Angel Studios issues $7M convertible notes at 16% ahead of planned merger with Southport

Angel Studios, Inc.

Aggregate principal amount of $7M in two subordinated convertible notes; 16% interest compounded monthly.
Conversion price $39/share into Class C Common Stock; automatic conversion upon close of merger with Southport Acquisition Corp.
Maturity date December 31, 2025; proceeds used for marketing, merger expenses, and transaction costs.
Notes unregistered, sold under Section 4(a)(2) and Regulation D; subject to transfer restrictions.
Company authorized 165,000 shares of Class C Common Stock reserved for conversion of notes.

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