{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-079289","form_type":"8-K","ticker":null,"cik":"0001671941","company_name":"Angel Studios, Inc.","filed_at":"2025-08-15T23:59:59+00:00","discovered_at":"2026-05-14T18:02:44.604052+00:00","generated_at":"2026-05-17T12:26:12.855259+00:00","sec_items":["1.01","2.03","3.02","3.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"Angel Studios issues $7M convertible notes at 16% ahead of planned merger with Southport","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-079289","json":"https://secwatch.observer/filing/0001104659-25-079289.json","markdown":"https://secwatch.observer/filing/0001104659-25-079289.md","text":"https://secwatch.observer/filing/0001104659-25-079289.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1671941/000110465925079289/0001104659-25-079289-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1671941/000110465925079289/tm2523644d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T12:26:12.855259+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":"797614a65b742e75bb8671db772617a65b266401","claim":"Angel Studios, Inc. incurred convertible notes of $7,000,000 with two separate investors at 16.00% per annum, compounded monthly maturing December 31, 2025.","evidence_excerpt":"On August 11, 2025, Angel Studios, Inc., a Delaware corporation (the “ Company ”), entered into two separate Note Purchase Agreements (each, a “ Note Purchase Agreement ” and collectively, the “ Note Purchase Agreements ”) with two separate investors (each, an “ Investor ” and collectively, the “ Investors ”), pursuant to which the Company agreed to issue and sell to each Investor a Subordinated Convertible Promissory Note (each, a “ Convertible Note ” and collectively, the “ Convertible Notes ”) for an aggregate principal amount of $7,000,000 between the two Convertible Notes (the “ Debt Financing ”).","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1671941/000110465925079289/0001104659-25-079289-index.htm","confidence":0.95,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$7,000,000"},{"label":"Counterparty","value":"two separate investors"},{"label":"Rate","value":"16.00% per annum, compounded monthly"},{"label":"Maturity","value":"December 31, 2025"},{"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"}