{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-26-112974","form_type":"8-K","ticker":"ANGX","cik":"0001865200","company_name":"Angel Studios, Inc.","filed_at":"2026-10-02T01:37:18+00:00","discovered_at":"2026-10-02T10:05:00.230864+00:00","generated_at":"2026-10-12T14:30:27.455200+00:00","sec_items":["1.01","9.01"],"event_type":"m_and_a","sentiment":"neutral","materiality_score":0.5,"calibrated_materiality_score":0.5,"confidence":"high","headline":"Angel Studios cuts TCP deal incentive shares to 77,493, reallocates 439,127 shares","bullets":["Second Amended and Restated Agreement and Plan of Merger signed Sept 17, 2026; Angel Studios' Angel TCP Merger Sub will absorb Toothy Cow Productions (TCP), valued at $30M enterprise value.","Preferred Reallocation Shares set at 439,127 Class A shares; Incentive Shares cut from 516,620 to 77,493, shifting consideration from TCP common to preferred unitholders.","Aggregate Stock Consideration now = Merger Consideration divided by Buyer Stock Price ($5.65/share) + 439,127 Preferred Reallocation Shares minus 77,493 Incentive Shares.","Angel Studios related parties own 2.3% of TCP units and will receive Class A shares in the merger; company has funded TCP $12.6M to date against an $11.9M max commitment for seasons 3-4.","If the deal doesn't close, Angel's TCP funding converts to Class B Preferred Units at $1.50/unit plus warrants; Wingfeather Saga license amended with Andrew Peterson at closing."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-26-112974","json":"https://secwatch.observer/filing/0001104659-26-112974.json","markdown":"https://secwatch.observer/filing/0001104659-26-112974.md","text":"https://secwatch.observer/filing/0001104659-26-112974.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1865200/000110465926112974/0001104659-26-112974-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1865200/000110465926112974/tm2626858d1_8k.htm"},"model":{"generated_by":"deepseek-v4.1-flash:cloud@v2","generated_at":"2026-10-12T14:30:27.455200+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":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}