- Angel Studios, Inc. and 2521 Entertainment, LLC have formed a joint venture, Giant Slayer Media LLC, to acquire the **DAVID franchise** from Slingshot USA, LLC.  **[1865200_0001104659-25-097920_tm2528158d1_ex10-1.htm:0]** **[1865200_0001104659-25-097920_tm2528158d1_ex99-1.htm:1]** 
- The joint venture will acquire the intellectual property for **US$77,917,158.92 in cash**.  **[1865200_0001104659-25-097920_tm2528158d1_ex10-1.htm:0]** 
- **Angel's total initial capital contribution** to the JV is **US$33,708,962.51**, comprising a cash contribution and a credit for previous investments, resulting in a **42% equity stake**.  **[1865200_0001104659-25-097920_tm2528158d1_ex10-1.htm:1]** **[1865200_0001104659-25-097920_tm2528158d1_8k.htm:2]**  2521 Entertainment will contribute **US$46,550,473.41** for a **58% equity stake**.  **[1865200_0001104659-25-097920_tm2528158d1_ex10-1.htm:0]** **[1865200_0001104659-25-097920_tm2528158d1_ex10-1.htm:1]** **[1865200_0001104659-25-097920_tm2528158d1_8k.htm:2]** 
- The transaction includes the **dismissal of a lawsuit** by Slingshot against Angel Studios Licensing, LLC, and Angel (or an affiliate) will serve as the distributor for the acquired assets.  **[1865200_0001104659-25-097920_tm2528158d1_8k.htm:2]** **[1865200_0001104659-25-097920_tm2528158d1_8k.htm:3]**

Angel Studios and 2521 Entertainment Acquire DAVID Franchise

- Angel Studios, Inc. (formerly Southport Acquisition Corporation) **completed its business combination** with Angel Legacy, Inc. on **September 10, 2025**.  **[1865200_0001104659-25-090427_tm2526186d1_8k.htm:0]** 
- For the six months ended June 30, 2025, the company reported a **net loss of approximately $53.3 million** and used **$24.7 million in cash from operating activities**.  **[1865200_0001104659-25-090427_tm2526186d1_ex99-2.htm:17]** 
- Cash and cash equivalents significantly increased to **$27,999,679** as of June 30, 2025, from $7,211,826 at December 31, 2024.  **[1865200_0001104659-25-090427_tm2526186d1_ex99-2.htm:1]** **[1865200_0001104659-25-090427_tm2526186d1_ex99-2.htm:6]** 
- Angel Guild paying members grew to **1.3 million**, generating approximately **$101.1 million in cash** during the six months ended June 30, 2025.  **[1865200_0001104659-25-090427_tm2526186d1_ex99-2.htm:17]** 
- Subsequent to June 30, 2025, the company secured **$7.0 million** in convertible promissory notes and initiated a Regulation A offering of up to **$55.0 million** in Class C Common Stock.  **[1865200_0001104659-25-090427_tm2526186d1_ex99-3.htm:5]**

Angel Studios (ANGX)