Angel Studios enters ATM equity distribution agreement for up to $150M

Angel Studios, Inc.

Company may sell up to $150M of Class A common stock via at-the-market offering through multiple sales agents.
Sales agents include Oppenheimer, TCBI Securities (Texas Capital), Maxim Group, and Roth Capital; commission up to 3.0%.
Shelf registration on Form S-3 declared effective by SEC on Dec 4, 2025; prospectus supplement filed Dec 5, 2025.
Agreement contains customary representations, warranties, indemnification, and termination provisions.

item 1.01 item 9.01

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