Angel Studios closes the Spac deal to become a listed company
Angel Studios, which has built up a portfolio of faith-based films and TV shows and has 1.5 million members of his Angel Guild program, has completed a merger deal to become a listed company.
The company, whose biggest hit religious thriller film is ‘Sound of Freedom’, said on Wednesday that it is his business combination with Southport Acquisition Corp., a special acquisition company (Spac), closed. The Spac deal appreciates the combined entity with approximately $ 1.6 billion in pro-forma Enterprise value. Spacs have companies increase financing and become public without launching a more time -consuming traditional IPO.
The combined company will operate as Angel Studios Inc., and the shares of class A ordinary shares are expected to start acting on New York Stock Exchange in the morning of 11 September under the Ticker symbol “Angx”.
Neal Harmon, co-founder, chairman and CEO, will continue to lead the company after the merger. Two of his brothers are also senior execs: Jordan Harmon serves as president and Jeffrey Harmon is Chief Content Officer.
The company says that it promotes valued stories.
“This is a huge milestone for Angel and our 1.5 million Plus guild members worldwide,” Neal Harmon said in a statement. “Our model and technology lead a movement to reform entertainment, making the public authorized as virtual co-producers. The Guild selects stories that reinforce light and timeless values-a powerful library via Greenlighting films and shows for theaters, TV or Angel Streaming-and we started.”
The company is not profitable: for the first six months of 2025, the turnover of Angel almost triple to $ 135 million increased, while the net loss balloon up to $ 53.3 million (versus a net loss of $ 37.4 million in the period of a year ago).
The Angel Guild program generated $ 101.1 million in cash in the first half of the year – and the turnover of Angel Guild rose by 517% in the second quarter of this year. But according to the company, a considerable part of the total net loss at that time was due to the continuous marketing costs to increase the memberships of Angel Guild. The Angel Guild lets his 1.5 million paying members vote to select which films and TV shows to Greenlight and those projects with their membership costs finance.
One of the biggest hits of Angel Studios was the TV program ‘The Chosen’ about the life of Jesus Christ. Last year Angel lost the rights to the series after an arbitrator 5 & 2 Studios founder Dallas Jenkins supervised the “The Chosen” franchise.
To date, Angel Studios has released 36 films and 21 TV series. Among this is ‘Sound of Freedom’, who caught up with $ 250 million at the global cash register; The religious thriller, starring Jim Caviezel (“The Passion of the Christ”), is based on the true story of Tim Ballard, a former government agent who starts a mission to save children from sex traders in Colombia. Another remarkable success of the cash register was the animation film ‘The King of Kings’, a Biblical epic that was released this spring.
The company claims that it has had the highest domestic cash register average of an independent studio per release from 2023-25 (including A24, Universal’s Focus functions and Disney’s Searchlight Pictures). The company has also produced around 750 original comedy specials as part of its dry bar comedy series.
Arriving Angel Theatral releases include “The Senior” with, among others, Michael Chiklis (September 19) and the release “Zero Ad” in December with caviezel and directed by Alejandro Monteverde (who also “Sound of Freedom” Heldete).
From June 30, Angel had $ 28 million in cash and equivalents on the balance sheet. Obligations include $ 40.1 million in deferred turnover and $ 29.6 million of the current part of the debts to be paid.
On September 5, 2025, Angel Studios sold a total of 1,250,000 shares of his ordinary shares of class C for $ 44.00 per share, for gross revenues of around $ 55 million. The sale, according to the Reg A+ rules of the SEC for smaller companies, was made to 40,521 individual investors. And on 8 September, Angel Studios concluded a credit facility of $ 100 million with Trinity Capital, an alternative asset manager, who will use Angel to further expand the Angel Guild.
Harmon and other Angel Studios -Execs are planned to call the NYSE Bell on Thursday (September 11), at 4 p.m. to end his first trading day.
Angel Studios, based in Provo, Utah, was originally founded as Vidangel in 2014. Vidangel, who operated a “family -friendly” streaming service that filtered offenses from films, was charged by Hollywood Studios for copyright infringement for the Streamen Vidang vidang and a jury of juryel vidang Vidangel pay $ 62.4 million to Disney, Fox and Warner Bros. Bankruptcy protection; In 2020, a bankruptcy court approved its $ 9.9 million settlement with the studios and this was re -established as Angel Studios.
Shown above: Jim Caviezel in “Sound of Freedom”
