect pecuniary interest in these shares of Class B Common Stock.

2. Prior to the Issuer's business combination (the "Business Combination"), the fully-vested stock options represented the right to purchase 28,000 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 149,812 shares of the Issuer's Class B Common Stock.

3. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 1,018 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 5,446 shares of the Issuer's Class B Common Stock.

4. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 20,000 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 107,009 shares of the Issuer's Class B Common Stock.

5. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 101,250 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 541,734 shares of the Issuer's Class B Common Stock.

6. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 11,718 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 62,696 shares of the Issuer's Class B Common Stock.

7. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 50,035 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 267,710 shares of the Issuer's Class B Common Stock.

8. Prior to the Business Combination, the fully-vested stock options represented the right to purchase 7,179 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 38,410 shares of the Issuer's Class B Common Stock.

9. Prior to the Business Combination, the stock options represented the right to purchase 66,496 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 355,784 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.

10. 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 16,525 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 88,416 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.

11. 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 4,518 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 24,173 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.

12. 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 53,426 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 285,853 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.

13. 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 8,049 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 43,065 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.

14. 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 3,458 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 18,501 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

	/s/ Patrick J. Reilly, Attorney-in-Fact	09/22/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

New insider Ellis Elizabeth claimed ownership of 160,513 units of Class B Common Stock and claimed ownership of 5,264 shares (SEC Form 3)