Angel Studios (ANGX) Director Robert C. Gay Converts RSUs, Sells 2,648 Shares

What Happened
Robert C. Gay, a director of Angel Studios, had 2,648 restricted stock units (RSUs) vest and convert into 2,648 shares of Class A common stock on July 23, 2026, and the filing reports a corresponding disposition of those 2,648 shares the same day. The Form 4 lists these transactions as exercise/conversion of a derivative (code M) with no price or total dollar value reported (N/A).

Key Details

• Transaction date: 2026-07-23 (reported on Form 4 filed 2026-07-24).
• Transaction types: Conversion/exercise of derivative (M) — 2,648 shares acquired via RSU conversion, and 2,648 shares disposed (same quantity).
• Price/value: Not disclosed in the filing (listed as N/A).
• Shares owned after transaction: Not specified in the provided filing data.
• Footnotes: F1 — RSUs convert into Class A Common Stock on a 1-for-1 basis. F2 — RSUs were awarded under the Issuer’s 2025 Long-Term Incentive Plan (effective Oct 23, 2025) and vested in quarterly increments over one year; upon each vesting the RSU automatically converts to one share.
• Timeliness: Filing appears timely (transaction 7/23/2026; Form 4 filed 7/24/2026).

Context

• The transactions reflect RSU vesting and automatic conversion into shares followed by a same-day disposition. Code M indicates conversion/exercise of a derivative instrument (here, RSUs converting into common stock).
• No sale price or dollar amount is provided, so investors cannot gauge the monetary size of the disposition from this filing alone.
• Such conversions and immediate disposals are commonly routine (e.g., for liquidity or tax obligations); the filing does not state the reason.