Liljenquist Katie 4

What Happened

• Katie Liljenquist, a director of Angel Studios, reported the conversion/exercise of 2,648 derivative awards (RSUs) into 2,648 shares of Class A common stock on April 23, 2026. The filing also shows a simultaneous disposition of 2,648 shares. No per-share price or dollar value is reported (N/A).

Key Details

• Transaction date: 2026-04-23; Form 4 filed: 2026-04-24 (timely).
• Shares acquired via conversion: 2,648; shares disposed: 2,648. Reported prices/values: N/A.
• Shares owned after transaction: not stated in the provided filing excerpt.
• Footnotes: F1—RSUs convert into Class A common stock on a one-for-one basis. F2—These RSUs were granted under the Issuer’s 2025 Long-Term Incentive Plan (effective Oct 23, 2025) and vest in equal quarterly increments over one year; vested RSUs automatically convert to common stock.
• Filing does not specify the reason for the disposition (e.g., sale, transfer, or tax withholding).

Context

• These entries are coded as derivative conversions (M). For RSUs, conversion on vesting is routine and is not a cash purchase; it represents issuance of shares upon vesting.
• Because a matching disposition is reported, the converted shares may have been sold, transferred, or used for withholding, but the filing does not state which. Such routine conversions and related dispositions are common and do not, by themselves, signal management sentiment.