{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-088826","form_type":"8-K","ticker":null,"cik":"0001671941","company_name":"Angel Studios, Inc.","filed_at":"2025-09-10T23:59:59+00:00","discovered_at":"2026-05-14T18:02:44.604432+00:00","generated_at":"2026-05-17T07:01:46.265680+00:00","sec_items":["1.01","2.03","3.02","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Angel Studios secures up to $100M term loan from Trinity Capital; $40M drawn at close","bullets":["$40M funded immediately; three additional $20M tranches available through June 2027 subject to conditions.","Interest rate at Prime + 6% or 13.5% floor; principal and interest due monthly; maturity October 1, 2030.","Lenders received warrants for 273,375 shares of Class C Common Stock at $39.00 per share.","Proceeds used to pay off existing indebtedness and for general working capital and business operations.","Obligations secured by substantially all assets; loan requires minimum liquidity and other covenants."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-088826","json":"https://secwatch.observer/filing/0001104659-25-088826.json","markdown":"https://secwatch.observer/filing/0001104659-25-088826.md","text":"https://secwatch.observer/filing/0001104659-25-088826.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1671941/000110465925088826/0001104659-25-088826-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1671941/000110465925088826/tm2525710d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T07:01:46.265680+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":"4fe6d008b6ca02960cf45ff1996a848d88f53081","claim":"Angel Studios, Inc. incurred term loan of up to $100.0 million term loan with a delayed draw feature, which is composed of four committed tranches: (i) the first with Trinity Capital Inc. at a variable rate equal to the greater of (x) the Prime Rate (as defined under the maturing October 1, 2030.","evidence_excerpt":"Facility ”) with certain lenders thereunder and Trinity Capital Inc., a Maryland Corporation, as agent for the lenders. The Credit Facility provides the Company with an up to $100.0 million term loan with a delayed draw feature, which is composed of four committed tranches: (i) the first tranche in an aggregate principal amount of $40.0 million, which was funded on","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1671941/000110465925088826/0001104659-25-088826-index.htm","confidence":0.95,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"term loan"},{"label":"Principal","value":"up to $100.0 million term loan with a delayed draw feature, which is composed of four committed tranches: (i) the first"},{"label":"Counterparty","value":"Trinity Capital Inc."},{"label":"Rate","value":"a variable rate equal to the greater of (x) the Prime Rate (as defined under the"},{"label":"Maturity","value":"October 1, 2030"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"48565274207accf385ecd5123b29c5f81d6bed4f","claim":"Angel Studios, Inc. issued 273,375 shares of Class C Common Stock of warrant to lenders under the Credit Facility for in connection with the Credit Facility.","evidence_excerpt":"In connection with the Credit Facility, the Company issued each lender thereunder a Warrant to Purchase Stock (each, a “ Warrant ” and collectively, the “ Warrants ”) to purchase an aggregate amount of 273,375 shares of the Company’s Class C Common Stock with an exercise price per share of $39.00.","evidence_source":"SEC 8-K Item 3.02/3.03","evidence_url":"https://www.sec.gov/Archives/edgar/data/1671941/000110465925088826/0001104659-25-088826-index.htm","confidence":0.95,"family_label":"Equity Issuances","details":[{"label":"Security","value":"warrant"},{"label":"Shares","value":"273,375 shares of Class C Common Stock"},{"label":"Purchaser","value":"lenders under the Credit Facility"},{"label":"Consideration","value":"in connection with the Credit Facility"}],"fact_type":"equity_issuance"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}