No Action Letter: Angel Studios 010, Inc.

Response of the Office of Small Business Policy
Division of Corporation Finance

April 1, 2026

Via Email

Iqan Fadaei, Michael Best & Friedrich, LLP
[email protected]

Re: Angel Studios 010, Inc.

Dear Mr. Fadaei,

We are responding to your letter dated March 31, 2026. To avoid having to recite or summarize the facts set forth in your letter, we attach a copy of your letter. Unless defined herein, capitalized terms used in this response have the same meaning as defined in your letter.

Based on the facts and representations presented in your letter, the Division of Corporation Finance (the "Division"), will not recommend enforcement action to the Commission with respect to Regulation A if (i) the Company does not submit ongoing reports required by Rule 257(b) of Regulation A and (ii) files a Form 1-Z in reliance on Rule 257(d) of Regulation A to suspend its reporting obligations on or before April 30, 2026, the due date for the Company's annual report for the fiscal year in which its offering statement was qualified, notwithstanding Rule 257(d)(4)(ii) of Regulation A.

This letter reflects the views of the staff of the Division with respect to Regulation A, and those views are based on your analysis regarding Regulation A. This letter does not express any views of the staff regarding any other issues that your request might raise, including compliance with any other Commission rule, regulation, or statutory provision of the Federal securities laws. This letter is not a rule, regulation, or statement of the Commission, and the Commission has neither approved nor disapproved its content. This letter, like all staff statements, has no legal force or effect: it does not alter or amend applicable law, and it creates no new or additional obligations for any person. Because the Division's views are based on the representations in your letter, any different facts or conditions might require the Division to reach a different conclusion.