Sec Form 3 Filing - Reilly Patrick J. @ Angel Studios, Inc. - 2024-04-29

FORM 3 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Reilly Patrick J. 2. Issuer Name and Ticker or Trading Symbol Angel Studios, Inc. [ NONE] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Chief Financial Officer (Last) (First) (Middle) 295 W. CENTER ST. 3. Date of Earliest Transaction (MM/DD/YY) 04/29/2024 (Street) PROVO, UT84801 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Class B Common Stock, par value $0.001 per share 100 D Class F Common Stock, par value $0.001 per share 110,732 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Stock Option $ 3.42 ( 1 ) 03/16/2031 Class F Common Stock 11,864 D Stock Option $ 8.63 ( 2 ) 09/03/2031 Class F Common Stock 65,907 D Stock Option $ 11.95 ( 3 ) 12/02/2032 Class F Common Stock 9,800 D Stock Option $ 14.18 ( 4 ) 04/20/2033 Class F Common Stock 47,736 D Stock Option $ 14.18 ( 5 ) 10/20/2033 Class F Common Stock 16,259 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Reilly Patrick J. 295 W. CENTER ST. PROVO, UT84801 Chief Financial Officer Signatures /s/ Patrick J. Reilly 04/29/2024 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Represent fully-vested stock options exercisable for shares of Class F Common Stock. ( 2 )Represent stock options exercisable for shares of Class F Common Stock. Twenty-five percent (25%) of these options vested on September 3, 2022, with the remaining options vesting in equal monthly installments through September 3, 2025. ( 3 )Represent fully-vested stock options exercisable for shares of Class F Common Stock. ( 4 )Represent stock options exercisable for shares of Class F Common Stock. Twenty-five percent (25%) of these options vested on April 20, 2024, with the remaining options vesting in equal monthly installments through April 20, 2027. ( 5 )Represent stock options exercisable for shares of Class F Common Stock. These options will vest in 10 tranches, equally divided, with each tranche becoming vested based on a series of increasing stock price milestones.

Remarks: Exhibit List: Exhibit 24 - Power of Attorney

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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