On July 4, 2023, a firm out of Provo, Utah, called Angel Studios released one of the biggest out-of-nowhere surprise hits and cultural flash points of the year, the child trafficking drama “Sound of Freedom.' But will investors take a leap of faith with the company’s plans to go public? According to public filings, the deal values the upstart entertainment operation at $1.
The company also doesn't provide full-year revenue projections for this year, which would set it up for a difficult comparison with the gangbusters “Sound of Freedom” results. Just before announcing its SPAC, Angel said it had raised $20 million from more than 20,000 people. The SEC document also notes that the company has 125 bitcoin on its balance sheet as a rainy day fund, which is currently worth about $7.2 million, checking off at least one box on the meme stock bingo card.