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Angel Studios to Make Public Debut Via 6 Billion Spac Deal

Angel Studios to Make Public Debut via $1.6 Billion SPAC Deal

On Wednesday, Angel Studios, a media company, said it would go public in the U.S. via a merger with blank check firm Southport Acquisition Corporation in a deal valued at $1.6 billion.

The company, whose movie “Sound of Freedom” was among the top 10 highest grossers in the U.S. last year, was co-founded in 2013 by CEO Neal Harmon.

Angel Studios generates revenue from licensing its films and television shows to streaming platforms such as Amazon Prime, Apple TV+, and Netflix, along with theatrical distribution of its movies.

The company’s Class A common stock is expected to be listed on the New York Stock Exchange or Nasdaq under the ticker symbol “AGSD” upon the closing of the transaction.

Existing Angel Studios stockholders will roll 100% of their equity into the combined company.

Angel Studios’ revenue rose to $45 million in the six months ended June 30, compared with $39 million a year earlier.

Blank-check companies, also known as special-purpose acquisition companies, offer an alternative route for firms to list their shares.

SPACs gained popularity in 2020 but have since seen a decline in interest due to strict regulatory oversight and challenging economic conditions.

Last week, Semnur Pharmaceuticals said it would go public via a SPAC deal worth $2.5 billion.

(Source: Reuters)

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Edward Cooke
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.