Form 4: Angel Studios Director Converts Shares, Vests RSUs

Angel Studios Director Benton Deloss Crane converted Class B to Class A common stock and vested restricted stock units, increasing his Class A holdings.

Summary

• Benton Deloss Crane, a Director at Angel Studios, Inc. (ANGX), reported changes in his beneficial ownership.
• On November 26, 2025, Crane converted 200,000 shares of Class B Common Stock into 200,000 shares of Class A Common Stock.
• Following this conversion, his direct beneficial ownership of Class B Common Stock decreased to 367,202 shares, while his direct beneficial ownership of Class A Common Stock increased to 200,000 shares.
• On January 23, 2026, 2,648 Restricted Stock Units (RSUs) vested and automatically converted into 2,648 shares of Class A Common Stock.
• This transaction increased his direct beneficial ownership of Class A Common Stock to 202,648 shares.
• The RSUs were awarded under the Issuer's 2025 Long-Term Incentive Plan, effective October 23, 2025, and vest in substantially equal quarterly increments over a one-year period.
• After these reported transactions, Crane beneficially owns 7,945 derivative securities (RSUs).

Sentiment

Score: 6

Explanation: The filing reports an increase in a director's direct beneficial ownership of Class A common stock through conversion and RSU vesting, which is generally viewed as a positive signal of insider confidence.

Positives

• Director Benton Deloss Crane increased his direct beneficial ownership of Class A Common Stock by 202,648 shares through conversion and RSU vesting, signaling continued confidence in the company.
• The vesting of Restricted Stock Units (RSUs) demonstrates the company's ongoing compensation plan for its directors, aligning their interests with shareholders.

Stakeholder Impact

• Shareholders: Increased direct ownership by a director may be perceived as a positive sign of management's commitment and belief in the company's future.

Next Steps

• Remaining Restricted Stock Units (RSUs) will continue to vest in substantially equal quarterly increments over the one-year period from October 23, 2025.

Key Dates

Keywords

Angel Studios, ANGX, Insider Transaction, Form 4, Beneficial Ownership, Class A Common Stock, Class B Common Stock, Restricted Stock Units, RSUs, Director Holdings