Sec Form 4 Filing - Ahlstrom Paul @ Angel Studios, Inc. - 2025-02-03

FORM 4 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

OMB APPROVAL OMB Number: 3235-0287 Expires: November 30, 2011 Estimated average burden hours per response... 0.5

1. Name and Address of Reporting Person Ahlstrom Paul 2. Issuer Name and Ticker or Trading Symbol Angel Studios, Inc. [ NONE] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 295 W. CENTER ST. 3. Date of Earliest Transaction (MM/DD/YY) 02/03/2025 (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

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 Options (right to buy) $ 32.76 02/03/2025 A 29,149 ( 1 ) 02/03/2035 Class F Common Stock, par value $0.001 per share 29,149 $ 0 52,182 I See Footnote ( 1 ) Stock Options (right to buy) $ 32.76 02/03/2025 A 7,805 ( 2 ) 02/03/2035 Class F Common Stock, par value $0.001 per share 7,805 $ 0 59,987 I See Footnote ( 2 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Ahlstrom Paul 295 W. CENTER ST. PROVO, UT84801 X Signatures /s/ Patrick J. Reilly, Attorney-in-fact 02/04/2025 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Represents stock options granted to NISI Publishing, LLC under the Issuer's 2023 Stock Option Plan, exercisable for 29,149 shares of the Issuer's Class F Common Stock. These stock options will be fully vested upon issuance. Mr. Ahlstrom owns an indirect pecuniary interest in the stock options by virtue of his indirect controlling interest in their owner, NISI Publishing, LLC. ( 2 )Represents stock options granted to NISI Publishing, LLC under the Issuer's 2023 Stock Option Plan, exercisable for 7,805 shares of the Issuer's Class F Common Stock. These stock options will vest in substantially equal quarterly increments, over a one-year period beginning January 1, 2025. Mr. Ahlstrom owns an indirect pecuniary interest in the stock options by virtue of his indirect controlling interest in their owner, NISI Publishing, LLC.

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).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.