Shares of Angel Studios (NYSE:ANGX) dropped 23% on Friday after the company announced pricing for a $30 million public equity offering at a notable discount to its prior closing level.
The media and technology firm is issuing 14.3 million Class A common shares at $2.10 each, representing a 27% discount to Thursday’s closing price of $2.87. The transaction is expected to raise approximately $30 million in gross proceeds, before accounting for underwriting fees and related expenses.
Angel Studios has also granted underwriters a 30-day option to purchase up to an additional 2.1 million shares at the same offering price.
The deal is scheduled to close on April 13, 2026, subject to standard closing conditions.
The company positions itself as a pioneer of an audience-driven studio model within the media and technology space.
Roth Capital Partners is acting as the sole book-running manager for the offering, while Maxim Group LLC and Texas Capital Securities are serving as co-lead managers. Lake Street Capital Markets is advising the company as financial advisor.