Angel Studios, the distributor behind 2023’s sleeper hit Sound of Freedom, has completed its merger with Southport Acquisition Corporation and is set to begin trading today, September 11, on the New York Stock Exchange under the ticker ANGX. The company said the de-SPAC closes a year after the deal was announced, positioning the Provo-based media firm for public-market expansion and a higher profile with investors beyond its core fan community.
Alongside the merger, Angel disclosed a $100 million credit facility from Trinity Capital intended to scale its “Angel Guild,” the 1.5 million–member group that previews projects and influences greenlights. Executives framed the listing as a milestone for the audience-driven model that has underpinned titles such as The Chosen and the Jim Caviezel–led thriller, while scheduling a bell-ringing ceremony at the NYSE to mark the debut.
The transaction follows a volatile period for SPACs, many of which have faced redemptions and choppy post-merger trading; Angel’s move arrives amid muted investor appetite compared with the 2020–21 boom. Last year’s announcement pegged the deal at a roughly $1.6 billion pro forma enterprise value and initially pointed to a different potential ticker; the company now confirms trading under ANGX.
Angel’s pitch to Wall Street leans on box-office and community metrics. Sound of Freedom finished 2023 as a top-ten domestic release, with about $184 million in North America and $250 million worldwide, driven in part by a “pay-it-forward” ticketing push. Management argues that a loyal base reduces marketing risk and can translate to steady theatrical and streaming performance. The new credit line and fresh access to equity markets are presented as fuel for a pipeline that includes faith- and family-focused films and series.
Regulatory filings tied to the merger outline extensions and amendments used to reach closing, including adjustments to closing conditions earlier this year. With the combination complete, Angel transitions from private crowdfunding raises to ongoing public reporting and investor scrutiny, testing whether its crowdsourced development model can deliver consistent results under market pressure.
