secwatch.observer — SEC 8-K summary
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Issuer:     Angel Studios, Inc. (ANGX)
CIK:        0001865200
Form:       8-K
Filed at:   2026-10-02T01:37:18+00:00
Accession:  0001104659-26-112974
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1865200/000110465926112974/0001104659-26-112974-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1865200/000110465926112974/tm2626858d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-112974

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