---
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"
generated_at: "2026-10-12T14:30:27.455200+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Angel Studios cuts TCP deal incentive shares to 77,493, reallocates 439,127 shares

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-112974
- JSON: https://secwatch.observer/filing/0001104659-26-112974.json
- Plain text: https://secwatch.observer/filing/0001104659-26-112974.txt

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