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Southern Company (SO) director David J. Grain filed a Form 4 covering activity on 07/01/2025.

• Deferred compensation grant: Grain received 839.6533 Deferred Stock Units (DSUs) at a reference price of $92.30 per unit under the company鈥檚 Deferred Compensation Plan.
• The award is payable only in stock upon termination; it carries no exercise or expiration date.
• After the grant, the director鈥檚 total derivative holdings rose to 80,724.3603 DSUs.
• Table I lists a line for 500 common shares marked 鈥淒鈥� (disposed), but the form provides no price, code, or contextual detail, limiting insight into that movement.

The filing reflects routine director compensation rather than open-market buying or selling. No material change to share count, governance, or fundamentals is indicated.

The Bank of Nova Scotia (BNS) is offering senior unsecured Market-Linked Securities (Series A) that are auto-callable, pay a contingent quarterly coupon of at least 12.50% p.a., and expose investors to the lowest performer among three sector ETFs: Communication Services Select Sector SPDR, Energy Select Sector SPDR, and Technology Select Sector SPDR.

Key economic terms

• Face amount: $1,000 per note; denominations of $1,000.
• Pricing date: 31 Jul 2025; issue date: 5 Aug 2025; stated maturity: 27 Jul 2028 (approx. 3 years).
• Contingent coupon is paid only if, on each quarterly calculation day, the lowest-performing ETF closes 鈮� 75% of its starting price (the coupon threshold).
• Automatic call: from the second calculation day (Jan 2026) onward, if the lowest-performer closes 鈮� its starting price, investors receive face value plus the coupon and the note terminates early.
• Principal at risk: at maturity, if not called and the lowest-performer is < 70% of its starting price, redemption equals $1,000 脳 performance factor, resulting in losses greater than 30% and up to 100% of principal.
• Estimated value at issue: 92.23% 鈥� 95.23% of face, reflecting dealer spread, hedging costs and BNS funding.
• CUSIP: 06418VZN7; calculation agent: Scotia Capital Inc.

Risk highlights

• No fixed interest; coupons may be skipped for a single poor-performing ETF.
• Full downside exposure below the 30% buffer; no participation in upside of any ETF.
• Credit risk of BNS; secondary-market liquidity likely limited and at a discount.
• Conflicts of interest from hedging and distribution fees (up to 2.575% selling concession).
• Tax treatment uncertain for both U.S. and Canadian investors.

The product targets yield-seeking investors comfortable with sector concentration, issuer credit risk and principal loss potential beyond a 30% buffer. It is not FDIC-insured and should be evaluated alongside the full preliminary pricing supplement and prospectus.