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American Vanguard (AVD) Q2-25 10-Q highlights:

• Net sales grew 1% YoY to $129.3 m; U.S. crop +1%, U.S. non-crop +3%, International flat.
• Cost-of-sales fell 2%, lifting gross margin to 31% (29% LY). Gross profit +7% to $40.5 m.
• Operating expenses -23% to $36.2 m as transformation spending fell to $1.6 m (vs $7.3 m). Operating income swung to $4.4 m (-$9.2 m).
• After $4.5 m net interest and $0.8 m tax expense, quarterly net loss narrowed sharply to $0.8 m (-$11.7 m); EPS -$0.03.
• 1H-25: revenue -7% to $245.1 m; gross margin 29% (30% LY); operating break-even ($0.1 m); net loss $9.3 m vs -$10.2 m.
• Cash used in operations -$39.8 m (vs -$49.4 m LY) driven by $46.2 m drawdown of customer prepayments and $9.8 m inventory build.
• Debt climbed to $189.5 m (12/24: $147.3 m); average borrowing rate 8.4% Q2.
• May-25 Eleventh Amendment cut revolver to $245 m and suspended leverage & FCCR covenants through 2025, adding minimum liquidity & EBITDA tests. Company had $31.8 m available capacity at 6-30-25.
• No dividends permitted under amended facility.
• Material weaknesses in ICFR (Australia, close process, risk assessment) persist.
• Legal exposure: out-of-spec insecticide lots may create material claims; loss not yet estimable.

Management sees early ag-market recovery, expects lower transformation spend and continues talks to extend credit facility (matures Aug-26).

The Vanguard Group filed Amendment No. 3 to its Schedule 13G disclosing a passive 8.4 % stake (13,564,336 shares) in Coursera Inc (CUSIP 22266M104) as of 30 Jun 2025. Vanguard reports no sole voting rights; it shares voting power over only 163,828 shares, reflecting its index-tracking, non-activist posture. Conversely, it holds sole dispositive power over 13.25 million shares and shared dispositive power over 315,517 shares, allowing it to trade the bulk of the position while refraining from governance influence.

The filing is made under Rule 13d-1(b) as Vanguard qualifies as an investment adviser ("IA"). Vanguard certifies the shares were acquired in the ordinary course of business and not to influence control of Coursera. The ownership level crosses the 5 % threshold, requiring disclosure but does not signal any change-of-control intent or activist campaign.

BlackRock Portfolio Management LLC filed Amendment No. 1 to Schedule 13G for Fortrea Holdings Inc. (FTRE) covering holdings as of 30 Jun 2025. The firm reports beneficial ownership of 804,040 common shares, equal to 0.9 % of outstanding stock, placing the position well below the 5 % threshold that would trigger additional reporting requirements.

BlackRock has sole voting power over 714,353 shares and sole dispositive power over the full 804,040-share stake; it reports no shared voting or dispositive power. The filing states the shares were acquired and are held in the ordinary course of business, without intent to influence control. Because ownership is under 5 %, the filer confirms compliance with Item 5 and notes that no single client owns more than 5 % of FTRE. The document is certified by Managing Director Spencer Fleming on 15 Jul 2025.

Bank of Montreal (BMO) is marketing Auto-Callable Market Linked Securities with Contingent Coupons, Memory Feature and Contingent Downside Principal at Risk, linked to the worst performer among Apple Inc., Broadcom Inc. and McDonald鈥檚 Corporation. The $1,000-denominated notes price on 11 Jul 2025, settle on 16 Jul 2025 and mature on 14 Jul 2028 (3-year tenor unless called earlier).

Income profile: Investors receive a quarterly contingent coupon of at least 21.25 % p.a. (5.3125 % per quarter) provided the worst-performing underlier is 鈮� 80 % of its starting value on the relevant calculation day. The 鈥渕emory鈥� feature adds any missed coupons once the threshold is next met.

Auto-call: From Oct 2025 to Apr 2028, if the worst performer is 鈮� its starting value on a calculation day, the notes are automatically called at par plus the coupon, ending the investment early and creating reinvestment risk.

Principal repayment: If not previously called, at maturity holders receive: (i) 100 % of face if the worst performer is 鈮� 70 % of its starting value; or (ii) par 脳 performance factor of the worst performer if it is < 70 %. Investors therefore face full downside exposure below the 30 % buffer and could lose all principal.

Key structural terms: Starting values set on pricing date; coupon threshold 80 %; downside threshold 70 %; estimated initial value disclosed as $966.40 (96.64 % of face) and will not be less than $916.00. Agent discount up to 2.325 %; additional dealer fees up to 0.30 %.

Risks highlighted: conditional coupons (may receive none), potential loss of > 30 % of principal, reliance on worst performer, credit risk to BMO, illiquid secondary market, pricing transparency, and uncertain U.S. tax treatment. The notes are unsecured, not FDIC-insured and will not list on any exchange.