---
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"
generated_at: "2026-05-17T12:26:12.855259+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-25-079289
- form_type: 8-K
- cik: 0001671941
- company_name: Angel Studios, Inc.
- filed_at: 2025-08-15T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 3.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-079289
- JSON: https://secwatch.observer/filing/0001104659-25-079289.json
- Plain text: https://secwatch.observer/filing/0001104659-25-079289.txt

## Key facts
- Debt Financings
  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.
  - Instrument: convertible notes
  - Principal: $7,000,000
  - Counterparty: two separate investors
  - Rate: 16.00% per annum, compounded monthly
  - Maturity: December 31, 2025
  - Event: incurrence
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1671941/000110465925079289/0001104659-25-079289-index.htm

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