# EDGAR Filing Document

**Accession Number:** 0001865200
**File Stem:** 0001104659-25-118876
**Filing Date:** 2025-12
**Character Count:** 141588
**Document Hash:** 3870c3ee13a80477daf40223fdcf42c0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-118876.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001104659-25-118876

**CONFORMED SUBMISSION TYPE**: 424B5

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Angel Studios, Inc.
- **CENTRAL INDEX KEY:** 0001865200
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION [7812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 863483780
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B5
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291514
- **FILM NUMBER:** 251552973

**BUSINESS ADDRESS:**
- **STREET 1:** 295 W CENTER STREET
- **CITY:** PROVO
- **STATE:** UT
- **ZIP:** 84601
- **BUSINESS PHONE:** 760-933-8437

**MAIL ADDRESS:**
- **STREET 1:** 295 W CENTER STREET
- **CITY:** PROVO
- **STATE:** UT
- **ZIP:** 84601

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Southport Acquisition Corp
- **DATE OF NAME CHANGE:** 20210601

**Filed Pursuant to Rule 424(b)(5)**<br> **Registration No. 333-291514**

**PROSPECTUS SUPPLEMENT**

**(To Prospectus dated December 4, 2025)**

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| |
|:---|
| &nbsp;&nbsp; ![](tm2532801d1_424aimg001.jpg)  |
| &nbsp;&nbsp; **Up to $150,000,000**<br> **Common Stock** |

---

On December 5, 2025, we entered into an equity distribution agreement (the "Equity Distribution Agreement"), dated as of December 5, 2025, with Oppenheimer & Co. Inc., TCBI Securities, Inc., doing business as Texas Capital Securities, Maxim Group LLC and Roth Capital Partners, LLC (each, a "Sales Agent," and together, the "Sales Agents"), providing for the offer and sale to or through the Sales Agents, from time to time, shares of our Class A common stock, par value $0.0001 per share (the "Common Stock"), having an aggregate offering price of up to $150,000,000.

In accordance with the terms of the Equity Distribution Agreement, we may offer and sell shares of our Common Stock at any time and from time to time through the Sales Agents. Sales of the shares, if any, will be made by means of transactions that are deemed to be "at the market" offerings as defined in Rule 415 under the Securities Act of 1933, as amended (the "Securities Act"), including block trades and sales made in ordinary brokers' transactions on the New York Stock Exchange ("NYSE") or otherwise at market prices prevailing at the time of the sale, at prices related to prevailing market prices or at negotiated prices.

The Sales Agents will receive from us a commission of up to 3.0% of the gross sales price per share for any shares sold through it under the Equity Distribution Agreement. The net proceeds we receive from the sale of our Common Stock in this offering will be the gross proceeds received from such sales less the commissions and any other costs we may incur in issuing the shares. Subject to the terms and conditions of the Equity Distribution Agreement, the Sales Agents are not required to sell any specific number or dollar amount of shares but will use their commercially reasonable efforts to sell on our behalf any shares to be offered under the Equity Distribution Agreement. Under the terms of the Equity Distribution Agreement, we also may sell shares to the Sales Agents as principals for their own account to the extent permitted under the Securities Act and the Securities Exchange Act of 1934, as amended (the "Exchange Act").

Our common stock is listed on NYSE under the symbol "ANGX." The last reported sales price per share of our common stock on NYSE on December 3, 2025 was $4.48.

**Investing in our common stock involves certain risks. See "Risk Factors" beginning on page S-6 of this prospectus supplement and in the reports we file with the Securities and Exchange Commission ("SEC") pursuant to the Exchange Act, incorporated by reference in this prospectus supplement and the accompanying prospectus to read about factors you should consider before making an investment in our common stock.**

**Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Oppenheimer & Co.** | &nbsp;&nbsp;**Texas Capital Securities** | &nbsp;&nbsp;**Maxim Group LLC** | &nbsp;&nbsp;**Roth Capital Partners** |

---

**The date of this prospectus supplement is December 5, 2025.** 

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| **PROSPECTUS SUPPLEMENT** |  |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#va_001) | [S-1](#va_001) |
| [ABOUT THIS PROSPECTUS SUPPLEMENT](#va_002) | [S-3](#va_002) |
| [SUMMARY](#va_003) | [S-4](#va_003) |
| [THE OFFERING](#va_004) | [S-5](#va_004) |
| [RISK FACTORS](#va_005) | [S-6](#va_005) |
| [USE OF PROCEEDS](#va_006) | [S-8](#va_006) |
| [DILUTION](#va_008) | [S-9](#va_008) |
| [PLAN OF DISTRIBUTION](#va_009) | [S-10](#va_009) |
| [LEGAL MATTERS](#va_010) | [S-11](#va_010) |
| [EXPERTS](#va_011) | [S-12](#va_011) |
| [WHERE YOU CAN FIND MORE INFORMATION](#va_012) | [S-13](#va_012) |
| [INCORPORATION OF CERTAIN INFORMATION BY REFERENCE](#va_013) | [S-14](#va_013) |

---

**PROSPECTUS** 

---

| | |
|:---|:---|
| [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#a_001) | [i](#a_001) |
| [ABOUT THIS PROSPECTUS](#a_002) | [3](#a_002) |
| [PROSPECTUS SUMMARY](#a_003) | [4](#a_003) |
| [RISK FACTORS](#a_004) | [6](#a_004) |
| [USE OF PROCEEDS](#a_005) | [7](#a_005) |
| [DESCRIPTION OF CAPITAL STOCK](#capstock) | [8](#capstock) |
| [DESCRIPTION OF DEBT SECURITIES](#debtsec) | [12](#debtsec) |
| [DESCRIPTION OF WARRANTS](#warrants) | [19](#warrants) |
| [PLAN OF DISTRIBUTION](#a_008) | [20](#a_008) |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_009) | [22](#a_009) |
| [INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE](#a_010) | [23](#a_010) |
| [LEGAL MATTERS](#a_011) | [24](#a_011) |
| [EXPERTS](#a_013) | [25](#a_013) |

---

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus includes forward-looking statements regarding, among other things, the plans, strategies and prospects of Angel Studios, Inc., a Delaware Corporation (the "Company"). These statements are based on the beliefs and assumptions of the management of the Company. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, and any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These statements may be preceded by, followed by or include the words "believes," "continues," "estimates," "expects," "may," "might," "will," "should," "could," "seeks," "plans," "scheduled," "possible," "potential," "predict," "anticipates," "intends," "aims," "works," "focuses," "aspires," "strives" or "sets out" or similar expressions.

Forward-looking statements are not guarantees of performance, and the absence of these words does not mean that a statement is not forward looking. You should understand that the following important factors, in addition to those discussed under the heading "*Risk Factors*" and elsewhere in this prospectus, could affect the future results of the Company, and could cause those results or other outcomes to differ materially and adversely from those expressed or implied in the forward-looking statements in this prospectus. Forward-looking statements in this prospectus may include, for example, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the ability to recognize the anticipated benefits of and successfully deploy the business combination,
which may be affected by, among other things, competition, and the ability of the combined business to grow and manage growth profitably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Company's ability to achieve and maintain profitability in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Company's ability to successfully monetize projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Company's success in retaining or recruiting its officers, key employees or directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· officers and directors allocating their time to other businesses and potentially having conflicts of interest
with the Company's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Company's ability to attract and maintain an adequate customer base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Company's ability to create and distribute content that is popular with consumers and affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Company's reliance on a number of partners to make its service available on their devices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Company's ability to continue to develop and enhance its existing technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any significant disruption in or unauthorized access to the Company's computer systems or those
of third parties that the Company utilizes in its operations, including those relating to cybersecurity or arising from cyber-attacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Company's ability to successfully, or profitably, compete with current and new competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Company's ability to consummate any interim financing, and the ability of the Company to raise
additional capital, if necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Company's ability to successfully defend litigation or investigations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the ability to maintain the listing of the Company's Common Stock on the NYSE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the possibility that the Company may be adversely affected by other economic, business, and/or competitive
factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes in applicable laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· geopolitical events and general economic conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· other risks and uncertainties set forth in our Quarterly Report filed with the SEC on November 13, 2025
in the section entitled "Risk Factors", which is incorporated herein by reference, and in other documents we file with the
SEC from time to time.

These and other factors that could cause actual results to differ from those implied by the forward-looking statements in this prospectus supplement are more fully described under the heading "*Risk Factors*" and elsewhere in this prospectus supplement and the accompanying base prospectus. The risks described under the heading "*Risk Factors*" are not exhaustive. Other sections of this prospectus supplement and the accompanying base propsectus describe additional factors that could adversely affect the business, financial condition or results of operations of the Company. New risk factors emerge from time to time and it is not possible to predict all such risk factors, nor can the Company assess the impact of all such risk factors on its business, or the extent to which any factor or combination of factors may cause actual results to differ materially and adversely from those contained in any forward-looking statements. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. These statements speak only as of the date hereof, and the Company undertakes no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

In addition, statements of belief and similar statements reflect the beliefs and opinions of the Company on the relevant subject. These statements are based upon information available to the Company as of the date of this prospectus supplement, and while the Company believes such information forms a reasonable basis for such statements, such information may be limited or incomplete, and statements should not be read to indicate that the Company has conducted an exhaustive inquiry into, or review of, all potentially available relevant information.

**ABOUT THIS PROSPECTUS SUPPLEMENT**

This prospectus supplement and the accompanying base prospectus are part of a registration statement that we have filed with the SEC using a "shelf" registration process. Under this shelf registration process, we may sell shares of common stock and preferred stock, debt securities and/or warrants in one or more offerings.

The $150,000,000 of Common Stock that may be offered, issued and sold under this prospectus supplement is included in the $400,000,000 of securities that may be offered, issued and sold by us pursuant to our shelf registration statement. In connection with such offers and when accompanied by the base prospectus included in the registration statement of which this prospectus supplement forms a part, this prospectus supplement will be deemed a prospectus supplement to such base prospectus.

This prospectus supplement and the accompanying base prospectus describe the terms of this offering of Common Stock and also adds to and updates information contained in the documents incorporated by reference into this prospectus supplement. To the extent there is a conflict between the information contained in this prospectus supplement, on the one hand, and the information contained in any document incorporated by reference into this prospectus supplement that was filed with the SEC before the date of this prospectus supplement, on the other hand, you should rely on the information in this prospectus supplement. If any statement in one of these documents is inconsistent with a statement in another document having a later date (for example, a document incorporated by reference into this prospectus supplement) the statement in the document having the later date modifies or supersedes the earlier statement.

You should rely only on the information contained in or incorporated by reference in this prospectus supplement and the accompanying base prospectus. We have not, and the Sales Agents have not, authorized anyone to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We are not, and the Sales Agents are not, making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus supplement, the accompanying base prospectus and the documents incorporated by reference in this prospectus supplement, is accurate only as of the date of those respective documents. Our business, financial condition, results of operations and prospects may have changed since those dates. You should read this prospectus supplement, the accompanying base prospectus and the documents incorporated by reference in this prospectus supplement, in their entirety before making an investment decision.

References in this prospectus to "our company," "we," "our," and "us" refer to Angel Studios, Inc.

**PROSPECTUS SUMMARY**

This summary only highlights the more detailed information appearing elsewhere in this prospectus supplement or incorporated by reference in this prospectus supplement. It may not contain all of the information that is important to you. You should carefully read the entire prospectus supplement and the accompanying base prospectus and the documents incorporated by reference in this prospectus supplement before deciding whether to invest in our securities.

Unless the context indicates otherwise, references in this prospectus supplement to the "*Company*," "*we*," "*us*," "*our*" and similar terms prior to September 10, 2025 are intended to refer to Angel Studios Legacy, Inc., and after September 10, 2025, to Angel Studios, Inc. and its consolidated subsidiaries.

**Overview**

We are a values-based media distribution company that uses technology to empower a vibrant and growing community to replace the Hollywood gatekeeper system and champion stories that amplify light for mainstream audiences.

Our community, the Angel Guild ("Angel Guild"), is at the heart of this mission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Angel Guild votes to select film and TV shows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Angel Guild rallies in theaters to support film releases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Angel Guild funds future films and TV shows with their membership.

As of September 30, 2025, through the Angel Guild, approximately 1,600,000 paying members from more than 160 different countries help decide what film and TV projects we will market and distribute.

*Pledge to Amplify Light*

All Angel Guild members make a written pledge stating: "When I vote, I pledge to help choose excellent entertainment that is true, honest, noble, just, authentic, lovely or admirable."

*Revenue*

We primarily generate revenue from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Angel Guild revenue comes from monthly or annual membership fees. Currently there are two possible tiers for membership, "Basic" and "Premium." Both memberships allow voting for every release, give early access releases. The primary difference is that "Premium" includes two complimentary tickets to every theatrical release and a discount for all merchandise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Theatrical Distribution revenue comes from releasing our original films with its exhibitor partners. Every time a moviegoer purchases a ticket from the partner theaters, we receive a percentage of the box office revenue. For most international theaters, the percentage of box office revenue is first paid to a distributor who then pays us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Content Licensing revenue comes from licensing our films and TV shows to other distributors such as Amazon, Apple and Netflix. Our future plans include licensing the rights to its films and TV shows for other experiences such as derivative shows, video games, theme parks and Broadway-style plays.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Other revenue is generated from sales of merchandise related to our films and series, as well as physical DVD sales. We also offer a direct online store for our themed products and wholesale products to retail partners.

 

*Founding*

Angel Legacy was founded in 2013 by its Chief Executive Officer, Neal Harmon, along with his brothers Daniel, Jeffrey and Jordan, and their cousin, Benton Crane.

**Corporate Information**

The Company was incorporated in Delaware on April 13, 2021. Our principal executive offices are located at 295 W Center Street Provo, Utah 84601, and our telephone number is (760) 933-8437. Our website address is https://ir.angel.com/. Information contained on, or that can be accessed through, our website does not constitute a part of this prospectus supplement and is not incorporated by reference herein. We have included our website address in this prospectus supplement solely for informational purposes.

**THE OFFERING**

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| | |
|:---|:---|
| &nbsp;&nbsp;Issuer | &nbsp;&nbsp;Angel Studios, Inc. |
| &nbsp;&nbsp;Common Stock Offered by Us | &nbsp;&nbsp;Shares of our Common Stock having an aggregate offering price of up to $150,000,000. |
| &nbsp;&nbsp;Class A Common Stock to be Outstanding After this Offering | &nbsp;&nbsp;143,106,341 shares of Class A common stock, par value $0.0001 per share ("Class A Common Stock"), assuming sales of 33,482,142 shares in this offering at an offering price of $4.48 per share, which was the last reported sales price of our Common Stock on NYSE on December 3, 2025. The actual number of shares issued will vary depending on how many shares of our common stock we choose to sell and the prices at which such sales occur. |
| &nbsp;&nbsp;Plan of Distribution | &nbsp;&nbsp;"At the market offering" made from time to time through or to the Agents. See the section of this prospectus supplement entitled "Plan of Distribution" beginning on page S-10. |
| &nbsp;&nbsp;Use of Proceeds | &nbsp;&nbsp;We intend to use the net proceeds from this offering for general corporate purposes. See the section of this prospectus supplement entitled "Use of Proceeds" beginning on page S-8. |
| &nbsp;&nbsp;Market for Class A Common Stock | &nbsp;&nbsp;Our Class A Common Stock is currently listed on NYSE under the symbol "ANGX." |
| &nbsp;&nbsp;Risk Factors | &nbsp;&nbsp;An investment in our securities involves a high degree of risk. Before making an investment decision, investors should carefully consider the information set forth in the section of this prospectus supplement entitled "Risk Factors" beginning on page S-6, as well as the other risks and uncertainties described in the documents that we file with the SEC that are incorporated herein by reference. |

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The number of shares of Common Stock to be outstanding after this offering is based on 168,631,209 shares issued and outstanding as of September 30, 2025, and excludes, as of such date the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 17,318,680 shares of our Common Stock reserved for issuance under our 2025 Long-Term Incentive Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 14,376,933 shares of our Common Stock reserved for issuance for the shares underlying former options which are exercisable into Common
Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 17,501,124 shares of our Common Stock reserved for issuance upon conversion of the shares underlying former options which are exercisable
into Class B common stock, par value $0.0001 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 868,252 shares of our Common Stock reserved for issuance upon conversion of a convertible feature on outstanding debt which are exercisable
into Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 748,395 shares of our Common Stock reserved for issuance for the shares of warrant offerings which are exercisable into Common Stock.

**RISK FACTORS**

*Investing in our Common Stock involves a high degree of risk. You should carefully consider the specific risks sets forth under the caption "Risk Factors" in [our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000110465925111382/none-20250930x10q.htm), as updated by our subsequent filings, which are incorporated by reference into this prospectus supplement and the accompanying base prospectus, before making an investment decision. Each of the risk factors described in the documents referenced above could adversely affect our business, operating results, financial condition and cash flows, as well as adversely affect the value of an investment in our Common Stock, and the occurrence of any of these risks might cause you to lose all or part of your investment. Additional risks not presently known to us or that we currently believe are immaterial may also significantly impair our business operations. Please also read carefully the section titled "Special Note Regarding Forward-Looking Statements." For additional information, please see the sources described under the caption "Where You Can Find More Information."*

***The Common Stock offered hereby will be sold in "at-the-market" offerings, and investors who buy shares at different times will likely pay different prices.***

 ****

Investors who purchase shares in this offering at different times will likely pay different prices, and so may experience different outcomes in their investment results. We will have discretion, subject to market demand, to vary the timing, prices, and numbers of shares sold, and there is no minimum or maximum sales price. Investors may experience a decline in the value of their shares as a result of share sales made at prices lower than the prices they paid.

***The actual number of shares we will issue under the Equity Distribution Agreement, at any one time or in total, is uncertain.***

 ****

Subject to certain limitations in the Equity Distribution Agreement and compliance with applicable law, we have the discretion to deliver a sales notice to the Sales Agent at any time throughout the term of the Sales Agreement. The number of shares sold by the Sales Agent after delivering a sales notice will fluctuate based on the market price of the shares of common stock during the sales period and limits we set with the Sales Agent. As the price per share of each share sold will fluctuate based on the market price of our common stock during the sales period, it is not possible at this stage to predict the number of shares that will be ultimately issued.

***Sales of our Common Stock in this offering or otherwise, or the perception that such sales may occur, could cause the market price of our Common Stock to fall.***

 ****

We may issue and sell shares of our common stock for aggregate gross proceeds of up to $150,000,000 from time to time in connection with this offering. The issuance and sale from time to time of these new shares of common stock, or our ability to issue these new shares of common stock in this offering, could have the effect of depressing the market price of our common stock.

In addition, we may issue additional shares of our common stock in subsequent public offerings or private placements for general corporate purposes or for other purposes. We are not required to offer any such shares to existing stockholders on a preemptive basis. Therefore, it may not be possible for existing stockholders to participate in such future share issuances, which may dilute the existing stockholders' interests in us.

***Resales of our Common Stock in the public market following this offering may cause the trading price to fall.***

 ****

Resales of a substantial number of shares of our Common Stock could depress the trading price of our Common Stock. This offering of new shares of our Common Stock could result in resales of our Common Stock by our current stockholders concerned about the potential dilution of their holdings. If our stockholders sell substantial amounts of our Common Stock in the public market following the offering contemplated by this prospectus supplement, the trading price of our Common Stock could fall.

***Management has broad discretion as to the use of net proceeds of this offering, and may not use these net proceeds in a manner desired by our stockholders.***

 ****

Our management will have broad discretion as to the use of the net proceeds from this offering and could use them for purposes other than those contemplated at the time of this offering. Accordingly, you will be relying on the judgment of our management with regard to the use of the net proceeds of this offering, and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being used appropriately. Our needs may change as our business evolves. As a result, the net proceeds to be received in this offering may be used in a manner significantly different from our current expectations. It is possible that the net proceeds will be invested in a way that does not yield a favorable, or any, return.

***You may experience immediate and substantial dilution in the net tangible book value per Common Stock you purchase.***

 ****

The price per Common Stock being offered may be higher than the net tangible book value per common share outstanding prior to this offering. Assuming that an aggregate of 33,482,142 shares are sold at a price of $4.48 per share, the last reported sale price of our common stock on NYSE on December 3, 2025, for aggregate proceeds of up to $150 million in this offering, and after deducting commissions and estimated aggregate offering expenses payable by us, you will suffer immediate dilution of $3.60 per share, representing the difference between the as adjusted net tangible book value per common share as of September 30, 2025 after giving effect to this offering and the assumed offering price. See the section entitled "Dilution" below for a more detailed discussion of the dilution you will incur if you purchase Common Stock in this offering.

**USE OF PROCEEDS**

We may issue and sell shares of our Common Stock having aggregate sales proceeds of up to $150,000,000 from time to time. As there is no minimum offering amount required with respect to this offering, the actual total public offering amount, commissions and proceeds to us, if any, are not determinable at this time. There can be no assurance that we will be able to sell any shares under or fully utilize the Equity Distribution Agreement with the Sales Agents.

The net proceeds from this offering will depend upon the number of shares of Common Stock sold and the market price at which they are sold. We intend to use any net proceeds from the sales of shares of our Common Stock pursuant to this prospectus supplement for general corporate purposes. The expected use of the net proceeds from this offering represents our intentions based upon our current plans and business conditions, which could change in the future as our plans and business conditions evolve. Our management will have broad discretion in applying the net proceeds from this offering.

**DILUTION**

If you purchase shares of our Common Stock in this offering, you will experience dilution to the extent of the difference between the public offering price per share and the as adjusted net tangible book value per share after giving effect to this offering. We calculate net tangible book value per share by dividing the net tangible book value, which is tangible assets less total liabilities, by the number of outstanding shares of our Common Stock. Dilution represents the difference between the public offering price per share paid by purchasers in this offering and the as adjusted net tangible book value per share of our common stock immediately after giving effect to this offering. Our net tangible book value as of September 30, 2025 was approximately $32.6 million, or $0.19 per share.

After giving further effect to the assumed sale of shares of our common stock in this offering of $150,000,000 in the aggregate at an assumed public offering price of $4.48 per share, and after deducting the commissions and estimated offering expenses payable by us, our as adjusted net tangible book value as of September 30, 2025 would have been approximately $177.8 million, or $0.88 per share of Common Stock. This represents an immediate increase in the as adjusted net tangible book value of $0.69 per share to our existing stockholders and an immediate dilution per share of $3.60 to new investors. The following table illustrates this per share dilution to new investors:

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| | |
|:---|:---|
| Assumed public offering price per share | $4.48 |
| Net tangible book value per share as of September 30, 2025 | $0.19 |
| Increase in net tangible book value per share attributable to this offering | $0.69 |
| As adjusted net tangible book value per share after giving effect to this offering | $0.88 |
| Dilution per share to new investors participating in this offering | $3.60 |

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For illustrative purposes, the table above assumes that an aggregate of 33,482,143 shares of our Common Stock are sold at an assumed price of $4.48 per share for aggregate gross proceeds of $150,000,000. The shares sold in this offering, if any, will be sold from time to time at various prices. An increase of $1.00 per share in the price at which the shares are sold from the assumed offering price of $4.48 per share shown in the table above, assuming that all shares of our Common Stock in the aggregate amount of $150,000,000 during the remainder of the term of the Equity Distribution Agreement is sold at that price, would result in an increase in net tangible book value per share in this offering from $0.88 to $0.91 per share, after deducting commissions and estimated aggregate offering expenses payable by us. A decrease of $1.00 per share in the price at which the shares are sold from the assumed offering price of $4.48 per share shown in the table above, assuming that all of our common stock in the aggregate amount of $150,000,000 during the remainder of the term of the Equity Distribution Agreement is sold at that price, would result in a decrease in net tangible book value per share in this offering from $0.88 to $0.84 per share, after deducting commissions and estimated aggregate offering expenses payable by us. This information is supplied for illustrative purposes only and may differ based on the actual offering price and the actual number of shares sold.

The number of shares of Common Stock to be outstanding after this offering is based on 168,631,209 shares issued and outstanding as of September 30, 2025, and excludes, as of such date the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 17,318,680 shares of our Common Stock reserved for issuance under our 2025 Long-Term Incentive Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 14,376,933 shares of our Common Stock reserved for issuance for the shares underlying former options which are exercisable into Common
Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 17,501,124 shares of our Common Stock reserved for issuance upon conversion of the shares underlying former options which are exercisable
into Class B common stock, par value $0.0001 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 868,252 shares of our Common Stock reserved for issuance upon conversion of a convertible feature on outstanding debt which are exercisable
into Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 748,395 shares of our Common Stock reserved for issuance for the shares of warrant offerings which are exercisable into Common Stock.

**PLAN OF DISTRIBUTION**

We have entered into the Equity Distribution Agreement, or the Distribution Agreement, with Oppenheimer & Co. Inc., TCBI Securities, Inc., doing business as Texas Capital Securities, Maxim Group LLC and Roth Capital Partners, LLC, under which we may issue and sell from time to time shares of our Common Stock having an aggregate offering price of not more than $150,000,000 through Oppenheimer & Co. Inc., TCBI Securities, Inc., doing business as Texas Capital Securities, Texas Capital Securities, Maxim Group LLC and Roth Capital Partners, LLC as our Sales Agents. Sales of the Common Stock, if any, will be made by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415 promulgated under the Securities Act, or in privately negotiated transactions. The Distribution Agreement will be filed as an exhibit to a Current Report on Form 8-K concurrently with the filing of this prospectus supplement and incorporated by reference into this prospectus supplement and the accompanying prospectus.

The applicable Sales Agent will offer our Common Stock at prevailing market prices subject to the terms and conditions of the Distribution Agreement as agreed upon by us and such Sales Agent. We will designate the number of shares which we desire to sell, the time period during which sales are requested to be made, any limitation on the number of shares that may be sold in one day and any minimum price below which sales may not be made. Subject to the terms and conditions of the Distribution Agreement, such Agent will use its commercially reasonable efforts, consistent with its sales and trading practices, to sell on our behalf all of the shares of Common Stock requested to be sold by us. We or the Sales Agents may suspend the offering of the Common Stock being made through such Sales Agent under the Distribution Agreement upon proper notice to the other party.

Unless otherwise specified in the applicable placement notice, settlement for sales of our Common Stock will occur on the first trading day (or such earlier day as is industry practice for regular-way trading) following the time at which an acquiror of Common Stock entered into a contract, binding upon such acquiror, to acquire such Common Stock, in return for payment of the net proceeds to us. There is no arrangement for funds to be received in an escrow, trust or similar arrangement.

We will pay the Sales Agents in cash, upon each sale of our shares of Common Stock pursuant to the Distribution Agreement, a commission equal to up to 3.0% of the gross proceeds from each sale of shares of our Common Stock. Because there is no minimum offering amount required as a condition to this offering, the actual total public offering amount, commissions and proceeds to us, if any, are not determinable at this time. Pursuant to the terms of the Distribution Agreement, we have agreed to reimburse the Agents for the fees and disbursements of its counsel in an amount not to exceed (i) $100,000 in connection with the establishment of the at-the-market offering, and (ii) thereafter, $15,000 on a quarterly basis. We estimate that the total expenses of the offering payable by us, excluding commissions payable to the Sales Agents under the Distribution Agreement, will be approximately $215,000. We will report at least quarterly in respect of any quarter in which sales of our Common Stock were made by or through the Sales Agents under the Distribution Agreement the number of shares of Common Stock sold through the Sales Agents under the Distribution Agreement, the net proceeds to us and the compensation paid by us to such Sales Agent in connection with the sales of Common Stock.

In connection with the sales of Common Stock on our behalf, the Sales Agents will be deemed to be an "underwriter" within the meaning of the Securities Act, and the compensation paid to such Sales Agent will be deemed to be underwriting commissions or discounts. We have agreed in the Distribution Agreement to provide indemnification and contribution to the Sales Agents against certain liabilities, including liabilities under the Securities Act and the Exchange Act.

The offering of our shares of Common Stock pursuant to the Distribution Agreement will terminate upon the earlier of the (i) sale of all of our shares of Common Stock provided for in this prospectus supplement, or (ii) termination of the Distribution Agreement as permitted therein.

Each Sales Agent and its respective affiliates may in the future provide various investment banking and other financial services for us and our affiliates, for which services they may in the future receive customary fees. To the extent required by Regulation M, the Sales Agents will not engage in any market making activities involving our shares of Common Stock while the offering is ongoing under this prospectus supplement. This summary of the material provisions of the Distribution Agreement does not purport to be a complete statement of its terms and conditions. We are filing a copy of the Distribution Agreement with the SEC on a Current Report on Form 8-K concurrently with the filing of this prospectus supplement.

**LEGAL MATTERS**

The validity of the issuance of the shares of common stock offered hereby will be passed upon for us by Mayer Brown LLP, New York, New York. White & Case, LLP, New York, New York, is acting as counsel to the Sales Agents in connection with this offering.

**EXPERTS**

The audited financial statements of Angel Legacy as of and for the fiscal years ended December 31, 2024 and 2023 have been incorporated by reference herein in reliance upon the report of Tanner LLC, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing. Effective October 31, 2025, Tanner LLC converted to Tanner LLP. Effective November 7, 2025, Tanner LLP succeeded to the registration status of Tanner LLC, the predecessor firm, following the change in legal structure.

The consolidated financial statements of Southport as of December 31, 2024 and 2023 and for each of the two years ended December 31, 2024 incorporated by reference in this prospectus supplement and the accompanying prospectus supplement have been so included in reliance on the reports of BDO USA, P.C., given on the authority of said firm as experts in auditing and accounting. The report on the consolidated financial statements contains an explanatory paragraph regarding Southport's ability to continue as a going concern.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the SEC a registration statement on Form S-3 under the Securities Act with respect to the securities offered by this prospectus supplement. This prospectus supplement and the accompanying base prospectus, which relates to a part of such registration statement, do not contain all of the information included in the registration statement. For further information pertaining to us and our securities, you should refer to the registration statement and the exhibits and schedules filed with the registration statement. Whenever we make reference in this prospectus supplement and the accompanying base propsectus to any of our contracts, agreements or other documents, the references are not necessarily complete. If a contract or document has been filed as an exhibit to the registration statement or a report we file under the Exchange Act, you should refer to the copy of the contract or document that has been filed. Each statement in this prospectus supplement and the accompanying base propsectus relating to a contract or document filed as an exhibit to a registration statement or report is qualified in all respects by the filed exhibit.

We are subject to the information requirements of the Exchange Act and file annual, quarterly and current event reports, proxy statements and other information with the SEC. You can read our SEC filings, including the registration statement, over the Internet at the SEC's website at *www.sec.gov.* You may also read and copy any document we file with the SEC at its public reference facility at 100 F Street, N.E., Washington, D.C. 20549.

We also maintain a website at https://ir.angel.com/ which you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. However, the information contained in or accessible through our website is not part of this prospectus supplement and the accompanying base prospectus or the registration statement of which this prospectus supplement and the accompanying base prospectus form a part, and investors should not rely on such information in making a decision to purchase our common stock in this offering.

**INCORPORATION OF CERTAIN INFORMATION BY REFERENCE**

The SEC allows us to "incorporate by reference" the information we file with the SEC, which means we can disclose important information to you by referring you to those documents. The information we incorporate by reference is an important part of this prospectus supplement, and certain information that we will later file with the SEC will automatically update and supersede this information. We incorporate by reference the documents listed below as well as any future filings we make with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (excluding, unless otherwise provided therein or herein, documents not deemed "filed" with the SEC and information furnished pursuant to Item 2.02 and Item 7.01 on any Current Report on Form 8-K or certain exhibits furnished pursuant to Item 9.01 of Form 8-K) after the date of the initial registration statement and prior to the effectiveness of this registration statement, and any filings made after the date of this prospectus supplement until we sell all of the securities under this prospectus supplement. Statements in this prospectus supplement regarding the provisions of certain documents filed with, or incorporated by reference in, the registration statement are not necessarily complete, and reference is made to the actual documents for complete information. The following documents filed with the SEC are incorporated by reference in this prospectus supplement:

[·](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000141057825000747/port-20241231x10k.htm) [our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on April 15, 2025;](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000141057825000747/port-20241231x10k.htm)

[·](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000155837025004007/none-20241231x10k.htm) [the Annual Report of Angel Legacy on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 28, 2025;](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000155837025004007/none-20241231x10k.htm)

· our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2025, June 30, 2025 and September 30, 2025, filed with
the SEC on [May 16, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000141057825001352/port-20250331x10q.htm) , [August 14, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000141057825001813/port-20250630x10q.htm) and [November 13, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000110465925111382/none-20250930x10q.htm) , respectively;

· the Quarterly Reports of Angel Legacy on Form 10-Q for the quarterly periods ended March 31, 2025 and June 30, 2025, filed with the
SEC on [May 15, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000155837025007836/none-20250331x10q.htm) and [August 13, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000155837025011310/none-20250630x10q.htm) , respectively;

· our current reports on Form 8-K and Form 8-K/A, filed with the SEC on [August 11, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000110465925076207/tm2425114d21_8k.htm) , [August 21, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000110465925081436/tm2425114d25_8k.htm) , [August 25, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000110465925082512/tm2425114d28_8k.htm) , [September 15, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000110465925089732/tm2526078d1_8k.htm) , [September 16, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000110465925090427/tm2526186d1_8k.htm) , [October 8, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000110465925097920/tm2528158d1_8k.htm) , [October 28, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000110465925103243/tm2529664d1_8k.htm) , [November 12, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000110465925109556/tm2530848d1_8ka.htm) , [November 20, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000110465925114664/tm2531860d1_8k.htm) and [November 21, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000186520025000018/angx-20251118x8k.htm) ;

· the current reports of Angel Legacy on Form 8-K, filed with the SEC on [April 24, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000110465925038136/tm2513056d1_8k.htm) , [May 7, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000110465925045150/tm2514237d1_8k.htm) , [May 9, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000110465925046781/tm2514667d1_8k.htm) , [June 10, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000110465925058210/tm2517620d1_8k.htm) , [June 16 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000110465925059853/tm2518147d1_8k.htm) , [August 4, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000110465925073700/tm2522257d2_8k.htm) , [August 15, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000110465925079289/tm2523644d1_8k.htm) , [September 5, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000110465925087910/tm2525424d1_8k.htm) , [September 8, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000110465925088182/tm2525520d1_8k.htm) and [September 10, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000110465925088826/tm2525710d1_8k.htm) ; and

· the description of our common stock contained in our Registration Statement on [Form 8-A, filed on September 10, 2025](https://www.sec.gov/Archives/edgar/data/1865200/000110465925088949/tm2525625d1_8a12b.htm) , including any
amendment or reports filed for the purpose of updating such description.

Any statement contained in this prospectus supplement, the accompanying base prospectus or in a document incorporated or deemed to be incorporated by reference into this prospectus supplement will be deemed to be modified or superseded for purposes of this prospectus supplement to the extent that a statement contained in this prospectus supplement or any other subsequently filed document that is deemed to be incorporated by reference into this prospectus supplement modifies or supersedes the statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this prospectus supplement.

Copies of these filings are available at no cost on our website, https://ir.angel.com/. In addition, you may request a copy of these filings and any amendments thereto at no cost, by writing or telephoning us. Those copies will not include exhibits to those documents unless the exhibits are specifically incorporated by reference in the documents or unless you specifically request them. You may also request copies of any exhibits to the registration statement at no cost. Please direct your request to:

Angel Studios, Inc.

295 W Center Street

Provo, Utah 84601

(760) 933-8437

Attention: Legal Department

You should rely only on the information in this prospectus supplement, the accompanying base prospectus and the documents that are incorporated by reference. We have not authorized anyone else to provide you with different information. We are not offering these securities in any state where the offering is prohibited by law. You should not assume that the information in this prospectus, any prospectus supplement, the accompanying the base prospectus or any incorporated document is accurate as of any date other than the date of the document.

**PROSPECTUS**

**$400,000,000**

![](tm2531001d1_s3img001.jpg)

**Common Stock**

 **Preferred Stock**

 **Debt Securities** 

**Warrants**

We may from time to time offer, in one or more series, separately or together, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our preferred stock in one or more series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· debt securities in one or more series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· warrants to purchase our common stock.

The aggregate public offering price of the securities that we may offer through this prospectus will be up to $400,000,000.

We will provide the specific terms of the securities offered by us in supplements to this prospectus, which we will deliver together with the prospectus at the time of sale. This prospectus may not be used to sell securities unless accompanied by a prospectus supplement. Please read this prospectus and the applicable prospectus supplement carefully before you invest in any of our securities.

We may, from time to time, offer and sell these securities directly or through one or more underwriters, agents or dealers, through underwriting syndicates managed or co-managed by one or more underwriters, or directly to purchasers, on or off the New York Stock Exchange ("NYSE") at prevailing market prices or at privately negotiated prices, on a continuous or delayed basis.

For additional information on the methods of sale, you should refer to the section titled "Plan of Distribution" in this prospectus. If any agents or underwriters are involved in the sale of any securities with respect to which this prospectus is being delivered, the names of such agents or underwriters and any applicable fees, commissions, discounts or over-allotment options will be set forth in a prospectus supplement. The price to the public of such securities and the net proceeds we expect to receive from such sale will also be set forth in a prospectus supplement.

Our common stock is listed on the NYSE under the symbol "ANGX." On November 11, 2025, the last reported sale price of our common stock was $5.52 per share. The applicable prospectus supplement will contain information, where applicable, as to any other listing on NYSE or any securities market or other exchange of the securities, if any, covered by the prospectus supplement.

We are an "emerging growth company" under federal securities laws and are subject to reduced public company reporting requirements.

**Investing in our securities involves risks. Risks associated with an investment in our securities will be described in the applicable prospectus supplement and certain of our filings with the Securities and Exchange Commission, as described under the caption "Risk Factors" on page 6*.***

**None of the Securities and Exchange Commission or any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.**

The date of this prospectus is December 4, 2025

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#a_001) | [i](#a_001) |
| [ABOUT THIS PROSPECTUS](#a_002) | [3](#a_002) |
| [PROSPECTUS SUMMARY](#a_003) | [4](#a_003) |
| [RISK FACTORS](#a_004) | [6](#a_004) |
| [USE OF PROCEEDS](#a_005) | [7](#a_005) |
| [DESCRIPTION OF CAPITAL STOCK](#capstock) | [8](#capstock) |
| [DESCRIPTION OF DEBT SECURITIES](#debtsec) | [12](#debtsec) |
| [DESCRIPTION OF WARRANTS](#warrants) | [19](#warrants) |
| [PLAN OF DISTRIBUTION](#a_008) | [20](#a_008) |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_009) | [22](#a_009) |
| [INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE](#a_010) | [23](#a_010) |
| [LEGAL MATTERS](#a_011) | [24](#a_011) |
| [EXPERTS](#a_013) | [25](#a_013) |

---

**No dealer, salesman or other person has been authorized to give any information or to make any representations in connection with the offer made by this prospectus or any prospectus supplement other than those contained in, or incorporated by reference in, this prospectus or any prospectus supplement, and if given or made, such information or representations must not be relied upon as having been authorized by us or any underwriter, agent or dealer. This prospectus or any prospectus supplement does not constitute an offer to sell or a solicitation of any offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make an offer or solicitation in such jurisdiction. The delivery of this prospectus or any prospectus supplement at any time does not imply that the information contained herein or therein is correct as of any time subsequent to their respective dates.**

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus includes forward-looking statements regarding, among other things, the plans, strategies and prospects of Angel Studios, Inc., a Delaware Corporation (the "Company"). These statements are based on the beliefs and assumptions of the management of the Company. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, and any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These statements may be preceded by, followed by or include the words "believes," "continues," "estimates," "expects," "may," "might," "will," "should," "could," "seeks," "plans," "scheduled," "possible," "potential," "predict," "anticipates," "intends," "aims," "works," "focuses," "aspires," "strives" or "sets out" or similar expressions.

Forward-looking statements are not guarantees of performance, and the absence of these words does not mean that a statement is not forward looking. You should understand that the following important factors, in addition to those discussed under the heading "*Risk Factors*" and elsewhere in this prospectus, could affect the future results of the Company, and could cause those results or other outcomes to differ materially and adversely from those expressed or implied in the forward-looking statements in this prospectus. Forward-looking statements in this prospectus may include, for example, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 ability to recognize the anticipated benefits of and successfully deploy the Business Combination,
 which may be affected by, among other things, competition, and the ability of the combined
 business to grow and manage growth profitably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Company's ability to achieve and maintain profitability in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Company's ability to successfully monetize projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Company's success in retaining or recruiting its officers, key employees or directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· officers
 and directors allocating their time to other businesses and potentially having conflicts
 of interest with the Company's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Company's ability to attract and maintain an adequate customer base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Company's ability to create and distribute content that is popular with consumers and
 affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Company's reliance on a number of partners to make its service available on their devices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Company's ability to continue to develop and enhance its existing technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 significant disruption in or unauthorized access to the Company's computer systems
 or those of third parties that the Company utilizes in its operations, including those relating
 to cybersecurity or arising from cyber-attacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Company's ability to successfully, or profitably, compete with current and new competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Company's ability to consummate any interim financing, and the ability of the Company
 to raise additional capital, if necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Company's ability to successfully defend litigation or investigations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 ability to maintain the listing of the Company's Common Stock on the NYSE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 possibility that the Company may be adversely affected by other economic, business, and/or
 competitive factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes
 in applicable laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· geopolitical
 events and general economic conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· other
 risks and uncertainties set forth in our Quarterly Report filed with the SEC on November 13,
 2025 in the section entitled "Risk Factors", which is incorporated herein by
 reference, and in other documents we file with the SEC from time to time.

These and other factors that could cause actual results to differ from those implied by the forward-looking statements in this prospectus are more fully described under the heading "*Risk Factors*" and elsewhere in this prospectus. The risks described under the heading "*Risk Factors*" are not exhaustive. Other sections of this prospectus describe additional factors that could adversely affect the business, financial condition or results of operations of the Company. New risk factors emerge from time to time and it is not possible to predict all such risk factors, nor can the Company assess the impact of all such risk factors on its business, or the extent to which any factor or combination of factors may cause actual results to differ materially and adversely from those contained in any forward-looking statements. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. These statements speak only as of the date hereof, and the Company undertakes no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

In addition, statements of belief and similar statements reflect the beliefs and opinions of the Company on the relevant subject. These statements are based upon information available to the Company as of the date of this prospectus, and while the Company believes such information forms a reasonable basis for such statements, such information may be limited or incomplete, and statements should not be read to indicate that the Company has conducted an exhaustive inquiry into, or review of, all potentially available relevant information.

**INTRODUCTORY NOTE REGARDING THE BUSINESS COMBINATION**

On September 10, 2025 (the "Closing Date"), the Company consummated the previously announced business combination pursuant to that certain Agreement and Plan of Merger, dated as of September 11, 2024, by and among Angel Studios Legacy, Inc., a Delaware Corporation ("Angel Legacy"), Sigma Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the Company ("Merger Sub") and the Company, as amended.

Pursuant to the terms of the Merger Agreement, the Merger was effected in which Merger Sub merged with and into Angel Legacy, the separate corporate existence of Merger Sub ceased and Angel Legacy survived as the surviving company and direct wholly-owned subsidiary of the Company (collectively with the other transactions described in the Merger Agreement, the "Business Combination"). On the Closing Date and prior to the Effective Time (as defined in the Merger Agreement), the Company changed its name from "Southport Acquisition Corporation" to "Angel Studios, Inc." Angel Legacy subsequently merged up and into the Company.

At the Effective Time, each share of Angel Legacy common stock issued and outstanding as of immediately prior to the Effective Time (other than Excluded Shares (as defined in the Merger Agreement)), was canceled and converted into the right to receive a number of shares of the Corresponding Class (as defined below) of Common Stock (as defined below) equal to the quotient obtained by dividing (i) the Aggregate Merger Consideration (as defined in the Merger Agreement) by (ii) the aggregate number of shares of Angel Legacy common stock issued and outstanding immediately prior to the Effective Time (other than any shares of Angel Legacy common stock held in treasury by Angel Legacy) (such quotient, the "Merger Consideration Per Fully Diluted Share"), with fractional shares rounded down to the nearest whole share (with no cash settlements made in lieu of fractional shares eliminated by rounding).

At the Effective Time, each option to purchase Angel Legacy common stock, whether vested or unvested (an "Angel Legacy Option") outstanding as of immediately prior to the Effective Time was converted into an option to purchase shares of the Corresponding Class of Common Stock (an "Assumed Company Option") on substantially the same terms and conditions as were in effect with respect to such Angel Legacy Option, including with respect to vesting and termination-related provisions, except that such Assumed Company Option related to the number of whole shares of the Corresponding Class of Common Stock (rounded down to the nearest whole share) equal to (i) the number of shares of the applicable class of Angel Legacy common stock subject to such Angel Legacy Option multiplied by (ii) the Merger Consideration Per Fully Diluted Share. The exercise price per share for each Assumed Company Option is equal to (i) the exercise price per share of the applicable Angel Legacy Option divided by (ii) the Merger Consideration Per Fully Diluted Share (rounded up to the nearest full cent).

As of the Effective Time, the Company has a dual-class structure, with Class A common stock having one vote per share and Class B common stock having ten votes per share. As used herein, "Corresponding Class" refers to: (i) for Angel Legacy Class A Common Stock, Class A Common Stock; (ii) for Angel Legacy Class B Common Stock, Class B Common Stock; (iii) for Angel Legacy Class C Common Stock, Class A Common Stock; and (iv) for Angel Legacy Class F Common Stock, Class B Common stock.

Each share of Southport Class B Common Stock issued and outstanding immediately prior to the Effective Time was converted into shares of Southport Class A Common Stock on a one-for-one basis, immediately prior to the Effective Time, and each share of Southport Class A Common Stock issued and outstanding as of immediately prior to the Effective Time (including the as-converted shares of Southport Class B Common Stock) remains outstanding and represents one share of Company Class A Common Stock.

**ABOUT THIS PROSPECTUS**

This prospectus is part of a registration statement that we filed with the SEC using a "shelf" registration process. Under this shelf registration process, we may sell shares of common stock and preferred stock, debt securities and/or warrants in one or more offerings, up to a total dollar amount of $400,000,000.

This prospectus provides you with a general description of the securities we may offer under this prospectus. Each time we sell securities, we will provide a prospectus supplement that will contain specific information about the terms of that offering. The prospectus supplement may also add, update or change information contained in this prospectus.

The SEC allows us to "incorporate by reference" certain information that we file with it, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus, and information that we file later with the SEC will update automatically, supplement and/or supersede this information. Any statement contained in a document incorporated or deemed to be incorporated by reference in this prospectus shall be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus or in any other document that also is or is deemed to be incorporated by reference in this prospectus modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus. You should read the detailed information regarding our company, our securities and our financial statements and the notes to those statements appearing elsewhere in this prospectus or incorporated herein by reference.

You should read both this prospectus and the applicable prospectus supplement together with additional information from the sources described under the caption "*Where You Can Find More Information*" in this prospectus. You should not assume that the information in this prospectus, the prospectus supplements or any document incorporated by reference is accurate as of any date subsequent to their respective dates.

You should rely only on the information provided or incorporated by reference in this prospectus and any prospectus supplement, if applicable. We have not authorized anyone to provide you with different information.

References in this prospectus to "our company," "we," "our," and "us" refer to Angel Studios, Inc.

**PROSPECTUS SUMMARY**

*This summary only highlights the more detailed information appearing elsewhere in this prospectus or incorporated by reference in this prospectus. It may not contain all of the information that is important to you. You should carefully read the entire prospectus and the documents incorporated by reference in this prospectus before deciding whether to invest in our securities.*

Unless the context indicates otherwise, references in this prospectus to the "*Company*," "*we*," "*us*," "*our*" and similar terms prior to the Closing Date are intended to refer to Angel Studios Legacy, Inc., and after the Closing Date, to Angel Studios, Inc. and its consolidated subsidiaries.

**Overview**

We are a values-based media distribution company that uses technology to empower a vibrant and growing community to replace the Hollywood gatekeeper system and champion stories that amplify light for mainstream audiences.

Our community, the Angel Guild ("Angel Guild"), is at the heart of this mission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Angel
 Guild votes to select film and TV shows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Angel
 Guild rallies in theaters to support film releases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Angel
 Guild funds future films and TV shows with their membership.

As of September 30, 2025, through the Angel Guild, approximately 1,600,000 paying members from more than 160 different countries help decide what film and TV projects we will market and distribute.

*Pledge to Amplify Light*

All Angel Guild members make a written pledge stating: "When I vote, I pledge to help choose excellent entertainment that is true, honest, noble, just, authentic, lovely or admirable."

*Revenue*

We primarily generate revenue from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Angel
 Guild revenue comes from monthly or annual membership fees. Currently there are two possible tiers for membership, "Basic"
 and "Premium." Both memberships allow voting for every release, give early access releases. The primary difference is
 that "Premium" includes two complimentary tickets to every theatrical release and a discount for all merchandise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Theatrical
 Distribution revenue comes from releasing our original films with its exhibitor partners. Every time a moviegoer purchases a ticket
 from the partner theaters, we receive a percentage of the box office revenue. For most international theaters, the percentage of
 box office revenue is first paid to a distributor who then pays us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Content
 Licensing revenue comes from licensing our films and TV shows to other distributors such as Amazon, Apple and Netflix. Our future
 plans include licensing the rights to its films and TV shows for other experiences such as derivative shows, video games, theme parks
 and Broadway-style plays.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Other
 revenue is generated from sales of merchandise related to our films and series, as well as physical DVD sales. We also offer a direct
 online store for our themed products and wholesale products to retail partners.

*Founding*

Angel Legacy was founded in 2013 by its Chief Executive Officer, Neal Harmon, along with his brothers Daniel, Jeffrey and Jordan, and their cousin, Benton Crane. On the Closing Date, Merger Sub merged with and into Angel Legacy, with Angel Legacy surviving as the surviving company and as a direct wholly-owned subsidiary of the Company, and Southport was renamed Angel Studios, Inc.

**Implications of Being an Emerging Growth Company**

We qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012, as amended. As an emerging growth company, we may take advantage of specified reduced disclosure and other requirements that are otherwise applicable generally to public companies. These provisions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· being
 permitted to present only two years of audited financial statements, in addition to any required unaudited interim financial
 statements, with correspondingly reduced "Management's Discussion and Analysis of Financial Condition and Results of
 Operations" disclosure in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· reduced
 disclosure about our executive compensation arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not being
 required to hold advisory votes on executive compensation or to obtain stockholder approval of any golden parachute arrangements
 not previously approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an exemption
 from the auditor attestation requirement in the assessment of our internal control over financial reporting pursuant to the Sarbanes-Oxley
 Act of 2002; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an exemption
 from compliance with the requirements of the Public Company Accounting Oversight Board regarding the communication of critical audit
 matters in the auditor's report on the financial statements.

We may take advantage of these exemptions for up to five years or such earlier time that we are no longer an "emerging growth company." We would cease to be an emerging growth company on the date that is the earliest of (i) the last day of the fiscal year in which we have total annual gross revenue of $1.235 billion or more, (ii) the last day of our fiscal year following the fifth anniversary of the date of the completion of this offering, (iii) the date on which we have issued more than $1.00 billion in nonconvertible debt during the previous three years, or (iv) the date on which we are deemed to be a large accelerated filer (as defined in Rule 12b-2 under the Exchange Act of 1934 (the "Exchange Act").

We will be deemed to be a "large accelerated filer" at such time that we (a) have an aggregate worldwide market value of common equity securities held by non-affiliates of $700.00 million or more as of the last business day of our most recently completed second fiscal quarter, (b) have been required to file annual and quarterly reports under the Exchange Act, for a period of at least 12 months, and (c) have filed at least one annual report pursuant to the Exchange Act. We may choose to take advantage of some but not all of these exemptions. We have taken advantage of reduced reporting requirements in this prospectus. Accordingly, the information contained herein may be different from the information you receive from other public companies in which you hold stock. Additionally, the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. This allows an emerging growth company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to avail ourselves of this exemption, and, therefore, while we are an emerging growth company, we will not be subject to new or revised accounting standards at the same time that they become applicable to other public companies that are not emerging growth companies. As a result of this election, our financial statements may not be comparable to those of other public companies that comply with new or revised accounting pronouncements as of public company effective dates. We may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for private companies.

**Corporate Information**

The Company was incorporated in Delaware on April 13, 2021. Our principal executive offices are located at 295 W Center Street Provo, Utah 84601, and our telephone number is (760) 933-8437. Our website address is https://ir.angel.com/. Information contained on, or that can be accessed through, our website does not constitute a part of this prospectus and is not incorporated by reference herein. We have included our website address in this prospectus solely for informational purposes.

**RISK FACTORS**

Investing in our securities involves a high degree of risk. You should carefully consider the specific risks sets forth under the caption "Risk Factors" in the applicable prospectus supplement and under the captions "Risk Factors" in any of our filings with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, as updated by our subsequent filings, which are incorporated by reference into this prospectus, before making an investment decision. Each of the risk factors described in the documents referenced above could adversely affect our business, operating results, financial condition and cash flows, as well as adversely affect the value of an investment in our securities, and the occurrence of any of these risks might cause you to lose all or part of your investment. Additional risks not presently known to us or that we currently believe are immaterial may also significantly impair our business operations. For additional information, please see the sources described under the caption "*Where You Can Find More Information*."

**USE OF PROCEEDS**

We expect to retain broad discretion over the use of the net proceeds from the sale of the securities offered hereby. Except as described in any applicable prospectus supplement that we may authorize for use in connection with a specific offering, we currently intend to use the net proceeds from the sale of the securities offered hereby, if any, for general corporate purposes.

**DESCRIPTION OF CAPITAL STOCK**

We are a Delaware corporation. The rights of our stockholders are governed by the Delaware General Corporation Law, or the DGCL, our Amended and Restated Certificate of Incorporation, as amended, or the Charter, and our Amended and Restated Bylaws, or the Bylaws. The following summary of the material terms, rights and preferences of our capital stock and certain provisions of our Charter and Bylaws are not complete. You should read the Charter and the Bylaws for more complete information before you purchase any of our securities. You should read these documents, which are exhibits to our Registration Statement on Form S-1, filed with the SEC on September 16, 2025, and copies of which are available from us upon request at the address set forth under the caption "Where You Can Find More Information," in order to more fully understand the terms of our common stock.

**General**

The Charter authorizes the issuance of 701,000,000 shares of capital stock, consisting of (x) 700,000,000 shares of Common Stock, with a par value of $0.0001 per share, of which (i) 500,000,000 shares shall be designated Class A Common Stock and (ii) 200,000,000 shares shall be designated Class B Common Stock, and (y) 1,000,000 shares of preferred stock, with a par value of $0.0001 per share.

As of November 11, 2025, there were 110,816,283 shares of Class A Common Stock outstanding and 57,814,539 shares of Class B Common Stock outstanding. There were no shares of preferred stock outstanding.

***Preferred Stock***

The Board is authorized to provide, out of the unissued shares of preferred stock, for one or more series of preferred stock and, with respect to each such series, to fix the number of shares constituting such series and the designation of such series, the voting powers, if any, of the shares of such series, and the preferences and relative, participating, optional or other special rights, if any, and any qualifications, limitations or restrictions thereof, of the shares of such series, as shall be stated in the resolution or resolutions providing for the issuance of such series adopted by the Board.

***Common Stock***

*Voting Rights*

Except with respect to amending provisions of the Charter pertaining to voluntary and automatic conversion rights of Class B Common Stock into Class A Common Stock or as required by applicable law, the holders of each class of Common Stock vote together as a single class on each matter to be voted on by stockholders of the Company, including the election of directors. On each such matter, each outstanding share of Class A Common Stock is entitled to one vote and each outstanding share of Class B Common Stock is entitled to ten votes. The number of authorized shares of Class A Common Stock and Class B Common Stock may be increased or decreased (but not below the number of shares thereof then-outstanding) by the affirmative vote of the holders of a majority of the voting power of the outstanding shares of Common Stock entitled to vote, voting together as a single class.

*Dividend Rights*

All shares of Common Stock shall be entitled to share equally, identically and ratably, on a per share basis, with respect to any distribution paid or distributed by the Company; *provided*, *however*, that in the event that a distribution is paid in the form of Common Stock (or rights to acquire Common Stock), then, holders of Class A Common Stock and Class B Common Stock shall receive Common Stock of the same such class (or rights to acquire such stock, as the case may be). Notwithstanding the foregoing, the Company may pay or make a disparate distribution per share of Class A Common Stock or Class B Common Stock, provided, such different treatment is approved by the affirmative vote of the holders of a majority of the outstanding shares of Class A Common Stock and Class B Common Stock, each voting separately as a class.

*Rights and Preferences*

Holders of Common Stock shall have the same rights and privileges and shall rank equally and share ratably with, and have identical rights and privileges as, holders of all other shares of Common Stock, except with regard to voting rights as described above. Other than the conversion rights described below, holders of Common Stock have no exchange, sinking fund, redemption or other rights.

*Voluntary and Automatic Conversion into Class A Common Stock*

Each share of Class B Common Stock shall be convertible into one share of Class A Common Stock at the option of the holder at any time upon written notice to the Company's transfer agent.

In addition, each share of Class B Common Stock shall automatically convert into one share of Class A Common Stock upon the earliest of (i) certain transfers of such shares and (ii) the date specified by a written notice and certification request by the Company to the holder of such share(s) requesting a certification verifying such holder's ownership of such share(s) and confirming that a conversion to Class A Common Stock has not occurred, <u>provided</u>, <u>that</u> no automatic conversion shall occur where the holder furnishes a certification satisfactory to the Company prior to the specified date (in each case, as more fully set forth in the Charter).

Finally, each share of Class B Common Stock held of record by a natural person shall automatically convert into one share of Class A Common Stock upon the death or permanent incapacity of such holder (as more fully set forth in the Charter).

*Registration Rights*

Pursuant to the Merger Agreement, at the Closing, the Company, the Sponsor, certain third-party Southport investors and certain of the former stockholders of the Company entered into a Registration Rights Agreement, pursuant to which the Company agreed to register for resale, pursuant to Rule 415 under the Securities Act, certain shares of Common Stock that are held by the parties thereto from time to time.

Holders of registrable securities may make demand requests for underwritten shelf takedowns with a minimum total offering price that must be reasonably expected to exceed, in the aggregate, $20.00 million; provided, that the demanding stockholders may not demand more than (i) one such underwritten shelf takedown within any six-month period or (ii) two underwritten shelf takedowns in any 12-month period. The Registration Rights Agreement also provides customary "piggyback" registration rights and block trade registration rights. The Company will generally bear the expenses incurred in connection with any such registrations.

The Registration Rights Agreement will terminate on the earlier of (i) the fifth anniversary of the date of the Registration Rights Agreement and (ii) with respect to any party thereto, the date that such party no longer holds any registrable securities.

**Anti-takeover Effects of the Charter and the Bylaws**

The Charter and the Bylaws contain provisions that may delay, defer or discourage another party from acquiring control of the Company. The Company expects that these provisions, which are summarized below, will discourage coercive takeover practices or inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of the Company to first negotiate with the Board, which the Company believes may result in an improvement of the terms of any such acquisition in favor of the Company's stockholders. However, they also give the Board the power to discourage mergers that some stockholders may favor.

***Director Removal and Filling Vacancies***

Subject to the rights of the holders of any series of Company preferred stock to elect directors under specific circumstances, the Charter provides that (i) each director, including a director elected to fill a vacancy, shall hold office until his or her successor is elected and qualified or until his or her earlier resignation or removal; (ii) any director may resign at any time upon written notice to the attention of the President or Secretary at the principal office of the Company; and (iii) any director may be removed at any time only with cause by the affirmative vote of the holders of a majority in voting power of the shares of the Common Stock.

Subject to the rights of the holders of any series of Company preferred stock, any newly created directorships resulting from an increase in the authorized number of directors and any vacancies occurring in the Board, may be filled by the affirmative votes of a majority of the remaining members of the Board, although less than a quorum, or by a sole remaining director. A director so elected shall be elected to hold office until the earlier of the expiration of the term of office of the director whom the director has replaced, a successor is duly elected and qualified, or the earlier of such director's death, resignation, or removal.

***Special Meetings of Stockholders***

Subject to the rights of the holders of any series of Company preferred stock with respect to such series of Company Preferred Stock, special meetings of stockholders for any purpose or purposes shall be called only: (i) by the Board, the Chair of the Board, the Chief Executive Officer or president (in the absence of a Chief Executive Officer) or (ii) by the Secretary, upon the written request, made in accordance with, and subject to, the Bylaws, of one or more stockholders of record who own, and have continuously owned for at least one year prior to the date such request is delivered to the Secretary, in the aggregate, at least 25% of the voting power of the shares of capital stock of the Company then entitled to vote on the matter or matters to be brought before the proposed special meeting. Business transacted at a special meeting requested by stockholders shall be limited to the matters described in the special meeting request; provided, however, that nothing in the Charter or in the Bylaws shall prohibit the Board from submitting matters to the stockholders at any special meeting requested by stockholders.

***Action by Written Consent***

The Charter and the Bylaws do not prohibit the right under the DGCL of stockholders to act by written consent.

***Advance Notice Requirements***

The Bylaws establish advance notice procedures with regard to stockholder proposals relating to the nomination of candidates for election as directors or new business to be brought before meetings of the Company's stockholders. These procedures provide that notice of stockholder proposals must be timely given in writing to the corporate secretary of the Company prior to the meeting at which the action is to be taken. Generally, to be timely, notice must be received at the principal executive offices of the Company not less than 90 days nor more than 120 days prior to the first anniversary date of the annual meeting for the preceding year. The Bylaws specify the requirements as to form and content of all stockholders' notices. These requirements may preclude stockholders from bringing matters before the stockholders at an annual or special meeting.

***Amendment to Certificate of Incorporation and Bylaws***

Except with respect to amending provisions of the Charter pertaining to voluntary and automatic conversion rights of Class B Common Stock into Class A Common Stock, which requires the affirmative vote (or written consent) of the holders of a majority of the then-outstanding shares of Class B Common Stock, voting as a separate class, in addition to any other vote required by applicable law, the Charter may be amended as provided in the DGCL. The Board is authorized to amend or repeal the Bylaws. The stockholders of the Company shall also have the power to adopt, amend or repeal the Bylaws.

The Bylaws may be adopted, amended, or repealed by the affirmative vote of 66% of the voting power of the stockholders entitled to vote.

***Delaware Anti-Takeover Statute***

Section 203 of the DGCL provides that if a person acquires 15% or more of the voting stock of a Delaware corporation, such person becomes an "*interested stockholder*" and may not engage in certain "business combinations" with such corporation for a period of three years following the time such person acquired 15% or more of such corporation's voting stock, unless: (i) prior to such time the board of directors of such corporation approved the business combination or the transaction that resulted in the person becoming an interested stockholder, (ii) the interested stockholder owns at least 85% of the voting stock of such corporation outstanding upon consummation of the transaction (excluding voting stock owned by directors who are also officers and certain employee stock plans) or (iii) at or subsequent to such time the business combination is approved by the board of directors and authorized at a meeting of stockholders, not by written consent, by the affirmative vote of 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder. A Delaware corporation may elect in its certificate of incorporation not to be governed by this particular Delaware law. In the Charter, the Company expressly elects to opt out of Section 203 and, therefore, Section 203 does not apply to the Company.

***Exclusive Jurisdiction of Certain Actions***

The Charter provides that, unless the Company consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for: (i) any derivative action or proceeding brought on behalf of the Company; (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Company to the Company or the Company's stockholders; (iii) any action asserting a claim against the Company arising pursuant to any provision of the DGCL, the Charter or the Bylaws; or (iv) any action asserting a claim against the Company governed by the internal affairs doctrine; <u>provided</u>, <u>that</u>, if and only if the Court of Chancery of the State of Delaware dismisses any such action for lack of subject matter jurisdiction, such action or proceeding shall be brought in another state court located within the State of Delaware (or, if no state court located within the State of Delaware has jurisdiction, the federal court for the District of Delaware). The foregoing sentence shall not apply to claims arising under the Securities Act, the Exchange Act, or other federal securities laws for which there is exclusive federal or concurrent federal and state jurisdiction.

**Exchange Listing**

Our common stock is currently listed on the NYSE under the symbol "ANGX."

**Transfer Agent and Registrar**

The transfer agent and registrar for our common stock will be Continental Stock Transfer and Trust Company. The transfer agent's address is 1 State Street, 30<sup>th</sup> floor, New York, NY 10004, and its telephone number is (917) 262-2373.

**DESCRIPTION OF DEBT SECURITIES**

We may issue debt securities, in one or more series, as either senior or subordinated debt or as senior or subordinated convertible debt. The senior debt securities will rank equally with any other unsubordinated debt that we may have and may be secured or unsecured. The subordinated debt securities will be subordinate and junior in right of payment, to the extent and in the manner described in the instrument governing the debt, to all or some portion of our senior indebtedness. Any convertible debt securities that we may issue will be convertible into or exchangeable for common stock, preferred stock or other securities of ours or of a third party. Conversion may be mandatory or at your option and would be at prescribed conversion rates.

The debt securities will be issued under one or more indentures, which are contracts between us and a national banking association or other eligible party, as trustee. While the terms we have summarized below will apply generally to any debt securities that we may offer under this prospectus, we will describe the particular terms of any debt securities that we may offer in more detail in a prospectus supplement.

We will issue the senior notes under the senior indenture that we will enter into with the trustee named in the senior indenture. We will issue the subordinated notes under the subordinated indenture that we will enter into with the trustee named in the subordinated indenture. We will file forms of these documents as exhibits to an amendment to the registration statement of which this prospectus is a part. We use the term "indentures" to refer to both the senior indenture and the subordinated indenture.

The indentures will be qualified under the Trust Indenture Act of 1939, as amended, or the Trust Indenture Act. We use the term "indenture trustee" to refer to either the senior trustee or the subordinated trustee, as applicable.

The following summaries of the material provisions of the senior notes, the subordinated notes and the indentures are not complete and are qualified in their entirety by reference to all of the provisions of the indenture applicable to a particular series of debt securities. You should read the applicable prospectus supplement related to the series of debt securities being offered, as well as the complete indentures that contain the terms of the debt securities. Forms of indentures will be filed as exhibits to an amendment to the registration statement of which this prospectus is a part, and supplemental indentures and forms of debt securities containing the terms of the debt securities being offered will be filed as exhibits to an amendment to the registration statement of which this prospectus is a part or will be incorporated by reference from reports that we file with the SEC. Except as we may otherwise indicate, the terms of the senior indenture and the subordinated indenture are identical.

The following are some of the terms relating to a series of debt securities that could be described in a prospectus supplement:

· title;

· principal
 amount being offered, and, if a series, the total amount authorized and the total amount
 outstanding;

· any
 limit on the amount that may be issued;

· whether
 we will issue the series of debt securities in global form and, if so, the terms and who
 the depositary will be;

· maturity
 date;

· principal
 amount due at maturity, and whether the debt securities will be issued with any original
 issue discount;

· whether
 and under what circumstances, if any, we will pay additional amounts on any debt securities
 held by a person who is not a United States person for tax purposes, and whether we can redeem
 the debt securities if we have to pay such additional amounts;

· annual
 interest rate, which may be fixed or variable, or the method for determining the rate, the
 date interest will begin to accrue, the dates interest will be payable and the regular record
 dates for interest payment dates or the method for determining such dates;

· whether
 the debt securities will be secured or unsecured, and the terms of any secured debt;

· terms
 of the subordination of any series of subordinated debt;

· place
 where payments will be payable;

· restrictions
 on transfer, sale or other assignment, if any;

· our
 right, if any, to defer payment of interest and the maximum length of any such deferral period;

· date,
 if any, after which, the conditions upon which, and the price at which we may, at our option,
 redeem the series of debt securities pursuant to any optional or provisional redemption provisions,
 and any other applicable terms of those redemption provisions;

· provisions
 for a sinking fund, purchase or other analogous fund, if any;

· date,
 if any, on which, and the price at which we are obligated, pursuant to any mandatory sinking
 fund or analogous fund provisions or otherwise, to redeem, or at the holder's option
 to purchase, the series of debt securities;

· whether
 the indenture will restrict our ability or the ability of our subsidiaries to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o incur additional indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o issue additional securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o create liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o pay dividends or make distributions
 in respect of our capital stock or the capital stock of our subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o redeem capital stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o place restrictions on our subsidiaries'
 ability to pay dividends, make distributions or transfer assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o make investments or other restricted
 payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o sell or otherwise dispose of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o enter into sale-leaseback transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o engage in transactions with shareholders
 or affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o issue or sell stock of our subsidiaries;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o effect a consolidation or merger;

· whether
 the indenture will require us to maintain any interest coverage, fixed charge, cash flow-based,
 asset-based or other financial ratios;

· a
 discussion of any material or special U.S. federal income tax considerations applicable to
 the debt securities;

· information
 describing any book-entry features;

· procedures
 for any auction or remarketing, if any;

· whether
 the debt securities are to be offered at a price such that they will be deemed to be offered
 at an "original issue discount" as defined in paragraph (a) of Section 1273
 of the Internal Revenue Code of 1986, as amended;

· denominations
 in which we will issue the series of debt securities, if other than denominations of $1,000
 and any integral multiple thereof;

· if
 other than dollars, the currency in which the series of debt securities will be denominated;
 and

· any
 other specific terms, preferences, rights or limitations of, or restrictions on, the debt
 securities, including any events of default that are in addition to those described in this
 prospectus or any covenants provided with respect to the debt securities that are in addition
 to those described above, and any terms that may be required by us or advisable under applicable
 laws or regulations or advisable in connection with the marketing of the debt securities.

**Conversion or** **Exchange Rights**

We will set forth in the applicable prospectus supplement the terms on which a series of debt securities may be convertible into or exchangeable for Common Stock, preferred stock or other securities of ours, including the conversion or exchange rate, as applicable, or how it will be calculated, and the applicable conversion or exchange period. We will include provisions as to whether conversion or exchange is mandatory, at the option of the holder or at our option. We may include provisions pursuant to which the number of our securities that the holders of the series of debt securities receive upon conversion or exchange would, under the circumstances described in those provisions, be subject to adjustment, or pursuant to which those holders would, under those circumstances, receive other property upon conversion or exchange, for example in the event of our merger or consolidation with another entity.

**Consolidation,** **Merger or Sale**

The indentures in the forms to be filed as exhibits to an amendment to the registration statement of which this prospectus is a part will not contain any covenant that restricts our ability to merge or consolidate, or sell, convey, transfer or otherwise dispose of all or substantially all of our assets. However, any successor of ours or acquiror of such assets would have to assume all of our obligations under the indentures and the debt securities, as appropriate. In addition, the terms of any securities that we may offer pursuant to this prospectus may limit our ability to merge or consolidate or otherwise sell, convey, transfer or otherwise dispose of all or substantially all of our assets, which terms would be set forth in the applicable prospectus supplement and supplemental indenture.

If the debt securities are convertible for our other securities, the person with whom we consolidate or merge or to whom we sell all of our property would have to make provisions for the conversion of the debt securities into securities that the holders of the debt securities would have received if they had converted the debt securities before the consolidation, merger or sale.

**Events of Default Under** **the Indenture**

The following are events of default under the indentures to be filed as exhibits to an amendment to the registration statement with respect to any series of debt securities that we may issue:

· if
 we fail to pay interest when due and payable and our failure continues for 30 days and the
 time for payment has not been extended or deferred;

· if
 we fail to pay the principal or premium, if any, when due and payable and the time for payment
 has not been extended or deferred;

· if
 we fail to observe or perform any other covenant contained in the debt securities or the
 indentures and our failure continues for 90 days after we receive notice from the indenture
 trustee or holders of at least 25% in aggregate principal amount of the outstanding debt
 securities of the applicable series; and

· if
 specified events of bankruptcy, insolvency or reorganization occur.

If an event of default with respect to debt securities of any series occurs and is continuing, other than an event of default specified in the last bullet point above, the indenture trustee or the holders of at least 25% in aggregate principal amount of the outstanding debt securities of that series, by notice to us in writing, and to the indenture trustee if notice is given by such holders, may declare the unpaid principal of, premium, if any, and accrued interest, if any, due and payable immediately. If an event of default specified in the last bullet point above occurs with respect to us, the principal amount of and accrued interest, if any, of each issue of debt securities then outstanding would be due and payable without any notice or other action on the part of the indenture trustee or any holder.

The holders of a majority in principal amount of the outstanding debt securities of an affected series may waive any default or event of default with respect to the series and its consequences, except defaults or events of default regarding payment of principal, premium, if any, or interest, unless we have cured the default or event of default in accordance with the indenture. Any waiver shall cure the default or event of default.

Subject to the terms of the indentures, if an event of default under an indenture occurs and continues, the indenture trustee would be under no obligation to exercise any of its rights or powers under such indenture at the request or direction of any of the holders of the applicable series of debt securities, unless such holders have offered the indenture trustee reasonable indemnity. The holders of a majority in principal amount of the outstanding debt securities of any series will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the indenture trustee, or exercising any trust or power conferred on the indenture trustee, with respect to the debt securities of that series, provided that:

· the
 direction so given by the holder is not in conflict with any law or the applicable indenture;
 and

· subject
 to its duties under the Trust Indenture Act, the indenture trustee need not take any action
 that might involve it in personal liability or might be unduly prejudicial to the holders
 not involved in the proceeding.

A holder of the debt securities of any series will have the right to institute a proceeding under the indentures or to appoint a receiver or trustee, or to seek other remedies only if:

· the
 holder has given written notice to the indenture trustee of a continuing event of default
 with respect to that series;

· the
 holders of at least 25% in aggregate principal amount of the outstanding debt securities
 of that series have made written request, and such holders have offered reasonable indemnity
 to the indenture trustee to institute the proceeding as trustee; and

· the
 indenture trustee does not institute the proceeding, and does not receive from the holders
 of a majority in aggregate principal amount of the outstanding debt securities of that series
 other conflicting directions within 60 days after the notice, request and offer.

These limitations do not apply to a suit instituted by a holder of debt securities if we default in the payment of the principal, premium, if any, or interest on the debt securities.

We will periodically file statements with the indenture trustee regarding our compliance with specified covenants in the indentures.

**Supplemental** **Indenture**

We and the indenture trustee may from time to time and at any time enter into an indenture or supplemental indenture without the consent of any holders for one or more of the following purposes:

· to
 evidence the succession of another corporation, and the assumption by the successor corporation
 of our covenants, agreements and obligations under the indenture and debt securities;

· to
 add to our covenants such new covenants, restrictions, conditions or provisions for the protection
 of the holders, and to make the occurrence, or the occurrence and continuance, of a default
 in any of such additional covenants, restrictions, conditions or provisions an event of default;

· to
 add to or change any of the provisions of the indenture to provide that bearer securities
 may be registrable as to principal, to change or eliminate any restrictions on the payment
 of principal of or any premium or interest on bearer securities, to permit bearer securities
 to be issued in exchange for registered securities, to permit bearer securities to be issued
 in exchange for bearer securities of other authorized denominations or to permit or facilitate
 the issuance of securities in uncertificated form, provided that such action shall not adversely
 affect the interests of the holders of the securities or any related coupons, including provisions
 necessary or desirable to provide for or facilitate the administration of the trusts hereunder;

· to
 modify, eliminate or add to any of the provisions of the indenture to such extent as necessary
 to effect the qualification of the indenture under the Trust Indenture Act, and to add to
 the indenture such other provisions as may be expressly permitted by the trust indenture
 act, excluding however, the provisions referred to in Section 316(a)(2) of the
 Trust Indenture Act;

· to
 modify, eliminate or add to any of the provisions of the indenture;

· to
 cure any ambiguity or to correct or supplement any provision contained in the indenture or
 in any supplemental indenture that may be defective or inconsistent with other provisions;

· to
 convey, transfer, assign, mortgage or pledge any property to or with the trustee;

· to
 make provisions in regard to matters or questions arising under the indenture, so long such
 other provisions to do not materially affect the interest of any other holder of debt securities;

· to
 secure any series of security; and

· to
 evidence and provide for the acceptance and appointment of a successor trustee and to add
 or change any provisions of the indenture as necessary to provide for or facilitate the administration
 of the trust by more than one trustee.

In addition, we and the trustee, with the consent of the holders of not less than 66-2/3% in aggregate principal of the outstanding debt securities of each series that is affected, may from time to time and at any time enter into an indenture or supplemental indenture for the purpose of adding any provisions to or changing in any manner the rights of the holders of the securities of such series and any related coupons of the indenture, provided that no such supplemental indenture shall:

· extend
 the fixed maturity of any securities, or reduce the principal amount thereof or premium,
 if any, or reduce the rate or extend the time of payment of interest, without the consent
 of the holder so affected;

· reduce
 the aforesaid percentage of securities, the consent of the holders of which is required for
 any such supplemental indenture, without the consent of all holders of outstanding series
 of debt securities; or

· modify
 any of the above provisions.

**Discharge**

Each indenture to be filed as an exhibit to an amendment to the registration statement will provide that we can elect to be discharged from our obligations with respect to one or more series of debt securities, except for specified obligations, including obligations to:

· register
 the transfer or exchange of debt securities of the series;

· replace
 stolen, lost or mutilated debt securities of the series;

· maintain
 paying agencies;

· hold
 monies for payment in trust;

· recover
 excess money held by the indenture trustee;

· compensate
 and indemnify the indenture trustee; and

· appoint
 any successor trustee.

In order to exercise our rights to be discharged, we must deposit with the indenture trustee money or government obligations, or a combination thereof, sufficient to pay all the principal of, any premium and interest on, the debt securities of the series on the dates payments are due.

**Form, Exchange and Transfer**

We will issue the debt securities of each series only in fully registered form without coupons and, unless we otherwise specify in the applicable prospectus supplement, in denominations of $1,000 and any integral multiple thereof. The indentures will provide that we may issue debt securities of a series in temporary or permanent global form and as book-entry securities that will be deposited with, or on behalf of, The Depository Trust Company or another depositary named by us and identified in a prospectus supplement with respect to that series.

At the option of the holder, subject to the terms of the indentures and the limitations applicable to global securities described in the applicable prospectus supplement, the holder of the debt securities of any series can exchange the debt securities for other debt securities of the same series, in any authorized denomination and of like tenor and aggregate principal amount.

Subject to the terms of the indentures and the limitations applicable to global securities set forth in the applicable prospectus supplement, holders of the debt securities may present the debt securities for exchange or for registration of transfer, duly endorsed or with the form of transfer endorsed thereon duly executed if so required by us or the security registrar, at the office of the security registrar or at the office of any transfer agent designated by us for this purpose. Unless otherwise provided in the debt securities that the holder presents for transfer or exchange, we will make no service charge for any registration of transfer or exchange, but we may require payment of any taxes or other governmental charges.

We will name in the applicable prospectus supplement the security registrar, and any transfer agent in addition to the security registrar, that we initially designate for any debt securities. We may at any time designate additional transfer agents or rescind the designation of any transfer agent or approve a change in the office through which any transfer agent acts, except that we will be required to maintain a transfer agent in each place of payment for the debt securities of each series.

If we elect to redeem the debt securities of any series, we will not be required to:

· issue,
 register the transfer of or exchange any debt securities of any series being redeemed in
 part during a period beginning at the opening of business 15 days before the day of mailing
 of a notice of redemption of any debt securities that may be selected for redemption and
 ending at the close of business on the day of the mailing; or

· register
 the transfer of or exchange any debt securities so selected for redemption, in whole or in
 part, except the unredeemed portion of any debt securities we are redeeming in part.

**Information Concerning the** **Indenture Trustee**

The indenture trustee, other than during the occurrence and continuance of an event of default under an indenture, undertakes to perform only those duties as are specifically set forth in the applicable indenture. Upon an event of default under an indenture, the indenture trustee must use the same degree of care as a prudent person would exercise or use in the conduct of his or her own affairs. Subject to this provision, the indenture trustee is under no obligation to exercise any of the powers given it by an indenture at the request of any holder of debt securities unless it is offered reasonable security and indemnity against the costs, expenses and liabilities that it might incur.

**Payment and** **Paying Agents**

Unless we otherwise indicate in the applicable prospectus supplement, we will make payment of the interest on any debt securities on any interest payment date to the person in whose name the debt securities, or one or more predecessor securities, are registered at the close of business on the regular record date for the interest.

We will pay principal of and any premium and interest on the debt securities of a particular series at the office of the paying agents designated by us, except that, unless we otherwise indicate in the applicable prospectus supplement, we may make interest payments by check that we will mail to the holder or by wire transfer to certain holders. Unless we otherwise indicate in a prospectus supplement, we will designate an office or agency of the indenture trustee in the City of New York as our sole paying agent for payments with respect to debt securities of each series. We will name in the applicable prospectus supplement any other paying agents that we initially designate for the debt securities of a particular series. We will maintain a paying agent in each place of payment for the debt securities of a particular series.

All money we pay to a paying agent or the indenture trustee for the payment of the principal of or any premium or interest on any debt securities that remains unclaimed at the end of two years after such principal, premium or interest has become due and payable will be repaid to us, and the holder of the debt security thereafter may look only to us for payment thereof.

**Governing** **Law**

The indentures and the debt securities will be governed by and construed in accordance with the laws of the State of New York, except to the extent that the Trust Indenture Act is applicable.

**Subordination** **of Subordinated Debt Securities**

The subordinated debt securities will be subordinate and junior in priority of payment to certain of our other indebtedness to the extent described in a prospectus supplement. The indentures in the forms initially filed as exhibits to the registration statement of which this prospectus is a part do not limit the amount of indebtedness which we may incur, including senior indebtedness or subordinated indebtedness, and do not limit us from issuing any other debt, including secured debt or unsecured debt.

**DESCRIPTION OF WARRANTS**

We may issue warrants for the purchase of Common Stock or preferred stock. Warrants may be issued independently or together with Common Stock or preferred stock offered by any prospectus supplement and may be attached to or separate from any such offered securities. Series of warrants may be issued under a separate warrant agreement entered into between us and a bank or trust company, as warrant agent, all as will be set forth in the prospectus supplement relating to the particular issue of warrants. The warrant agent would act solely as our agent in connection with the warrants and would not assume any obligation or relationship of agency or trust for or with any holders of warrants or beneficial owners of warrants.

The following summary of certain provisions of the warrants does not purport to be complete and is subject to, and is qualified in its entirety by reference to, all provisions of the warrant agreements. Reference is made to the prospectus supplement relating to the particular issue of warrants offered pursuant to such prospectus supplement for the terms of and information relating to such warrants, including, where applicable:

· the
 number of shares of Common Stock or preferred stock purchasable upon the exercise of warrants
 to purchase Common Stock or preferred stock and the price at which such number of shares
 of Common Stock or preferred stock may be purchased upon such exercise;

· the
 date on which the right to exercise such warrants shall commence and the date on which such
 right shall expire;

· United
 States federal income tax consequences applicable to such warrants;

· the
 amount of warrants outstanding as of the most recent practicable date; and

· any
 other terms of such warrants.

Warrants will be issued in registered form only. The exercise price for warrants will be subject to adjustment in accordance with the applicable prospectus supplement.

Each warrant will entitle the holder thereof to purchase such number of shares of Common Stock or preferred stock at such exercise price as shall in each case be set forth in, or calculable from, the prospectus supplement relating to the warrants, which exercise price may be subject to adjustment upon the occurrence of certain events as set forth in such prospectus supplement. After the close of business on the expiration date, or such later date to which such expiration date may be extended by us, unexercised warrants will become void. The place or places where, and the manner in which, warrants may be exercised shall be specified in the prospectus supplement relating to such warrants.

Prior to the exercise of any warrants to purchase Common Stock or preferred stock, holders of such warrants will not have any of the rights of holders of common stock or preferred stock, as the case may be, purchasable upon such exercise, including the right to receive payments of dividends, if any, on our Common Stock purchasable upon such exercise, or to exercise any applicable right to vote.

**PLAN OF DISTRIBUTION**

We may sell the securities from time to time pursuant to underwritten public offerings, negotiated transactions, at the market offerings, block trades or a combination of these methods. We may sell the securities to or through underwriters or dealers, through agents or directly to one or more purchasers. As used herein, the term "underwriter" shall include underwriters, agents and dealers.

We may distribute securities from time to time in one or more transactions:

· at
 a fixed price or prices, which may be changed;

· at
 market prices prevailing at the time of sale;

· at
 prices related to such prevailing market prices; or

· at
 negotiated prices.

We will describe the terms of the offering of the securities and the specific plan of distribution in a prospectus supplement or supplements to this prospectus, an amendment to the registration statement of which this prospectus is a part or other filings we make with the SEC under the Exchange Act that are incorporated by reference. Such description may include, to the extent applicable:

· the name or names of any underwriters, dealers, agents or other purchasers;

· the purchase price of the securities or other consideration therefor, and the proceeds, if any, we
 will receive from the sale;

· any options to purchase additional shares or other options under which underwriters, dealers, agents
 or other purchasers may purchase additional securities from us;

· any agency fees or underwriting discounts and other items constituting agents' or underwriters'
 compensation;

· any public offering price;

· any discounts or concessions allowed or reallowed or paid to dealers; and

· any securities exchange or market on which the securities may be listed.

Unless stated otherwise in the applicable prospectus supplement, the obligations of any underwriter to purchase securities will be subject to certain conditions, and the underwriter will be obligated to purchase all of the applicable securities if any are purchased. If a dealer is used in a sale, we may sell the securities to the dealer as principal. The dealer may then resell the securities to the public at varying prices to be determined by the dealer at the time of resale.

We or our agents may solicit offers to purchase securities from time to time. Unless stated otherwise in the applicable prospectus supplement, any agent will be acting on a best-efforts basis for the period of its appointment.

In connection with the sale of securities, underwriters or agents may receive compensation (in the form of discounts, concessions or commissions) from us or from purchasers of securities for whom they may act as agents. Underwriters may sell securities to or through dealers, and such dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the purchasers for whom they may act as agents. Underwriters, dealers and agents that participate in the distribution of securities may be deemed to be underwriters, as that term is defined in the Securities Act, and any discounts or commissions received by them from us and any profits on the resale of the securities by them may be deemed to be underwriting discounts and commissions under the Securities Act. We will identify any such underwriter or agent, and we will describe any compensation paid to them, in the related prospectus supplement.

Underwriters, dealers and agents may be entitled under agreements with us to indemnification against and contribution toward certain civil liabilities, including liabilities under the Securities Act.

If stated in the applicable prospectus supplement, we will authorize agents and underwriters to solicit offers by certain specified institutions or other persons to purchase securities at the public offering price set forth in the prospectus supplement under delayed delivery contracts providing for payment and delivery on a specified date in the future. Institutions with whom these contracts may be made include commercial and savings banks, insurance companies, pension funds, investment companies, educational and charitable institutions, and other institutions, but shall in all cases be subject to our approval. These contracts will be subject only to those conditions set forth in the applicable prospectus supplement and the applicable prospectus supplement will set forth the commission payable for solicitation of these contracts. The obligations of any purchaser under any such contract will be subject to the condition that the purchase of the securities shall not be prohibited at the time of delivery under the laws of the jurisdiction to which the purchaser is subject. The underwriters and other agents will not have any responsibility in respect of the validity or performance of these contracts.

The securities may or may not be listed on a national securities exchange or traded in the over-the-counter market, as set forth in the applicable prospectus supplement. No assurance can be given as to the liquidity of the trading market for any of our securities. Any underwriter may make a market in these securities. However, no underwriter will be obligated to do so, and any underwriter may discontinue any market-making at any time, without prior notice.

If underwriters or dealers are used in the sale, until the distribution of the securities is completed, SEC rules may limit the ability of any underwriters and selling group members to bid for and purchase the securities. As an exception to these rules, representatives of any underwriters are permitted to engage in certain transactions that stabilize the price of the securities. These transactions may consist of bids or purchases for the purpose of pegging, fixing or maintaining the price of the securities. If the underwriters create a short position in the applicable securities in connection with any offering (in other words, if they sell more securities than are set forth on the cover page of the applicable prospectus supplement) the representatives of the underwriters may reduce that short position by purchasing securities in the open market. The representatives of the underwriters may also elect to reduce any short position by exercising all or part of any overallotment option we may grant to the underwriters, as described in the prospectus supplement. The representatives of the underwriters may also impose a penalty bid on certain underwriters and selling group members. This means that if the representatives purchase securities in the open market to reduce the underwriters' short position or to stabilize the price of the securities, they may reclaim the amount of the selling concession from the underwriters and selling group members who sold those shares as part of the offering.

In general, purchases of a security for the purpose of stabilization or to reduce a short position could cause the price of the security to be higher than it might be in the absence of those purchases. The imposition of a penalty bid might also have an effect on the price of the securities to the extent that it discourages resales of the securities. The transactions described above may have the effect of causing the price of the securities to be higher than it would otherwise be. If commenced, the representatives of the underwriters may discontinue any of the transactions at any time. In addition, the representatives of any underwriters may determine not to engage in those transactions or that those transactions, once commenced, may be discontinued without notice.

Certain of the underwriters or agents and their associates may engage in transactions with and perform services for us or our affiliates in the ordinary course of their respective businesses.

In no event will the commission or discount received by any Financial Industry Regulatory Authority, or FINRA, member or independent broker-dealer participating in a distribution of securities exceed 8% of the aggregate principal amount of the offering of securities in which that FINRA member or independent broker-dealer participates.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the SEC a registration statement on Form S-3 under the Securities Act with respect to the securities offered by this prospectus. This prospectus, which forms a part of such registration statement, does not contain all of the information included in the registration statement. For further information pertaining to us and our securities, you should refer to the registration statement and the exhibits and schedules filed with the registration statement. Whenever we make reference in this prospectus to any of our contracts, agreements or other documents, the references are not necessarily complete. If a contract or document has been filed as an exhibit to the registration statement or a report we file under the Exchange Act, you should refer to the copy of the contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit to a registration statement or report is qualified in all respects by the filed exhibit.

We are subject to the information requirements of the Exchange Act and file annual, quarterly and current event reports, proxy statements and other information with the SEC. You can read our SEC filings, including the registration statement, over the Internet at the SEC's website at *www.sec.gov.* You may also read and copy any document we file with the SEC at its public reference facility at 100 F Street, N.E., Washington, D.C. 20549.

We also maintain a website at https://ir.angel.com/ which you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. However, the information contained in or accessible through our website is not part of this prospectus or the registration statement of which this prospectus forms a part, and investors should not rely on such information in making a decision to purchase our common stock in this offering.

**INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE**

The SEC allows us to "incorporate by reference" the information we file with the SEC, which means we can disclose important information to you by referring you to those documents. The information we incorporate by reference is an important part of this prospectus, and certain information that we will later file with the SEC will automatically update and supersede this information. We incorporate by reference the documents listed below as well as any future filings we make with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (excluding, unless otherwise provided therein or herein, documents not deemed "filed" with the SEC and information furnished pursuant to Item 2.02 and Item 7.01 on any Current Report on Form 8-K or certain exhibits furnished pursuant to Item 9.01 of Form 8-K) after the date of the initial registration statement and prior to the effectiveness of this registration statement, and any filings made after the date of this prospectus until we sell all of the securities under this prospectus. Statements in this prospectus regarding the provisions of certain documents filed with, or incorporated by reference in, the registration statement are not necessarily complete, and reference is made to the actual documents for complete information. The following documents filed with the SEC are incorporated by reference in this prospectus:

· our
 Annual Report on [Form 10-K for the year ended December 31, 2024, filed with the SEC on April 15, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000141057825000747/port-20241231x10k.htm) ;

· the
 Annual Report of Angel Legacy on [Form 10-K for the year ended December 31, 2024, filed with the SEC on March 28, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000155837025004007/none-20241231x10k.htm) ;

· our
 Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2025,
 June 30, 2025 and September 30, 2025, filed with the SEC on [May 16, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000141057825001352/port-20250331x10q.htm) , [August 14, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000141057825001813/port-20250630x10q.htm) and [November 13, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000110465925111382/none-20250930x10q.htm) , respectively;

· the
 Quarterly Reports of Angel Legacy on Form 10-Q for the quarterly periods ended March 31,
 2025 and June 30, 2025, filed with the SEC on [May 15, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000155837025007836/none-20250331x10q.htm) and [August 13, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000155837025011310/none-20250630x10q.htm) , respectively;

· our current reports on Form 8-K and Form 8-K/A, filed with the SEC on [August 11, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000110465925076207/tm2425114d21_8k.htm) , [August 21, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000110465925081436/tm2425114d25_8k.htm) , [August 25, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000110465925082512/tm2425114d28_8k.htm) , [September 15, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000110465925089732/tm2526078d1_8k.htm) , [September 16, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000110465925090427/tm2526186d1_8k.htm) , [October 8, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000110465925097920/tm2528158d1_8k.htm) , [October 28, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000110465925103243/tm2529664d1_8k.htm) and [November 12, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1865200/000110465925109556/tm2530848d1_8ka.htm) ;

· the
 current reports of Angel Legacy on Form 8-K, filed with the SEC on [April 24, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000110465925038136/tm2513056d1_8k.htm) , [May 7, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000110465925045150/tm2514237d1_8k.htm) , [May 9, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000110465925046781/tm2514667d1_8k.htm) , [June 10, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000110465925058210/tm2517620d1_8k.htm) , [June 16 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000110465925059853/tm2518147d1_8k.htm) , [August 4, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000110465925073700/tm2522257d2_8k.htm) , [August 15, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000110465925079289/tm2523644d1_8k.htm) , [September 5, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000110465925087910/tm2525424d1_8k.htm) , [September 8, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000110465925088182/tm2525520d1_8k.htm) and [September 10, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1671941/000110465925088826/tm2525710d1_8k.htm) ; and

· the
 description of our common stock contained in our Registration Statement on [Form 8-A, filed on September 10, 2025](https://www.sec.gov/Archives/edgar/data/1865200/000110465925088949/tm2525625d1_8a12b.htm) , including any amendment or reports filed for the purpose
 of updating such description.

Any statement contained in this prospectus or in a document incorporated or deemed to be incorporated by reference into this prospectus will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus or any other subsequently filed document that is deemed to be incorporated by reference into this prospectus modifies or supersedes the statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this prospectus.

Copies of these filings are available at no cost on our website, https://ir.angel.com/. In addition, you may request a copy of these filings and any amendments thereto at no cost, by writing or telephoning us. Those copies will not include exhibits to those documents unless the exhibits are specifically incorporated by reference in the documents or unless you specifically request them. You may also request copies of any exhibits to the registration statement at no cost. Please direct your request to:

Angel Studios, Inc.

295 W Center Street

Provo, Utah 84601

(760) 933-8437

Attention: Legal Department

You should rely only on the information in this prospectus, any prospectus supplement and the documents that are incorporated by reference. We have not authorized anyone else to provide you with different information. We are not offering these securities in any state where the offering is prohibited by law. You should not assume that the information in this prospectus, any prospectus supplement or any incorporated document is accurate as of any date other than the date of the document.

**LEGAL MATTERS**

The validity of the issuance of the shares of securities offered hereby will be passed upon for us by Mayer Brown LLP, New York, New York. Additional legal matters may be passed upon for us or any underwriters, dealers or agents, by counsel that we name in the applicable prospectus supplement.

**EXPERTS**

The audited financial statements of Angel Legacy as of and for the fiscal years ended December 31, 2024 and 2023 have been incorporated by reference herein in reliance upon the report of Tanner LLC, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing. Effective October 31, 2025, Tanner LLC converted to Tanner LLP. Effective November 7, 2025, Tanner LLP succeeded to the registration status of Tanner LLC, the predecessor firm, following the change in legal structure.

The consolidated financial statements of Southport as of December 31, 2024 and 2023 and for each of the two years ended December 31, 2024 included in this prospectus have been so included in reliance on the reports of BDO USA, P.C., given on the authority of said firm as experts in auditing and accounting. The report on the consolidated financial statements contains an explanatory paragraph regarding Southport's ability to continue as a going concern.

![](tm2532801d1_424aimg001.jpg)

**Up to $150,000,000**

**Common Stock** 

PROSPECTUS SUPPLEMENT

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|:---|:---|:---|:---|
| &nbsp;&nbsp;**Oppenheimer & Co.** | &nbsp;&nbsp;**Texas Capital Securities** | &nbsp;&nbsp;**Maxim Group LLC** | &nbsp;&nbsp;**Roth Capital Partners** |

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**December 5, 2025**