b'Taking Flighton its Angel WingsRepresenting a Reporting Company on its Innovative De-SPAC Transaction Angel Studios operates as a community-proceeding, the company completed a num-powered,nontraditionalentertainmentber of private placements. Perhaps a sign of studio, with the Angel Guild determiningthe times, or of leaderships distinctive views, which projects are financed and produced.the company also determined to pursue a This audience-driven model represents aBitcoin treasury strategy. The company disruptive approach to content creation,has allocated a portion of its corporate funding and distribution and supportedtreasury to Bitcoin as a long-term reserve the success of values-driven projects suchasset, a decision that presents non-tradi-as The Chosen and Sound of Freedomwithtional securities law, accounting and dis-early indications the recently released filmclosure issues. This is especially true for a David will follow a similar successful path.company preparing to trade on the NYSE. Founded by brothers, with a very clear,Our work has included guiding the company purposeful vision and unconstrained bythrough public-company risk disclosures, conventional wisdom, the company turnedcontrols considerations and the financial- to crowdfunding and other exempt offeringsreporting implications associated with hold-to get its start.ing crypto assets on the balance sheet.They did indeed find a crowd of support- Since, as a newly NYSE-listed company, ersso many in fact that the company hadAngel continues to chart its own coursebecome a Section 12(g) reporting companynow embarking on an acquisition strategy, and subject to ongoing Exchange Act report- with its equity serving as currency. ing obligations before Angel determined that it wanted to conduct an IPO. Of course, a traditional IPO fell by the wayside as an option. We represented Angel Studios in its September 2025 de-SPAC transaction with Southport Acquisition Corporation, a spe-cial purpose acquisition company (SPAC). The business combination, which implied a $1.6 billion pro forma enterprise value, resulted in Angel Studios becoming a pub-licly traded company on the NYSE. Unlike the vast majority of private oper-ating companies that use a de-SPAC to enter the public markets, Angel already was a reportingcompany.Consequently,the transaction required an extra measure of creativity and a tailored approach to diligence, disclosure and process. Along theway,allwhilethetransactionwas8'