Angel Studios amends Toothy Cow Productions merger terms to reallocate stock toward preferred unitholders
ANGX•Angel Studios revised its merger agreement with Toothy Cow Productions, setting 439,127 preferred reallocation shares and reducing incentive shares to 77,493 from 516,620.
1. Revised share allocation
Under a second amended and restated deal dated Sept. 17, 2026, Angel Studios shifted stock consideration away from Toothy Cow Productions common unitholders toward preferred unitholders. The agreement adds 439,127 Angel Class A common shares to the aggregate stock consideration calculation and cuts incentive shares to 77,493 from 516,620. At closing, all outstanding Toothy Cow equity units will be cancelled and converted into rights to receive Angel Class A common stock.
