SCHEDULE: Gigafund Discloses 19.48% Stake in Angel Studios

Gigafund 1, LP, along with its general partner and key individuals, reported a significant passive beneficial ownership of 19.48% in Angel Studios, Inc.'s Class A common stock.

Summary

• Gigafund 1, LP, Gigafund 1 GP, LP, Luke Nosek, and Stephen D. Oskoui (collectively 'Reporting Persons') filed a Schedule 13G, disclosing significant beneficial ownership in Angel Studios, Inc.
• Gigafund 1, LP, Gigafund 1 GP, LP, and Luke Nosek each beneficially own 19,459,882 Class A common shares, representing 19.48% of the class.
• Stephen D. Oskoui beneficially owns an aggregate of 19,651,037 Class A common shares, representing 19.64% of the class. This includes 19,513,386 Class A shares and 137,651 Class A shares issuable upon conversion of Class B common stock he has an option to acquire.
• The percentage of class calculations are based on 99,910,315 Class A shares outstanding as of September 11, 2025, as reported in Angel Studios' Form 8-K filed on September 16, 2025.
• Mr. Nosek and Mr. Oskoui control all voting and investment decisions for the securities held by the Gigafund Holders.
• The Reporting Persons certified that the securities were not acquired for the purpose of changing or influencing control of Angel Studios.

Sentiment

Score: 6

Explanation: The disclosure of a significant passive stake by a known investment firm and its principals is generally a neutral to slightly positive signal, indicating investor confidence without implying activist intent.

Positives

• A significant institutional investor (Gigafund) and its principals hold a substantial stake, indicating confidence in Angel Studios.
• The filing explicitly states the securities were not acquired for the purpose of changing or influencing control, suggesting a passive investment.

Future Outlook

No specific future outlook or guidance is provided in this beneficial ownership report.

Management Comments

• The securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

This filing is a standard disclosure of significant beneficial ownership and does not provide specific industry context or analysis.

Stakeholder Impact

• Shareholders: Provides transparency on significant ownership stakes, potentially signaling confidence from large investors.

Key Dates

Recommendation

The filing indicates a substantial passive ownership stake by Gigafund and its principals in Angel Studios. While this signals confidence from a notable investment firm, the Schedule 13G is a disclosure of ownership and does not provide operational or financial performance data to warrant a 'buy' or 'sell' recommendation. It primarily serves as a transparency update for existing shareholders and potential investors, suggesting a 'hold' position to observe future company performance and strategic developments.

Keywords

Angel Studios, Gigafund, Schedule 13G, Beneficial Ownership, Class A Common Stock, Institutional Investor, Passive Investment, Luke Nosek, Stephen D. Oskoui