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Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is marketing 3-Year Autocallable Contingent Coupon Securities linked to Tesla, Inc. (TSLA). The notes pay a quarterly contingent coupon of at least 15.00% per annum (rate set on the pricing date) only when TSLA鈥檚 closing price on a valuation date is at or above the 60% coupon-barrier. Beginning after six months, the securities are subject to quarterly automatic redemption if TSLA closes at or above its initial value; investors then receive the $1,000 principal plus the coupon.

If not autocalled, the notes mature on 2-Aug-2028. At maturity holders receive $1,000 provided TSLA is at or above 60% of its initial level; otherwise payment is reduced one-for-one with TSLA鈥檚 decline, potentially to $0. Investors receive no upside participation beyond coupons. Key risks include full downside to TSLA below the 60% final barrier, loss of coupons when TSLA is below the hurdle, structural leverage to volatility, credit exposure to Citi, lack of listing, an issue-price premium over estimated value, and uncertain U.S. tax treatment.

On 11 July 2025, I-MAB (Nasdaq: IMAB) submitted a Form 6-K to notify investors that it has amended its 15 May 2025 prospectus covering the offer and sale of up to US$21 million in American Depositary Shares (ADSs). Each block of ten ADSs represents twenty-three ordinary shares with a par value of US$0.0001. The prospectus is part of the company鈥檚 shelf Registration Statement on Form F-3 (File No. 333-286954).
The filing attaches a Cayman Islands legal opinion from Harney Westwood & Riegels (Exhibit 5.1) together with the corresponding consent (Exhibit 23.1), confirming the validity of the ADSs and underlying ordinary shares. The 6-K states that the information and exhibits are incorporated by reference into the existing Form F-3 and several Form S-8 registration statements covering share-based compensation plans.
No operating or financial results are disclosed. The amendment maintains regulatory compliance and keeps the shelf registration effective, giving I-MAB flexibility to raise up to US$21 million when market conditions permit. While this improves liquidity options, it may also lead to equity dilution for current shareholders if the full amount is issued.

Blaize Holdings, Inc. (Nasdaq: BZAI) filed Prospectus Supplement No. 4 and an accompanying Current Report that together disclose a three-year, non-exclusive Sales Partner Referral Agreement executed on 30 June 2025 between wholly-owned subsidiary Blaize, Inc. and Burkhan LLC, an affiliate of Burkhan Capital.

Key commercial terms:

• Initial approved customer: BurTech Systems Tech LLC (BST), also affiliated with Burkhan.
• Potential purchase volume: BST will buy up to $56.5 million of Blaize products & services (GSP hardware, SDK, AI Studio, professional services) for resale to an unaffiliated end-user during Q2 2025-2026.
• Financing structure: BST fronts the purchase price; the end-user reimburses BST plus a 2.5 % financing fee.
• Commissions: Burkhan LLC earns up to 10 % of gross revenue on each qualifying purchase, paid 50 % cash / 50 % cash or Blaize common stock (VWAP-based), contingent on Blaize achieving a specified gross-margin threshold. Payments occur as Blaize receives cash.
• Termination: Either party may terminate for convenience with 30 days鈥� notice or for breach with 5 days鈥� notice.
• Governance: The Audit Committee approved the related-party transaction; confidentiality, non-circumvention and FCPA compliance clauses included.

Capital markets details:

• Up to 29.7 million new shares may become issuable upon warrant exercise under the underlying S-1.
• The referral agreement permits unregistered issuance of common stock to Burkhan LLC, relying on Section 4(a)(2) exemption, potentially dilutive but capped by Nasdaq Rule 5635(d).
• Closing prices on 7 July 2025: $2.83 per common share and $0.3534 per warrant.

Investment takeaways: If fully executed, the BST order would be material relative to Blaize鈥檚 historical scale, providing multi-year revenue visibility. However, purchase volumes remain up to $56.5 million and are subject to customer acceptance, contract margins, and early termination rights. Additionally, commissions (cash plus potential equity) reduce net profitability and may create dilution. The related-party nature warrants ongoing governance scrutiny.

Blaize Holdings, Inc. (BZAI) 鈥� Form 4 insider report

Director Anthony Cannestra reported the grant of 212,500 restricted stock units (RSUs) on 28 Jun 2025. The RSUs were issued at a stated price of $0, reflecting an equity-based compensation award rather than an open-market purchase. Following the grant, Cannestra鈥檚 total beneficial ownership rose to 303,827 common shares, of which 91,327 are classified as 鈥淓arn-Out Shares鈥� that will convert into common stock only if the company鈥檚 share price exceeds specific thresholds disclosed in prior agreements.

No derivative securities were acquired or disposed of in this filing, and there were no sales of existing shares. The filing therefore represents a net increase in insider ownership and modest shareholder dilution tied to the company鈥檚 equity compensation program.

Blaize Holdings, Inc. (BZAI) 鈥� Form 4 insider transaction

On 06/28/2025, director and >10% shareholder Lane Bess reported the acquisition of 159,250 shares of common stock via a restricted stock unit (RSU) grant priced at $0.00 per share (transaction code 鈥淎鈥�). Following the award, Bess now holds 206,591 shares directly. In addition, he retains substantial indirect interests:

• 11,653,976 shares through Bess Ventures & Advisory, LLC (includes 1,207,193 earn-out shares)
• 442,587 shares through the Destin Huang Irrevocable Trust (includes 52,619 earn-out shares)

The RSU grant strengthens management鈥搒hareholder alignment but is non-cash and therefore has no immediate capital inflow to the company. Dilution impact appears limited, though materiality depends on Blaize鈥檚 total shares outstanding (not disclosed in the filing). No derivative transactions were reported, and the award vests subject to the terms of the grant agreement.

Form 4 Overview: Hilltop Holdings Inc. (HTH) filed a Form 4 covering Director/Officer Charlotte Jones Anderson. The filing reports a single transaction dated 06/30/2025.

Transaction Details: Anderson acquired 50 shares of HTH common stock under the company鈥檚 2020 Equity Incentive Plan, which compensates outside directors each quarter. The grant is recorded at an average price of $29.852 per share, a valuation methodology based on the 06/16/25鈥�06/30/25 closing-price average. Post-transaction, Anderson鈥檚 direct beneficial ownership stands at 16,228 shares.

Context & Materiality: The market value of the shares acquired is roughly $1.5 thousand, representing a de minimis addition relative to both Anderson鈥檚 existing stake and Hilltop鈥檚 market capitalization. No derivatives were involved, and there were no dispositions. Because the trade was compensation-related and routine in size, it is unlikely to influence near-term trading sentiment or valuation models.

Takeaway for Investors: Routine equity compensation grants can signal continued alignment between directors and shareholders, but the size of this award is too small to be considered a meaningful indicator of insider conviction. The filing is therefore viewed as informational rather than market-moving.

Form Type: Form 4 (Insider transaction)
Company: Northern Trust Corporation (NTRS)
Reporting Person: Susan Crown, Director
Filing Date: 02-Jul-2025
Transaction Date: 01-Jul-2025

The filing documents a single transaction in which Director Susan Crown acquired 84.11 common-stock units at a stated price of $127.99 per unit. Following the purchase she directly owns 37,404.52 stock-unit equivalents and 18,400 common shares. In addition, Ms. Crown reports indirect holdings of 4,000 shares held in trusts for her children and 339,696 shares held through HCNI II LLC, an entity controlled by family trusts. She expressly disclaims beneficial ownership of the indirectly held shares beyond her proportionate interest.

No derivative securities were transacted, and the filing contains no sales of company shares. The transaction appears to be a routine board-level acquisition鈥攍ikely part of a deferred-compensation or director-fee program鈥攇iven the small dollar value (~US$10.8 thousand) relative to Ms. Crown鈥檚 overall holdings and the company鈥檚 share count.

Materiality assessment: The purchase modestly increases insider direct ownership but is immaterial to Northern Trust鈥檚 capital structure and does not signal a notable change to insider sentiment on its own.

Form 4 filing for Blaize Holdings, Inc. (BZAI) discloses that director Edward H. Frank was granted 212,500 shares of Common Stock on 06/28/2025. The transaction is coded 鈥淎鈥� (acquisition) and is explicitly described in the notes as an award of restricted stock units (RSUs) that will vest according to the applicable grant agreement.

Following the award, Frank鈥檚 total beneficial ownership rises to 303,499 shares, held directly. This figure includes 90,999 Earn-Out Shares that will only convert to common stock if the company鈥檚 trading price exceeds specified thresholds. No derivative securities were reported in Table II.

The RSU grant was recorded at a price of $0, indicating a non-cash equity incentive. The filing was signed on 07/02/2025 by Attorney-in-Fact Harminder Sehmi.

Key take-aways for investors:

• Sizeable equity award increases insider alignment but also adds up to 212,500 new shares to the potential float once vested.
• Earn-Out Shares create a performance-based component tied to future share-price milestones.
• No sales or disposals were reported; the transaction solely increases insider ownership.