Angel Studios amends Toothy Cow Productions merger terms to reallocate stock consideration toward preferred unitholders

• Angel Studios revised its merger agreement to acquire Toothy Cow Productions through a second amended and restated deal dated Sept. 17, 2026.
• Update shifts stock consideration away from TCP common unitholders toward holders of TCP preferred units via a new reallocation mechanism.
• Preferred Reallocation Shares set at 439,127 shares of Angel Class A common stock, added into the aggregate stock consideration calculation.
• Incentive Shares cut to 77,493 shares from 516,620, altering the overall allocation of Angel shares issued at closing.
• At closing, all outstanding TCP equity units will be cancelled and converted into rights to receive Angel Class A common stock.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Angel Studios Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001104659-26-112974), on October 02, 2026, and is solely responsible for the information contained therein.