Angel Studios amends TCP merger deal, shifting stock consideration toward preferred units
On September 17, 2026, Angel Studios entered into a Second Amended and Restated merger agreement for its acquisition of Toothy Cow Productions, which revises how Class A Common Stock is allocated among TCP's unitholders. The filing says the net effect is to shift part of the consideration from TCP Common Units to TCP Preferred Units, and that Company related parties, who own 2.3% of TCP units, will also receive shares.
Key points
- Agreement dated September 17, 2026, amends and restates the June 29, 2026 A&R TCP Merger Agreement in its entirety.
- Preferred Reallocation Shares set at 439,127 shares of Buyer Common Stock; Incentive Shares reduced from 516,620 to 77,493 shares.
- Company committed up to $11.9 million to fund TCP operations through seasons three and four; $12.6 million provided to date.
- If the acquisition is not completed, operational funding converts into TCP Class B Preferred Units at $1.50 per unit plus warrants.
The filing
Written by AI on Nov 9, 2026, 11:44 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 01, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.