Angel Studios (ANGX) COO Ellis Elizabeth Exercises Options

What Happened
Ellis Elizabeth, Chief Operating Officer of Angel Studios, exercised stock options on 2026-07-31 to acquire 129,812 shares of the company's common stock at an exercise price of $0.16 per share, for a total cash payment of $20,770. The Form 4 also reports a related derivative conversion/disposition of 129,812 shares at $0.00 in the same filing.

Key Details

• Transaction date: 2026-07-31 (filed 2026-08-03).
• Primary entry: Exercise of options (transaction code M) — 129,812 shares acquired at $0.16/share; total $20,770.
• Related entry: 129,812 shares reported as disposed at $0.00 (derivative reporting).
• Shares owned after the transaction: not specified in the provided excerpt.
• Footnote: F1 — the exercised instruments are fully-vested stock options that represent the right to purchase Class B common stock.
• Timeliness: filing date is 2026-08-03 for the 2026-07-31 transaction; no late-filing flag is included in the excerpt provided.

Context
This was an option exercise (a purchase of shares via exercising vested options), which is different from a sale. The $0.00 derivative/disposition entry in the same filing typically reflects conversion/transfer related to the exercise rather than an open-market sale for cash. There’s no 10b5-1 plan, tax withholding, or sale-for-cash indicated in the excerpt. Purchases through exercise can be a useful data point for investors tracking insider ownership, but the filing alone doesn’t reveal the insider’s motives.