{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-046781","form_type":"8-K","ticker":null,"cik":"0001671941","company_name":"Angel Studios, Inc.","filed_at":"2025-05-09T23:59:59+00:00","discovered_at":"2026-05-14T18:02:49.286039+00:00","generated_at":"2026-05-22T01:48:23.181407+00:00","sec_items":["1.01","2.03","3.02","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"Angel Studios enters $5M convertible note agreement with 15% interest and warrant","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-046781","json":"https://secwatch.observer/filing/0001104659-25-046781.json","markdown":"https://secwatch.observer/filing/0001104659-25-046781.md","text":"https://secwatch.observer/filing/0001104659-25-046781.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1671941/000110465925046781/0001104659-25-046781-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1671941/000110465925046781/tm2514667d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-22T01:48:23.181407+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"322f674b74935539383332e84b4cb533be3a2461","claim":"Angel Studios, Inc. incurred convertible notes of $5,000,000 with an investor at 15.00% per annum, compounded monthly maturing May 1, 2027.","evidence_excerpt":"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”)","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1671941/000110465925046781/0001104659-25-046781-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$5,000,000"},{"label":"Counterparty","value":"an investor"},{"label":"Rate","value":"15.00% per annum, compounded monthly"},{"label":"Maturity","value":"May 1, 2027"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}