---
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"
generated_at: "2026-05-22T01:48:23.181407+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Angel Studios enters $5M convertible note agreement with 15% interest and warrant

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-25-046781
- form_type: 8-K
- cik: 0001671941
- company_name: Angel Studios, Inc.
- filed_at: 2025-05-09T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-046781
- JSON: https://secwatch.observer/filing/0001104659-25-046781.json
- Plain text: https://secwatch.observer/filing/0001104659-25-046781.txt

## Key facts
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1671941/000110465925046781/0001104659-25-046781-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.