Angel Studios , in its stock market debut, saw investor enthusiasm for its “values-based” entertainment strategy — an approach that co-founder and CEO Neal Harmon says flips the script on the industry’s prevailing streaming-subscription model.

Shares of Angel, which began trading Thursday on the NYSE under the symbol “ANGX” after it closed a merger with special purpose acquisition company (SPAC) Southport Acquisition Corp., ended their first day on the public market up 11.25%. That, however, came after a much bigger rally that saw the stock surge over 50% earlier in the session.

In an interview with Variety , Harmon said Angel is fundamentally different from other studios and streaming providers. The company boasts 1.5 million paying subscribers for Angel Guild, which in addition to

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