Recent Updates — ANGX

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.

Angel Studios reported second quarter 2026 total revenue of $111.7 million, up 27.5% from the prior-year period, driven by a 93.8% year-over-year increase in Angel Guild revenue to $90.7 million. The company's paying membership base grew 99.2% year-over-year to 2.61 million members during the quarter and surpassed 2.85 million as of July 31, 2026. Operating loss narrowed to $18.5 million from $21.3 million in Q2 2025, while positive operating cash flow improved by $27.5 million year-over-year to $16.9 million. Net loss widened to approximately $23.8 million compared to a net loss of $15.7 million in the prior-year quarter. The company reiterated its full-year 2026 Adjusted EBITDA loss guidance of no more than $25 million and plans seven theatrical releases for the second half of the year. Angel Studios is a media and technology company pioneering an audience-driven model where community members vote on film distribution.

Angel Studios, Inc. entered into amended and restated merger agreements on June 29, 2026, regarding its previously announced acquisitions of Tuttle Twins Show, LLC (TTS) and Toothy Cow Productions, LLC (TCP). The revisions extend the transaction outside dates to October 31, 2026, and modify specific closing conditions, such as removing a showrunner agreement requirement for Daniel Harmon in the TTS deal. The company has provided $11.7 million in operational funding to TTS and $11.9 million to TCP to date. If the mergers fail, these funds will convert into preferred units of the respective entities at $1.16 and $1.50 per unit. Angel Studios, Inc. is a media company that produces and distributes entertainment content.

On June 17, 2026, Angel Studios, Inc. filed a Third Amended and Restated Certificate of Incorporation to modify the automatic conversion of Class B common stock into Class A common stock. The amendments introduce new 'Permitted Transferee' categories for Qualifying Purpose Trusts and Qualifying Estate Planning Trusts, exempting Class B shares held by these entities from automatic conversion upon transfer, death, or permanent incapacity. The Amended Charter was approved by the Board of Directors on June 16, 2026, and by 77.45% of outstanding Class B stockholders (43,944,071 of 56,735,246 shares) on June 17, 2026. The company operates in the entertainment industry as a film and television production studio.