Last week, Angel Studios entered a new chapter in its ascendance when it launched its initial public offering on the New York Stock Exchange, where it now trades under the ticker ANGX. The independent studio based in Provo, Utah, has enjoyed a rapid rise over the past few years, especially with the successful release of their streaming series THE CHOSEN and the feature film SOUND OF FREEDOM.
They have focused on producing films with faith-infused, family-friendly themes that resonate with religious and conservative audiences that mainstream Hollywood studios have underserved. Earlier this year, Angel set its sights on using a creative financial strategy to go public, merging with a Special Purpose Acquisition Company or SPAC.
Under this arrangement, a private company merges with a publicly traded shell company that otherwise has no commercial operations. In this case, Angel was valued at $1.6 billion, a substantial sum for a company that had been flying almost completely under the radar until four years ago.
Angel continued its momentum by striking international distribution deals in Europe, Latin America, and Asia. While big questions remain about Angel’s fundamental business model, since it has yet to turn a profit, many are optimistic that its loyal fan following, known as the “Angel Guild,” will invest in shares of ANGX to boost its share price and bring in new resources to the company.
