Angel Studios, Inc.: debt financing — Angel Studios enters $5M convertible note agreement with 15% interest and warrant

Angel Studios, Inc.

Issued $5M subordinated convertible promissory note bearing 15% annual interest, due May 1, 2027.
Note convertible into Class C common at $32.76/share; warrant to purchase 30,525 shares at same price also issued.
Use of proceeds redacted; note issued in unregistered private placement under Regulation D.
Closing occurred on May 5, 2025; note cannot be prepaid by company.
Note purchase agreement references planned merger with Southport Acquisition Corporation (SPAC) under BCA.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Angel Studios, Inc. incurred convertible notes of $5,000,000 with an investor at 15.00% per annum, compounded monthly maturing May 1, 2027.

Instrument: convertible notes
Principal: $5,000,000
Counterparty: an investor
Rate: 15.00% per annum, compounded monthly
Maturity: May 1, 2027
Event: incurrence

Exact text from the filing

On May 2, 2025, Angel Studios, Inc. (the “Company”) entered into a note and warrant purchase agreement (the “Purchase Agreement”) with an investor (the “Investor”), providing for the private placement of a subordinated convertible promissory note with a principal balance of $5,000,000 (the “Note”)

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Source: SEC EDGAR

accession 0001104659-25-046781

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