Angel Studios Debuts on New York Stock Exchange After Merger With Southport Acquisition

The stock rose as much as 70 percent in early trading before narrowing to an 8.42 percent gain at the close.

"Sound of Hope" is based on the true story of how a small town in east Texas adopted 77 children who were abused and neglected by the foster care system. Angel Studios

Utah-based Angel Studios, Inc., a media and technology firm, went public on Sept. 11 following the completion of its partnership with Southport Acquisition Corporation, a special purpose acquisition company based in Delaware.

The combined company now operates as Angel Studios, Inc., with its Class A common stock beginning trading on Sept. 11 on the New York Stock Exchange under the ticker ANGX.

Shares of the independent studio behind films such as “Sound of Freedom” rose as much as 70 percent in initial trading and closed at $13, up by 8.42 percent.

Released in 2023, “Sound of Freedom” is based on a true story involving the destruction of a child abuse ring.

“This marks a huge milestone for Angel and our 1.5 million-plus Guild members worldwide,” Neal Harmon, co-founder, chairman, and CEO of Angel, said in a company statement. “Our model and technology are leading a movement to reshape entertainment, empowering audiences as virtual co-producers.”

Under this new model, the Guild “selects stories that amplify light and timeless values—curating a powerful library through greenlighting films and shows for theaters, TV, or Angel streaming,” according to the company.

The company says that Angel’s public debut demonstrates the strong growth of the Angel Guild membership model, as well as revenue advancement, and an expanding global audience.

Earlier this month, the company completed its capital fundraising project and also announced the close of a $100 million credit facility with Trinity Capital, a leading alternative asset manager. Angel plans to involve Trinity to further expand the Angel Guild.

Angel first emerged in 2013 when Harmon began searching for a way to deliver better stories for his own children as well as reshape the future of the entertainment industry for like-minded families internationally. Today, Guild members in more than 180 nations help to plan the programming.

“Angel is turning the traditional Hollywood gatekeeper model upside down by putting the power back into the hands of the audience,” their website states.

Viewers can watch drama, comedy, documentaries, family films, sports, and faith-based shows.

The basic plan for Guild members is $12 per month with limited ads, while the ad-free basic plan is $18 per month. A premium plan that offers ad-free shows, movie tickets, and other perks sells for $20 per month.

Angel generated $96.5 million in revenue in 2024 but reported a loss of $89.8 million.

Founded in 2012, Southport is a blank check company created for the purpose of handling a merger, capital stock exchange, asset acquisition, stock purchase and reorganization, or other similar business combinations with one or more businesses. Chairman Jared Stone and CEO Jeb Spencer are at the helm of Southport.

Angel tapped Roth Capital Partners and Lake Street as capital markets advisers. In addition, Oppenheimer & Co. is serving as financial and capital markets adviser to Southport.

Mayer Brown LLP is acting as legal adviser to Angel, and Wachtell, Lipton, Rosen & Katz is acting as legal adviser to Southport.