Elizabeth Ellis - 10 Sep 2025 Form 3 Insider Report for Angel Studios, Inc. (PORT)

Role: Chief Operating Officer
Signature: /s/ Patrick J. Reilly, Attorney-in-Fact
Issuer symbol: PORT
Transactions as of: 10 Sep 2025
Net transactions value: $0
Form type: 3
Filing time: 22 Sep 2025, 21:51:58 UTC
Previous filing: 21 Jul 2025
Next filing: 20 Nov 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Ellis Elizabeth	Chief Operating Officer	295 W. CENTER ST., PROVO	/s/ Patrick J. Reilly, Attorney-in-Fact	22 Sep 2025	0002020252

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	ANGX	Class A Common Stock, par value $0.0001 per share						5,264	10 Sep 2025	Direct
holding	ANGX	Class B Common Stock, par value $0.0001 per share						26,752	10 Sep 2025	See Footnote	F1
holding	ANGX	Class B Common Stock, par value $0.0001 per share						133,761	10 Sep 2025	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	ANGX	Stock Option (right to buy)							10 Sep 2025	Class B Common Stock	149,812	$0.1600	Direct	F2
holding	ANGX	Stock Option (right to buy)							10 Sep 2025	Class B Common Stock	5,446	$0.0600	Direct	F3
holding	ANGX	Stock Option (right to buy)							10 Sep 2025	Class B Common Stock	107,009	$0.0600	Direct	F4
holding	ANGX	Stock Option (right to buy)							10 Sep 2025	Class B Common Stock	541,734	$0.0600	Direct	F5
holding	ANGX	Stock Option (right to buy)							10 Sep 2025	Class B Common Stock	62,696	$0.6400	Direct	F6
holding	ANGX	Stock Option (right to buy)							10 Sep 2025	Class B Common Stock	267,710	$1.62	Direct	F7
holding	ANGX	Stock Option (right to buy)							10 Sep 2025	Class B Common Stock	38,410	$2.24	Direct	F8
holding	ANGX	Stock Option (right to buy)							10 Sep 2025	Class B Common Stock	355,784	$2.66	Direct	F9
holding	ANGX	Performance Stock Units							10 Sep 2025	Class A Common Stock	88,416	$2.66	Direct	F10
holding	ANGX	Performance Stock Units							10 Sep 2025	Class A Common Stock	24,173	$2.66	Direct	F11
holding	ANGX	Performance Stock Units							10 Sep 2025	Class A Common Stock	285,853	$5.66	Direct	F12
holding	ANGX	Performance Stock Units							10 Sep 2025	Class A Common Stock	43,065	$6.13	Direct	F13
holding	ANGX	Performance Stock Units							10 Sep 2025	Class A Common Stock	18,501	$7.29	Direct	F14

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	These shares of Class B Common Stock are held by an immediate family member of Mrs. Ellis sharing the same household. Mrs. Ellis is thus deemed to hold an indirect pecuniary interest in these shares of Class B Common Stock.
F2	Prior to the Issuer's business combination (the "Business Combination"), the fully-vested stock options represented the right to purchase 28,000 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the fully-vested stock options converted into the right to purchase 149,812 shares of the Issuer's Class B Common Stock.
F3	Prior to the Business Combination, the fully-vested stock options represented the right to purchase 1,018 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the fully-vested stock options converted into the right to purchase 5,446 shares of the Issuer's Class B Common Stock.
F4	Prior to the Business Combination, the fully-vested stock options represented the right to purchase 20,000 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the fully-vested stock options converted into the right to purchase 107,009 shares of the Issuer's Class B Common Stock.
F5	Prior to the Business Combination, the fully-vested stock options represented the right to purchase 101,250 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the fully-vested stock options converted into the right to purchase 541,734 shares of the Issuer's Class B Common Stock.
F6	Prior to the Business Combination, the fully-vested stock options represented the right to purchase 11,718 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the fully-vested stock options converted into the right to purchase 62,696 shares of the Issuer's Class B Common Stock.
F7	Prior to the Business Combination, the fully-vested stock options represented the right to purchase 50,035 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the fully-vested stock options converted into the right to purchase 267,710 shares of the Issuer's Class B Common Stock.
F8	Prior to the Business Combination, the fully-vested stock options represented the right to purchase 7,179 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the fully-vested stock options converted into the right to purchase 38,410 shares of the Issuer's Class B Common Stock.
F9	Prior to the Business Combination, the stock options represented the right to purchase 66,496 shares of Angel Legacy, Inc's Class F Common Stock, par value $0.001 per share. Following the Issuer's business combination, the stock options converted into the right to purchase 355,784 shares of the Issuer's Class B 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.
F10	Prior to the Business Combination, the performance stock units (PSUs) were granted under Angel Legacy, Inc's. 2023 Performance Equity Plan and represented the right to purchase 16,525 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 88,416 shares of the Issuer's Class A 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.
F11	Prior to the Business Combination, the performance stock units (PSUs) were granted under Angel Legacy, Inc's. 2023 Performance Equity Plan and represented the right to purchase 4,518 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 24,173 shares of the Issuer's Class A 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.
F12	Prior to the Business Combination, the performance stock units (PSUs) were granted under Angel Legacy, Inc's. 2023 Performance Equity Plan and represented the right to purchase 53,426 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 285,853 shares of the Issuer's Class A 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.
F13	Prior to the Business Combination, the performance stock units (PSUs) were granted under Angel Legacy, Inc's. 2023 Performance Equity Plan and represented the right to purchase 8,049 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 43,065 shares of the Issuer's Class A 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.
F14	Prior to the Business Combination, the performance stock units (PSUs) were granted under Angel Legacy, Inc's. 2023 Performance Equity Plan and represented the right to purchase 3,458 shares of Angel Legacy Inc.'s Class C Common Stock. Following the Business Combination, the PSUs converted into the right to purchase 18,501 shares of the Issuer's Class A 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 24 - Power of Attorney