Patrick J. Reilly Form 3/A Angel Studios / Patrick J. Reilly ownership change

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
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.

(Last) (First) (Middle)

295 W. CENTER ST.

(Street)

PROVO UT 84801

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
04/29/2024

3. Issuer Name and Ticker or Trading Symbol
Angel Studios, Inc. [ NONE ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
Chief Financial Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)
04/29/2024

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
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 Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option	(1)	03/16/2031	Class F Common Stock	11,864	3.42	D
Stock Option	(2)	09/03/2031	Class F Common Stock	65,907	8.63	D
Stock Option	(3)	12/02/2032	Class F Common Stock	9,800	11.95	D
Stock Option	(4)	04/20/2033	Class F Common Stock	47,736	14.18	D
Stock Option	(5)	10/20/2033	Class C Common Stock	16,259	14.18	D

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. This Amendment is being filed to correct an erroneous entry, on the fifth line of Table II of the Form 3 filed on April 29, 2024, to 16,259 stock options exercisable for shares of Class F Common Stock. As correctly reflected on the fifth line of Table II of this Amendment, the 16,259 stock options are instead exercisable for shares of Class C 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.

	/s/ Patrick J. Reilly	07/24/2024
	** Signature of Reporting Person	Date
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 5 (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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