Mergers & Acquisitions ·
Angel Studios amends merger with Toothy Cow Productions, reallocating shares to shift value from common to preferred holders
ANGXAngel Studios, Inc.
Angel Studios entered into a Second Amended and Restated Agreement and Plan of Merger on September 17, 2026, revising the acquisition terms for Toothy Cow Productions (TCP). The amendment reallocates merger consideration by increasing Preferred Reallocation Shares to 439,127 shares and reducing Incentive Shares from 516,620 to 77,493. This shift transfers value from TCP Common Unit holders to Preferred Unit holders. Angel Studios has provided $12.6 million in operational funding to date, with a maximum commitment of $11.9 million for seasons three and four. Unconsummated funding converts into Class B Preferred Units at $1.50 per unit plus warrants. The company operates in the entertainment industry, producing and distributing film and television content.