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Jefferies Financial Group Inc. (JEF) is marketing a new structured debt security: Senior Autocallable Contingent Coupon Barrier Notes due 16-Jul-2030. The notes are senior unsecured obligations issued under the Series A Global Medium-Term Notes programme and are subject to JEF’s credit risk.

Key commercial terms

• Issue price / Face: $1,000 per note.
• Estimated value on pricing date: â‰� $980.20 (â‰� 1.98 % below issue price, reflecting distribution & hedging costs).
• Maturity: 16-Jul-2030 (5-year tenor).
• Contingent coupon: $12.75 per month (â‰� 15.3 % p.a.) paid only if the worst-performing underlying on each monthly observation date is â‰� 75 % of its initial level.
• Auto-call feature: Beginning Jan 2026, the notes are automatically redeemed at par plus the coupon if the worst-performing underlying is â‰� 100 % of its initial level on any monthly call observation date.
• Downside exposure: At maturity investors receive 100 % of principal only if the worst-performing underlying is â‰� 60 % of its initial level. Below 60 %, repayment is reduced 1-for-1 with the underlying’s decline, exposing holders to up to 100 % loss of principal.
• Underlying basket (worst-of methodology): VanEck Semiconductor ETF (SMH), Russell 2000 Index (RTY) and Nasdaq-100 Index (NDX).
• Coupon barrier: 75 % of initial level; Threshold value: 60 % of initial level; Observation schedule: monthly (dates provided on PS-3 â€� PS-4).
• Distribution fees: Dealer concessions up to 0.60 % of face; Jefferies LLC acts as agent and faces FINRA Rule 5121 conflict-of-interest restrictions.

Risk highlights

• Credit risk: Payments depend on JEF’s ability to meet obligations; the notes rank pari passu with other senior unsecured debt.
• Market risk: Principal is at risk if any underlying falls > 40 % from its initial level at maturity; coupons are not assured.
• Liquidity: No exchange listing; secondary market, if any, will be made on a best-efforts basis by Jefferies LLC and may reflect a bid-ask spread and JEF’s secondary market funding rate.
• Valuation: Initial estimated value is below issue price; early account statements will include a temporary upward adjustment that amortises to zero during the “Temporary Adjustment Periodâ€�.

Recent issuer performance (fiscal Q2 2025, ended 31-May-2025)

• Investment Banking net revenue: $766 m
• Capital Markets net revenue: $704 m
• Asset Management net revenue: $155 m
• Income before tax: $135 m; Net income: $88 m (effective tax rate 32.3 %)

Six-month cumulative figures show $3.22 b total net revenue and $216 m net income, indicating continued profitability ahead of this debt issuance.

Investor takeaway: The notes offer a high contingent coupon and potential early redemption, but they cap upside, expose principal to significant downside linked to the worst-performing of three equity benchmarks and rely on JEF’s credit quality. They are suited only for investors comfortable with both issuer credit exposure and structured-product market risk.

Jefferies Financial Group Inc. (ticker: JEF) is offering Senior Capped Buffered Leveraged Notes due July 18, 2028 linked to the iShares® Bitcoin Trust ETF (IBIT). The notes are unsecured senior obligations issued under the company’s Series A Global MTN program and will be sold at $1,000 per note.

Key economic terms

• Participation Rate: 200 % of any positive ETF performance.
• Maximum Payment at Maturity: $1,900 (190 % of principal).
• Buffer: First 20 % decline (Underlying Return to â€�20 %) is absorbed; beyond that, investors lose 1 % of principal for each additional 1 % drop, with maximum loss of 80 % (payment floor $200).
• No interim interest coupons.
• Pricing Date: July 15, 2025; Issue Date: July 18, 2025; Valuation Date: July 13, 2028; Maturity: July 18, 2028.
• Estimated value on the Pricing Date: â‰� $945 (± $30), reflecting upfront selling/hedging costs.
• Adjustment Factor initially 1.0; subject to standard ETF antidilution provisions.
• Notes will not be listed; Jefferies LLC may make a market but is not obligated.

Credit & distribution details

• Senior unsecured obligations ranking pari-passu with other senior debt.
• All payments subject to Jefferies Financial Group Inc. credit risk; no collateral.
• Jefferies LLC (a FINRA member and affiliate) acts as agent; dealer concessions up to 1.10 % ($11 per note). Offering conducted under FINRA Rule 5121 (conflict of interest).
• CUSIP/ISIN: 47233YKJ3 / US47233YKJ37.

Recent company developments (fiscal Q2 2025, three months ended May 31, 2025)

• Investment Banking net revenues: $766 million.
• Capital Markets net revenues: $704 million.
• Asset Management net revenues: $155 million.
• Income before income taxes: $135 million.
• Net income: $88 million (effective tax rate 32.3 %).

For the six-month period ended May 31 2025, Jefferies reported Investment Banking revenue of $1.47 billion, Capital Markets revenue of $1.40 billion, Asset Management revenue of $346 million, income before taxes of $286 million, and net income of $216 million (20.2 % tax rate). Figures are preliminary and unaudited.

Principal risks highlighted

• Market risk: Exposure to bitcoin price volatility via IBIT; appreciation capped at 90 % (due to $1,900 cap).
• Downside risk: Up to 80 % principal loss if IBIT falls more than 20 %.
• Credit risk: Payments dependent on Jefferiesâ€� ability to pay.
• Liquidity risk: No exchange listing; secondary market, if any, may be limited and at prices below estimated value.
• Valuation risk: Estimated value is lower than issue price; includes built-in fees and hedging costs.
• Digital-asset–specific risks: Security, fraud/manipulation, regulatory uncertainty, custody and concentration risks inherent to bitcoin.
• Tax uncertainty: Possible application of constructive-ownership rules; IRS considering guidance that could alter taxation.

Investor profile: Suitable only for investors comfortable with bitcoin-linked volatility, Jefferies� credit exposure, a capped upside, potential 80 % principal loss, lack of income, and limited liquidity.

Jefferies Financial Group Inc. (JEF) is marketing Senior Autocallable Contingent Coupon Barrier Notes due 31-Jul-2031 under its Series A GMTN programme. The US-dollar notes are unsecured senior debt obligations that rank pari passu with other senior debt of the issuer and are subject to Jefferies� credit risk.

Key structural terms

• Issue price & principal: $1,000 per note; aggregate size to be set at pricing (28-Jul-2025).
• Maturity: 31-Jul-2031 (â‰� 6 years).
• Underlying: worst-performing of the Nasdaq-100 (NDX), Russell 2000 (RTY) and EURO STOXX 50 (SX5E).
• Contingent monthly coupon: $8.3333 (â‰�10.0% p.a.) paid only if the Observation Value of the worst-performing index is â‰� 75 % of its initial level (Coupon Barrier) on the relevant monthly date.
• Autocall: from Jul-2026, if the worst-performing index is â‰� 100 % of its initial level on a Call Observation Date, investors receive principal plus the coupon and the note terminates early.
• Principal protection: none. At maturity investors receive par only if the worst-performing index is â‰� 75 % of its initial level (Threshold). Otherwise redemption is reduced 1-for-1 with index decline, potentially to zero.
• Estimated value: $945.50, or within ±$30, reflecting a 5.5 % discount to issue price due to structuring costs, hedging and dealer compensation (up to 3.55 %).
• CUSIP/ISIN: 47233YKQ7 / US47233YKQ79; not listed, book-entry via DTC.

Recent Jefferies developments (Q2 FY-2025, three months to 31-May-2025): Investment Banking revenue $766 m, Capital Markets $704 m, Asset Management $155 m, pretax income $135 m, net income $88 m (tax rate 32.3 %). Six-month net income totalled $216 m. Data are management’s preliminary estimates and unaudited.

Investor considerations

• Coupon continuity depends on monthly index levels; missing one barrier test cancels that month’s payment.
• If any index closes <75 % of initial on final valuation, investors suffer direct equity-like downside with no participation in upside above par.
• Secondary liquidity is expected to be limited; market price likely to be below the model value owing to bid-ask spreads and credit spread changes.
• The product embeds significant derivatives exposure; the internal model value is sensitive to volatility, correlation and dividend assumptions.
• Tax treatment is uncertain; issuer will treat coupons as ordinary income and notes as income-bearing prepaid derivatives.

Overall, the note offers a double-digit conditional income stream and potential early redemption after year 1, balanced against equity downside beyond a 25 % buffer, issuer credit risk and a 5 % upfront value drag.

Jefferies Financial Group Inc. (JEF) is marketing Senior Autocallable Contingent Coupon Barrier Notes due 31-Jul-2031 under its Series A GMTN programme. The US-dollar notes are unsecured senior debt obligations that rank pari passu with other senior debt of the issuer and are subject to Jefferies� credit risk.

Key structural terms

• Issue price & principal: $1,000 per note; aggregate size to be set at pricing (28-Jul-2025).
• Maturity: 31-Jul-2031 (â‰� 6 years).
• Underlying: worst-performing of the Nasdaq-100 (NDX), Russell 2000 (RTY) and EURO STOXX 50 (SX5E).
• Contingent monthly coupon: $8.3333 (â‰�10.0% p.a.) paid only if the Observation Value of the worst-performing index is â‰� 75 % of its initial level (Coupon Barrier) on the relevant monthly date.
• Autocall: from Jul-2026, if the worst-performing index is â‰� 100 % of its initial level on a Call Observation Date, investors receive principal plus the coupon and the note terminates early.
• Principal protection: none. At maturity investors receive par only if the worst-performing index is â‰� 75 % of its initial level (Threshold). Otherwise redemption is reduced 1-for-1 with index decline, potentially to zero.
• Estimated value: $945.50, or within ±$30, reflecting a 5.5 % discount to issue price due to structuring costs, hedging and dealer compensation (up to 3.55 %).
• CUSIP/ISIN: 47233YKQ7 / US47233YKQ79; not listed, book-entry via DTC.

Recent Jefferies developments (Q2 FY-2025, three months to 31-May-2025): Investment Banking revenue $766 m, Capital Markets $704 m, Asset Management $155 m, pretax income $135 m, net income $88 m (tax rate 32.3 %). Six-month net income totalled $216 m. Data are management’s preliminary estimates and unaudited.

Investor considerations

• Coupon continuity depends on monthly index levels; missing one barrier test cancels that month’s payment.
• If any index closes <75 % of initial on final valuation, investors suffer direct equity-like downside with no participation in upside above par.
• Secondary liquidity is expected to be limited; market price likely to be below the model value owing to bid-ask spreads and credit spread changes.
• The product embeds significant derivatives exposure; the internal model value is sensitive to volatility, correlation and dividend assumptions.
• Tax treatment is uncertain; issuer will treat coupons as ordinary income and notes as income-bearing prepaid derivatives.

Overall, the note offers a double-digit conditional income stream and potential early redemption after year 1, balanced against equity downside beyond a 25 % buffer, issuer credit risk and a 5 % upfront value drag.

Jefferies Financial Group Inc. (JEF) is offering Senior Autocallable Contingent Coupon Barrier Notes due 31 July 2031 under its Series A Global MTN programme. The $1,000-denominated notes are linked to the worst-performing of the Russell 2000® Index (RTY) and the EURO STOXX 50® Index (SX5E). Key commercial terms are:

• Issue price / Principal: $1,000 per note; pricing date 28 July 2025, settlement 31 July 2025.
• Contingent coupon: $23.125 paid quarterly (â‰�9.25% p.a.) if the worst-performing underlying is â‰�75 % of its initial level on the observation date.
• Autocall feature: Beginning 28 July 2026, notes are automatically redeemed at par plus coupon if the worst underlying is â‰�100 % of its initial level on any quarterly call observation date.
• Downside protection: At maturity investors receive full principal only if the worst underlying is â‰�75 % of its initial level; otherwise repayment is principal × (Final Value / Initial Value), exposing investors to up to 100 % loss.
• Coupon/Threshold levels: Coupon Barrier = 75 % initial; Call Value = 100 %; Threshold = 75 %.
• Estimated value: â‰�$949 per note (±$30) on the pricing date, reflecting issuance costs and dealer margin.
• Credit & liquidity: Senior unsecured claim on Jefferies; no listing; Jefferies LLC may make a market but is not obliged to do so.

Recent company developments (fiscal Q2 2025):

• Investment Banking revenue $766 m
• Capital Markets revenue $704 m
• Asset Management revenue $155 m
• Income before tax $135 m; Net income $88 m

For the six months ended 31 May 2025 net income totalled $216 m. These figures are preliminary and unaudited.

Investor considerations: The product offers an above-market coupon contingent on equity index performance, but embeds significant market, issuer-credit and liquidity risks. The embedded estimated value (�94.9 % of issue price) highlights a 5 % upfront cost to investors.

Jefferies Financial Group Inc. (JEF) is offering Senior Autocallable Contingent Coupon Barrier Notes due 31 July 2031 under its Series A Global MTN programme. The $1,000-denominated notes are linked to the worst-performing of the Russell 2000® Index (RTY) and the EURO STOXX 50® Index (SX5E). Key commercial terms are:

• Issue price / Principal: $1,000 per note; pricing date 28 July 2025, settlement 31 July 2025.
• Contingent coupon: $23.125 paid quarterly (â‰�9.25% p.a.) if the worst-performing underlying is â‰�75 % of its initial level on the observation date.
• Autocall feature: Beginning 28 July 2026, notes are automatically redeemed at par plus coupon if the worst underlying is â‰�100 % of its initial level on any quarterly call observation date.
• Downside protection: At maturity investors receive full principal only if the worst underlying is â‰�75 % of its initial level; otherwise repayment is principal × (Final Value / Initial Value), exposing investors to up to 100 % loss.
• Coupon/Threshold levels: Coupon Barrier = 75 % initial; Call Value = 100 %; Threshold = 75 %.
• Estimated value: â‰�$949 per note (±$30) on the pricing date, reflecting issuance costs and dealer margin.
• Credit & liquidity: Senior unsecured claim on Jefferies; no listing; Jefferies LLC may make a market but is not obliged to do so.

Recent company developments (fiscal Q2 2025):

• Investment Banking revenue $766 m
• Capital Markets revenue $704 m
• Asset Management revenue $155 m
• Income before tax $135 m; Net income $88 m

For the six months ended 31 May 2025 net income totalled $216 m. These figures are preliminary and unaudited.

Investor considerations: The product offers an above-market coupon contingent on equity index performance, but embeds significant market, issuer-credit and liquidity risks. The embedded estimated value (�94.9 % of issue price) highlights a 5 % upfront cost to investors.

Jefferies Financial Group Inc. (ticker: JEF) is marketing Senior Leveraged Barrier Notes due July 31, 2030 under its Series A Global Medium-Term Note program. The zero-coupon notes are linked to the worst-performing of the S&P 500® Index (SPX) and the Dow Jones Industrial Average® (INDU).

• Issue/Principal: $1,000 per note; aggregate size may be increased before issuance.
• Pricing Date: July 28 2025  |  Issue Date: July 31 2025  |  Maturity: July 31 2030.
• Upside Participation: 120 % of any positive return of the worst-performing index at maturity.
• Principal Protection: Only if the worst-performing index does not fall below its Threshold Value (60 % of initial level). Below that threshold, investors lose 1 % of principal for every 1 % decline; maximum loss is 100 %.
• Credit & Liquidity: Senior unsecured obligations of Jefferies Financial Group Inc.; payments subject to issuer credit risk. The notes will not be listed; Jefferies LLC may make a secondary market but is not obligated.
• Pricing Economics: Issue price 100 % of face; estimated value on the pricing date approx. $950.20 (± $30) due to selling concessions, hedging costs and Jefferiesâ€� internal funding rate.
• Fees: Dealer concessions up to 3.75 % per note; Jefferies LLC acts as both underwriter and calculation agent, triggering FINRA Rule 5121 conflict-of-interest provisions.
• Recent Financials (fiscal Q2 2025, three months ended 5/31/25): Investment Banking net revenue $766 m; Capital Markets $704 m; Asset Management $155 m; income before tax $135 m; net income $88 m (effective tax rate 32.3 %). Six-month net income totals $216 m.

Key risks highlighted: loss of principal below threshold, absence of periodic interest, reliance on a single valuation date, potential model-driven mis-pricing, secondary market illiquidity, conflicts of interest, and uncertain U.S. tax treatment (pre-paid derivative vs. contingent-payment debt).

Jefferies Financial Group Inc. (ticker: JEF) is marketing Senior Leveraged Barrier Notes due July 31, 2030 under its Series A Global Medium-Term Note program. The zero-coupon notes are linked to the worst-performing of the S&P 500® Index (SPX) and the Dow Jones Industrial Average® (INDU).

• Issue/Principal: $1,000 per note; aggregate size may be increased before issuance.
• Pricing Date: July 28 2025  |  Issue Date: July 31 2025  |  Maturity: July 31 2030.
• Upside Participation: 120 % of any positive return of the worst-performing index at maturity.
• Principal Protection: Only if the worst-performing index does not fall below its Threshold Value (60 % of initial level). Below that threshold, investors lose 1 % of principal for every 1 % decline; maximum loss is 100 %.
• Credit & Liquidity: Senior unsecured obligations of Jefferies Financial Group Inc.; payments subject to issuer credit risk. The notes will not be listed; Jefferies LLC may make a secondary market but is not obligated.
• Pricing Economics: Issue price 100 % of face; estimated value on the pricing date approx. $950.20 (± $30) due to selling concessions, hedging costs and Jefferiesâ€� internal funding rate.
• Fees: Dealer concessions up to 3.75 % per note; Jefferies LLC acts as both underwriter and calculation agent, triggering FINRA Rule 5121 conflict-of-interest provisions.
• Recent Financials (fiscal Q2 2025, three months ended 5/31/25): Investment Banking net revenue $766 m; Capital Markets $704 m; Asset Management $155 m; income before tax $135 m; net income $88 m (effective tax rate 32.3 %). Six-month net income totals $216 m.

Key risks highlighted: loss of principal below threshold, absence of periodic interest, reliance on a single valuation date, potential model-driven mis-pricing, secondary market illiquidity, conflicts of interest, and uncertain U.S. tax treatment (pre-paid derivative vs. contingent-payment debt).

Connexa Sports Technologies Inc. (Nasdaq: YYAI) has entered into a Securities Purchase Agreement for a private placement of 20 million units at $0.23 per unit, generating gross proceeds of approximately $4.6 million. Each unit comprises one common share and two five-year warrants exercisable at $0.89. The warrants include standard anti-dilution provisions and allow cashless exercise if a resale registration statement is unavailable.

The closing is conditional upon satisfying all Nasdaq listing rules and obtaining shareholder approval via a forthcoming Schedule 14C. The Company may terminate the deal if it has not closed by 31 December 2025.

Because every unit carries two warrants, full exercise would add up to 40 million additional shares, materially expanding the share count. Nevertheless, the immediate capital injection strengthens liquidity without assuming balance-sheet debt.