(Reuters) – Angel Studios Inc said on Wednesday it will go public in the United States through a merger with Southport Acquisition Corp in a deal valued at $1.6 billion.
The company, whose film “The Sound of Freedom” was among the top 10 grossing films in the United States last year, was founded in 2013 by CEO Neil Harmon.
Angel Studios generates revenue from licensing its films and television shows to streaming platforms such as Amazon (NASDAQ:) Prime, Apple (NASDAQ:) TV+, and Netflix (NASDAQ:), as well as theatrical distribution of its films.
The Company’s Class A common stock is expected to be listed on the New York Stock Exchange or Nasdaq under the symbol “AGSD” upon closing of the transaction.
Existing shareholders of Angel Studios will transfer 100% of their shares to the combined company.
Angel Studios’ revenue rose to $45 million in the six months ended June 30, compared to $39 million a year earlier.
Blank check companies, also known as special purpose acquisition companies, offer an alternative route for companies to list their shares.
Special purpose acquisition companies gained popularity in 2020, but have since seen a decline in interest due to strict regulatory oversight and challenging economic conditions.
Last week, Simnor Pharmaceuticals announced it would go public in a $2.5 billion SPAC deal.