Oskoui Stephen D. 4

What Happened
Stephen D. Oskoui, reported as a 10% owner of Angel Studios (ANGX), converted derivative securities on March 6, 2026. The Form 4 shows an acquisition of 57,770 shares of Class A common stock and a corresponding disposition of 57,770 shares of Class B common stock, both recorded as conversion events at $0.00 per share—i.e., a straight conversion, not a cash sale or purchase.

Key Details

• Transaction date: 2026-03-06 (filed on 2026-03-09; Form 4 appears timely).
• Action: Conversion of derivative securities (code C) — acquired 57,770 Class A shares and disposed 57,770 Class B shares; price reported $0.00.
• Shares owned after transaction: Not disclosed in this filing.
• Footnotes of note:
  • F1: Each Class B share was convertible at any time into one Class A share (one-for-one, no expiration).
  • F2: The reported Class A shares are held directly by Gigafund 1, LP; Oskoui (with Luke Nosek) controls voting/investment decisions for Gigafund 1 and may be deemed to beneficially own those shares but disclaims ownership except for pecuniary interest.

Context
This was a non‑cash conversion of Class B into Class A common stock (typical corporate conversion right), not an open‑market buy or sale. For retail investors, conversions like this are administrative and do not by themselves signal a buying or selling intent by the insider. Also note the reporting person is a 10% owner with holdings tied to an investment vehicle (Gigafund 1, LP), which is different from routine executive trading.