Angel Studios, a values-driven online streaming service, is raising additional funds through an online securities offering. With the sale ending this weekend, Angel Studios reports having topped $47 million in a Reg A offering hosted by Rialto. Investors are purchasing common shares for a minimum amount of $220. Angel Studios intends to go public via a SPAC deal, which is in the works.
Formerly known as VidAngel, the group has raised money in several past securities crowdfunding offerings.
At one point, the company reorganized under Chapter 11 proceedings.
The Offering Circular shares the affiliated risks as well as the company’s performance. It also reports that Angel Studios has a Bitcoin Treasury strategy. Some of the Bitcoin is being used as collateral for lenders.
Angel Studios compares itself to Netflix, which had far fewer subscribers before it went public. Angel Studiso reports over 1.4 million “members.”
Twelve-month trailing revenue is reported at $185 million, with the company claiming a valuation of $1.3 billion.
Angel Studios hit it big with the release of Sound of Freedom, a top-grossing film in 2023, which booked over $250 million in ticket sales.
In total, the company reports over $400 million in gross box office receipts.
The securities offering is set to end this weekend, according to the offering page. The SPAC deal is expected to close next month with shares trading under the symbol ANGX.
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