The dual acquisition of proven, audience-validated IP at a discount to independent DCF valuations is a clear positive catalyst. Monitor for closing conditions (regulatory approvals, S-4 effectiveness) and post-merger integration execution. The 6-month lock-up on key operator shares limits near-term overhang. Revenue growth trajectory and Angel Guild member trends will be key to watch post-close.
Price Chart
Executive Summary
Angel Studios filed an S-4 registration statement to register shares of Class A common stock for issuance in connection with the acquisitions of Toothy Cow Productions, LLC (TCP) and Tuttle Twins Show, LLC (TTS) via separate mergers. The total consideration includes approximately 10,154,676 shares of ANGX Class A common stock, with TCP valued at a $30M enterprise value and TTS at an agreed enterprise value, plus cash consideration for certain TTS investors. The fairness opinions from Economics Partners valued the TCP rights at $53.3M-$92M (base $72.6M) and TTS rights at $77.8M-$105.2M (base $91.5M), both above their respective acquisition prices, supporting the deals' financial fairness to ANGX shareholders.
Key Financial Metrics
Key Facts
- Angel Studios to acquire Toothy Cow Productions (TCP) and Tuttle Twins Show (TTS) via separate mergers, issuing ~10.15M shares of Class A common stock.
- TCP enterprise value set at $30M; TTS consideration includes stock and cash for investors, stock-only for key operators.
- Economics Partners fairness opinion values TCP rights at $53.3M-$92.0M (base $72.6M) vs. $34.1M acquisition price; TTS rights at $77.8M-$105.2M (base $91.5M) vs. $46.1M acquisition price.
- Company related parties own 23.4% of TCP units and 41.6% of TTS units; CEO Neal Harmon, President Jordan Harmon, and director Benton Crane are TTS key operators.
- Transaction costs estimated at $1.65M; expected close by Q3/Q4 2026, subject to regulatory approvals and other conditions.
- ANGX has ~2.22M paying Angel Guild members as of March 31, 2026; revenue grew 143% YoY to $115.1M in Q1 2026, but operating loss was -$2.7M and net loss -$13.8M.
Financial Impact
Acquisition of two top-performing original series for ~$49M in combined stock/cash consideration, with fairness opinions showing significant value creation potential (DCF values 2-3x acquisition price).
Risk Factors
- Mergers may not close if conditions (regulatory approvals, IP assignments) are not met by October 31, 2026 outside date.
- Significant related-party conflicts: Company insiders own 41.6% of TTS and 23.4% of TCP, raising governance concerns.
- ANGX has negative stockholders' equity (-$41.5M) and recurring operating losses; combined entity may face integration challenges.
- Dilution of ~7.25% for existing shareholders; no financial advisor opinion obtained for target holders.
- Tax-free reorganization status not assured; no IRS ruling sought.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-4 Filing (ANGX) — Batch item 1 | 0001104659-26-079004 |
| Document: tm2613040d1_ex99-1.htm | 0001104659-26-079001 |
| Document: tm2613040d1_ex99-2.htm | 0001104659-26-079004 |
| Document: tm2613040d1_ex10-18.htm | 0001104659-26-079004 |
| Document: tm2613040d1_ex10-17.htm | 0001104659-26-079004 |
| Document: tm2613040d1_exfilingfees.htm | 0001104659-26-079004 |
| Document: tm2613040d1_ex4-6.htm | 0001104659-26-079004 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 17d ago | Insider Buy | $5.27 $5.10 | ▼ −3.23% | ▼ −5.34% | $4.14 (−21.54%) |
Sep 11, 2026 21d ago | Insider Buy | $5.45 $5.27 | ▼ −3.30% | ▼ −3.08% | $4.14 (−24.13%) |
Aug 18, 2026 6w ago | EFFECT | $4.85 $4.58 | ▼ −5.57% | ▼ −5.37% | $4.14 (−14.74%) |
Aug 17, 2026 6w ago | Insider Cluster | $4.85 $4.58 | ▼ −5.57% | ▼ −5.37% | $4.14 (−14.74%) |
Aug 14, 2026 6w ago | Insider Cluster | $4.71 $4.54 | ▼ −3.61% | ▼ −2.42% | $4.14 (−12.21%) |
Jun 30, 2026 13w ago | S-4 / 8-K | $3.67 $3.53 | ▼ −3.81% | ▼ −4.42% | $4.14 (+12.67%) |
Apr 10, 2026 25w ago | 8-K | $2.18 $2.62 | ▲ +20.18% | ▲ +15.68% | $4.14 (+89.68%) |
Apr 8, 2026 25w ago | DEFA14A | $2.87 $2.50 | ▼ −12.89% | ▼ −16.08% | $4.14 (+44.08%) |
US Market Status
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