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Bank of Montreal is offering US$435,000 of Senior Medium-Term Digital Return Notes, Series K, linked to FedEx Corporation (FDX) common stock. The three-year notes (Pricing Date : 30 Jun 2025; Maturity : 03 Jul 2028) pay a single 26.00% digital return if FDX鈥檚 closing price on the Valuation Date is at least equal to the Initial Level of $227.31. Should the Final Level fall below the Initial Level, investors receive only principal, resulting in a 0% return. There is no participation above 26% and the notes bear no periodic interest.

Key economic terms include: Digital Barrier = 100% of Initial Level; minimum denomination = $1,000; CUSIP 06376EHA3. The notes are unsecured, unsubordinated obligations of Bank of Montreal and are subject to issuer credit risk. They will not be listed, and any liquidity will rely on BMO Capital Markets Corp. acting as a market-maker. Issue price equals 100%, with a 0.75% selling commission; the estimated initial value is $986.68 per $1,000, reflecting embedded dealer compensation and hedging costs.

The filing highlights material risks: upside capped at 26%, potential under-performance versus conventional bonds, lack of dividends, secondary-market uncertainty, conflicts of interest in the calculation agent role, and complex U.S. tax treatment as contingent payment debt instruments. The product may appeal to investors seeking principal preservation plus a defined payoff contingent on non-negative FDX performance, but it sacrifices income and exposes holders to both FedEx share volatility and Bank of Montreal鈥檚 credit profile.

Enstar Group Limited (NASDAQ: ESGR) has formally completed its previously announced take-private transaction. On 2 July 2025 the insurer executed a three-step merger structure with entities backed by Sixth Street Partners, LLC, resulting in Enstar becoming a wholly-owned subsidiary of Elk Bidco Limited (the 鈥淧arent鈥�). The aggregate consideration is approximately $5.1 billion.

Cash consideration to ordinary shareholders: each Enstar ordinary share has been converted into the right to receive $338 in total cash (delivered through payments at the first and third merger steps). A portion of the $338 was first paid out of a fixed $500 million pool, with the balance settled at the third merger step, as detailed in the Merger Agreement.

Preferred shares: Series C, D and E preferred shares were automatically converted, step-for-step, into equivalent preferred shares of the surviving private entity, maintaining all existing dividend rates and other preferences.

Equity awards: 鈥� Service-based restricted shares vested immediately and were cashed out at $338 per share. 鈥� RSUs rolled into units of the new holding company, then the surviving private entity, and were fully vested and cashed out at closing. 鈥� A prorated portion of PSU awards vested based on actual performance and was paid in cash; the remainder was forfeited.

Listing status & reporting obligations: Trading in Enstar ordinary shares and the Series D and E depositary shares has been suspended. The company has instructed Nasdaq to file Form 25s on or about 14 July 2025 to delist and deregister the securities. A Form 15 will follow, terminating registration under Section 12(g) and suspending Exchange Act reporting duties.

Governance changes: The entire legacy board resigned at the third merger step. A new 13-member board, dominated by appointees of Sixth Street, has been installed. Enstar鈥檚 bye-laws have been replaced by those of the merger subsidiary (with only the name amended).

Financing for the transaction came from Enstar resources, equity from Sixth Street managed funds, and third-party equity and debt.

Insider activity overview: On 07/02/2025 ZimVie Inc. (ZIMV) filed a Form 4 indicating that independent director Richard Kuntz acquired 1,340.909 Deferred Share Units (DSUs) on 06/30/2025 under the company鈥檚 Deferred Compensation Plan for Non-Employee Directors.

鈥� Economic terms: Each DSU is economically equivalent to one share of ZimVie common stock (1-for-1 conversion). The filing lists a reference price of $9.35 but the footnote clarifies the award settles in cash once board service ends.

鈥� Post-transaction holdings: Kuntz now beneficially owns 12,410.656 DSUs; no open-market purchases or sales of common shares were reported. Ownership remains direct, and no derivative instruments with an expiration schedule were created.

鈥� Materiality assessment: The transaction represents routine non-cash director compensation and does not alter ZimVie鈥檚 capital structure or cash flows. Therefore, it is considered neutral for near-term valuation but it modestly aligns director incentives with shareholder performance over time.

Toast, Inc. (NYSE: TOST) 鈥� Form 144 filing dated 07/02/2025 discloses a proposed insider sale of Class A common stock under SEC Rule 144.

• Selling person: Brian R. Elworthy (and related trust entities).
• Securities to be sold: 5,681 Class A shares.
• Approximate market value: US$241,968, implying a reference price near US$42.60 per share.
• Broker: Fidelity Brokerage Services LLC; proposed exchange: NYSE.
• Total shares outstanding: 498 million, so the upcoming sale equals ~0.001 % of outstanding stock.

Recent insider sales (past 3 months)

• 04/02/2025 鈥� 2,895 shares sold for US$101,318.04
• 05/02/2025 鈥� 1,027 shares sold for US$37,064.53
• 06/02/2025 鈥� 300,000 shares sold for US$12.78 million
• 06/02/2025 鈥� 39,368 shares sold via irrevocable trust for US$1.68 million

The filer states the shares were acquired through restricted-stock vesting on 07/01/2025 as compensation. The notice attests that the seller is unaware of any undisclosed material adverse information about Toast.

While Form 144 filings are routine compliance documents, multiple sizable sales in the prior quarter鈥攊ncluding a 300 k-share transaction鈥攈ighlight ongoing insider divestiture. Nevertheless, the forthcoming 5,681-share sale is immaterial relative to Toast鈥檚 498 million outstanding shares and does not, by itself, alter the company鈥檚 fundamentals.

OCI N.V. and its Dutch subsidiaries OCI Intermediate B.V. and OCI Chemicals B.V. have filed a Schedule 13G disclosing a sizeable passive stake in Methanex Corporation (NASDAQ/TSX: MEOH). The filing, triggered by a June 27 2025 event date, shows beneficial ownership of 9,944,308 common shares, equal to 12.9 % of Methanex鈥檚 77,339,520 shares outstanding as of June 30 2025.

All shares are held with shared voting power over 7,726,218 shares 鈥� subject to an undertaking not to vote more than 9.99 % of the company鈥檚 outstanding stock until Toronto Stock Exchange listing conditions are satisfied 鈥� and shared dispositive power over the full 9.94 million-share position. The reporting persons possess no sole voting or dispositive authority, underscoring the filing鈥檚 passive intent. Each entity certifies that the securities were not acquired for the purpose of influencing control, in line with Schedule 13G requirements.

The disclosure makes OCI 鈥� a Netherlands-based global producer of nitrogen, methanol and hydrogen products 鈥� one of Methanex鈥檚 largest known shareholders. While the filing does not announce any transaction terms or strategic plans, the scale of the stake (worth roughly US$450-500 million at recent prices) signals institutional confidence in Methanex鈥檚 methanol market outlook and could foreshadow future collaboration or corporate activity within the global methanol value chain.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering Autocallable Barrier Securities maturing 6 July 2027 with a total face amount of $922,000 (1,000-denomination). The unsecured notes are linked to the worst performer of three U.S. equity indices: Nasdaq-100 (22,679.01), Russell 2000 (2,175.035) and S&P 500 (6,204.95).

Key mechanics: 1) Automatic early redemption on 30 Jun 2026 if every index closes at or above its initial level, paying principal plus a 12 % premium ($1,120). 2) If not called, final payout on 30 Jun 2027 depends solely on the worst performer: 鈥� Appreciation participates at a 300 % upside rate. 鈥� If the worst performer is 鈮� initial but 鈮� 70 % barrier, only principal is returned. 鈥� If it falls below the 70 % barrier, investors lose 1 % of principal for each 1 % decline, up to total loss.

The notes do not pay coupons, are not listed, and carry the credit risk of both CGMHI and Citi. Issue price is $1,000, but the internal estimated value is $980.60; underwriting fee up to $10 per note. CGMI will make a secondary market on a best-efforts basis only.

Risk highlights include potential total loss of investment, reliance on a single worst-performing index, high valuation sensitivity on only two observation dates, liquidity constraints, small-cap volatility in Russell 2000, and uncertain tax treatment. The modest offering size and routine structure suggest limited impact on Citi鈥檚 overall financials.

Inovio Pharmaceuticals, Inc. (Nasdaq: INO) has filed a preliminary prospectus supplement under its effective shelf to raise capital through a combined offering of: (i) shares of common stock or pre-funded warrants (exercise price $0.001) in lieu of common stock, (ii) Series A warrants, and (iii) Series B warrants. Every share (or pre-funded warrant) will be sold together with one Series A warrant and one Series B warrant, although the securities are immediately separable upon issuance.

• Pricing & size: Key economics鈥攏umber of securities, combined public price, underwriting discount, and gross/net proceeds鈥攔emain blank pending final marketing, but the filing authorizes a 30-day overallotment option for additional shares and warrants.
• Warrant profile: 鈥� Series A warrants are exercisable immediately, expire on the earlier of (a) 30 days after FDA accepts a Biologics License Application (BLA) for INO-3107 or (b) 12 months after issuance; 鈥� Series B warrants are exercisable immediately and expire five years after issuance. Neither series will be listed, limiting liquidity.
• Use of proceeds: Management plans to direct funds to (1) advancement of its DNA-medicine clinical pipeline鈥攊ncluding a rolling BLA submission for lead asset INO-3107 in recurrent respiratory papillomatosis expected to begin mid-2025, (2) potential commercial launch preparation for INO-3107 if approved, and (3) general corporate purposes.
• Dilution & risk: The company warns that investors will incur immediate dilution; further dilution could arise from outstanding equity awards (鈮�2.6 m shares), legacy warrants (鈮�10 m at $3.76) and future ATM sales ($57.9 m capacity). Inovio remains a clinical-stage biotech with no product revenue, significant accumulated deficits, and multiple R&D, regulatory, manufacturing and financing risks.
• Corporate status: Inovio is a 鈥渟maller reporting company,鈥� enabling reduced SEC disclosure. Piper Sandler is sole book-running manager.

Because amounts are placeholders, the filing primarily signals intent to strengthen the balance sheet ahead of key regulatory catalysts rather than conveying finalized financial impact.

Leidos Holdings, Inc. (LDOS) 鈥� Form 4 insider transaction

Chief Financial Officer Christopher R. Cage reported one transaction dated 06/30/2025.

• Acquisition: 64.1944 shares of common stock credited at $0.00 per share. The shares represent dividend-equivalent rights that were automatically reinvested in the company鈥檚 Key Executive Stock Deferral Plan.
• Post-transaction ownership: 29,288.682 indirect shares held via the deferral plan and 46,953 direct shares.

No derivative securities were involved and no sales were disclosed. The filing does not indicate any open-market purchases or dispositions; the recorded activity is routine and non-cash. Given the immaterial share amount relative to the executive鈥檚 existing holdings, the filing is unlikely to have a meaningful impact on LDOS鈥檚 share count or market perception.

Hillenbrand (NYSE:HI) filed an 8-K announcing a senior leadership change.

• CFO departure: Robert VanHimbergen will leave on June 27, 2025.
• Interim CFO: 14-year company veteran Megan Walke is appointed effective June 28, 2025; she will also retain her roles as VP, Corporate Controller & Chief Accounting Officer.
• Walke executed a standard Change-in-Control Agreement; the board鈥檚 search for a permanent CFO continues.

No other operational or financial updates were provided.