‘Sound of Freedom’ Film Studio Stock Debuts With Gain of 70% (1)

Angel Studios Inc., the independent studio behind religious films such as the Sound of Freedom, rose as much as 70% in initial trading after completing its merger with a special purpose acquisition company.

The shares were quoted at $14.21 at 3:40 p.m. in New York, up 19%, after climbing as high as $20.39.

The Provo, Utah-based studio on Wednesday completed its merger with Southport Acquisition Corp. The company also announced a $100 million credit facility with Trinity Capital, an alternative asset manager. Angel previously said the transaction would value the company at $1.6 billion.

Sound of Freedom

Source: Angel Studios Inc.

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