Angel Studios , which has built up a portfolio of faith-based movies and TV shows and has 1.5 million members of its Angel Guild program, has completed a merger deal to become a publicly traded company.

The money-losing company, whose biggest hit is religious thriller movie “ Sound of Freedom ,” said Wednesday that it closed its business combination with Southport Acquisition Corp., a special purpose acquisition company (SPAC). The SPAC deal values the combined entity at approximately $1.6 billion in pro-forma enterprise value. SPACs let companies raise financing and go public without having to launch a more time-consuming traditional IPO.

The combined company will operate as Angel Studios Inc., and its shares of Class A common stock are expected to begin trading on New York Stock Exc

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