Angel Studios to become a publicly traded company through merger

Just weeks after raising $20 million in 11 days through its unique “Angel Guild” financing model, Provo’s Angel Studios has announced a plan to go public through a merger with Southport Acquisition Corp. Upon closing of the combination with the special purpose acquisition company, the combined company’s Class A common stock is expected to be listed on the NYSE or Nasdaq under the ticker symbol “AGSD.”

Southport is a so-called “blank-check” investment company that offers an alternative to the traditional IPO method of going public. The merger deal is valued at $1.6 billion.

Existing Angel Studio — whose movie “Sound of Freedom” was among the top 10 highest grossers in the U.S. last year — said its investors will roll 100 percent of their equity into the combined company. Co-founder and CEO Neal Harmon will remain as the head of the company.

The boards of directors of Angel Studios and Southport have approved the transaction, the consummation of which is subject to customary closing conditions and is expected to close in the first half of 2025.