Crane Benton Deloss 4

What Happened
Crane Benton Deloss, a director of Angel Studios, converted 200,000 shares of Class B common stock into 200,000 shares of Class A common stock on November 26, 2025. Separately, on January 23, 2026, 2,648 restricted stock units (RSUs) vested and converted into the same number of Class A shares; an equal number of shares were reported disposed the same day (likely tax withholding or cashless settlement). No prices or dollar values were reported in the filing.

Key Details

• Transaction dates: Nov 26, 2025 (Class B → Class A conversion); Jan 23, 2026 (RSU vest/convert). Filing date: Jan 26, 2026 (Accession 0001865200-26-000004).
• Prices: Not reported / N/A in the Form 4.
• Shares reported: 200,000 shares converted (Class B to Class A); 2,648 RSUs vested/converted on Jan 23, 2026 with same-day disposals of 2,648 shares.
• Footnotes: F1 — Nov 26 conversion was Class B into Class A. F2 — RSUs convert one-for-one into Class A. F3 — RSUs awarded under the 2025 Long‑Term Incentive Plan, effective Oct 23, 2025, vesting quarterly over one year; vested RSUs automatically convert into shares on each vesting date.
• Filing timeliness: The Nov 26, 2025 conversion was included in a Form 4 filed Jan 26, 2026, which suggests the Nov 26 transaction was reported late relative to the typical two-business-day requirement.
• Shares owned after transaction: Not specified in the provided filing information.

Context
Conversions of Class B to Class A are an internal share-class reclassification and not an open‑market buy or sell. RSU vesting and automatic conversion into common shares is a routine compensation event; same‑day disposals reported alongside conversions commonly reflect tax withholding or settlement mechanics rather than a market sale signaling sentiment. These entries do not include open‑market purchases or sales that would more directly indicate insider buying or selling for investment reasons.