AG˹ٷ

STOCK TITAN

[8-K] Jupiter Neurosciences, Inc. Reports Material Event

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering Contingent Income Auto-Callable Securities linked to The Walt Disney Company (DIS) common stock. The $1,000-denominated notes mature on 21 July 2028 unless they are auto-called quarterly. On each of the 11 scheduled observation dates, if DIS closes at or above its initial share price, the notes are redeemed early at par plus the applicable coupon.

Investors are eligible for a contingent coupon of at least 2.50% per quarter (�10.00% p.a.) provided the DIS closing price is at or above the downside threshold (80% of the initial price) on the relevant valuation date. If the threshold is breached, the coupon for that quarter is forfeited.

If the notes are not redeemed early, final repayment depends on DIS performance on the last valuation date: (i) �80% of initial price � investors receive par plus the final coupon; (ii) <80% � investors suffer a 1-for-1 loss with the share return, risking a recovery of less than 80% and as little as $0.

The issuer expects an estimated value of �$920 on the pricing date, below the $1,000 offer price, reflecting dealer margins and funding costs. The securities will not be exchange-listed and are subject to Citigroup credit risk. Key risks highlighted include potential loss of principal, skipped coupons, illiquidity, valuation uncertainty, and adverse tax treatment.

Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., offre titoli a reddito contingente con rimborso automatico collegati alle azioni ordinarie di The Walt Disney Company (DIS). I titoli, con un valore nominale di $1.000, scadono il 21 luglio 2028 salvo che vengano rimborsati automaticamente su base trimestrale. In ciascuna delle 11 date di osservazione previste, se il prezzo di chiusura di DIS è pari o superiore al prezzo iniziale delle azioni, i titoli vengono rimborsati anticipatamente a valore nominale più la cedola applicabile.

Gli investitori hanno diritto a una cedola contingente di almeno il 2,50% trimestrale (�10,00% annuo) purché il prezzo di chiusura di DIS sia pari o superiore alla soglia di protezione (80% del prezzo iniziale) nella data di valutazione rilevante. Se la soglia viene violata, la cedola di quel trimestre viene persa.

Se i titoli non vengono rimborsati anticipatamente, il rimborso finale dipende dalla performance di DIS nell’ultima data di valutazione: (i) �80% del prezzo iniziale � gli investitori ricevono il valore nominale più la cedola finale; (ii) <80% � gli investitori subiscono una perdita proporzionale al calo del prezzo azionario, con un possibile recupero inferiore all�80% e fino a $0.

L’emittente prevede un valore stimato di circa $920 alla data di pricing, inferiore al prezzo d’offerta di $1.000, a riflettere i margini dei dealer e i costi di finanziamento. I titoli non saranno quotati in borsa e sono soggetti al rischio di credito di Citigroup. I rischi principali evidenziati includono la possibile perdita del capitale, cedole non pagate, illiquidità, incertezza di valutazione e trattamento fiscale sfavorevole.

Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., ofrece Valores Auto-Canjeables con Ingresos Contingentes vinculados a las acciones ordinarias de The Walt Disney Company (DIS). Los bonos denominados en $1,000 vencen el 21 de julio de 2028 a menos que sean auto-canjeados trimestralmente. En cada una de las 11 fechas de observación programadas, si DIS cierra en o por encima de su precio inicial de la acción, los bonos se redimen anticipadamente al valor nominal más el cupón aplicable.

Los inversores son elegibles para un cupón contingente de al menos 2.50% por trimestre (�10.00% anual) siempre que el precio de cierre de DIS esté en o por encima del umbral de protección (80% del precio inicial) en la fecha de valoración correspondiente. Si se incumple el umbral, el cupón de ese trimestre se pierde.

Si los bonos no se redimen anticipadamente, el reembolso final depende del desempeño de DIS en la última fecha de valoración: (i) �80% del precio inicial � los inversores reciben el valor nominal más el cupón final; (ii) <80% � los inversores sufren una pérdida 1 a 1 con el rendimiento de la acción, arriesgando una recuperación inferior al 80% y hasta $0.

El emisor espera un valor estimado de �$920 en la fecha de fijación de precios, por debajo del precio de oferta de $1,000, reflejando los márgenes de los distribuidores y los costos de financiación. Los valores no estarán listados en bolsa y están sujetos al riesgo crediticio de Citigroup. Los riesgos clave destacados incluyen posible pérdida de capital, cupones omitidos, iliquidez, incertidumbre en la valoración y tratamiento fiscal adverso.

Citigroup Global Markets Holdings Inc.� Citigroup Inc.� 보증 하에 The Walt Disney Company (DIS) 보통주에 연동� 조건부 수익 자동 상환 증권� 제공합니�. 액면가 $1,000� � 노트� 2028� 7� 21�� 만기되며, 분기별로 자동 상환� � 있습니다. 예정� 11회의 관찰일 � � 날짜� DIS 주가가 초기 주가 이상으로 마감되면, 노트� 액면가와 해당 쿠폰� 함께 조기 상환됩니�.

투자자는 해당 평가일에 DIS 종가가 초기 가격의 80%� 하락 임계� 이상� 경우 분기� 최소 2.50% (� 10.00% 이상)� 조건부 쿠폰� 받을 자격� 있습니다. 임계치가 하락하면 해당 분기� 쿠폰은 지급되지 않습니다.

노트가 조기 상환되지 않는 경우, 최종 상환은 마지� 평가일의 DIS 성과� 따라 결정됩니�: (i) 초기 가격의 80% 이상 � 투자자는 액면가와 최종 쿠폰� 받습니다; (ii) 80% 미만 � 투자자는 주식 수익률에 따라 1대1 손실� 입어, 80% 미만 또는 $0까지 회수� 위험� 있습니다.

발행자는 가� 결정일에 � $920� 예상 가�� 예상하며, 이는 $1,000� 발행가보다 낮으� 딜러 마진 � 자금 조달 비용� 반영합니�. � 증권은 거래소에 상장되지 않으� Citigroup 신용 위험� 노출됩니�. 주요 위험으로� 원금 손실 가능성, 쿠폰 미지�, 유동� 부�, 평가 불확실성 � 불리� 세금 처리가 포함됩니�.

Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., propose des titres à revenu conditionnel avec remboursement automatique liés aux actions ordinaires de The Walt Disney Company (DIS). Les billets libellés en 1 000 $ arrivent à échéance le 21 juillet 2028 sauf s’ils sont remboursés automatiquement chaque trimestre. À chacune des 11 dates d’observation prévues, si DIS clôture à ou au-dessus de son prix initial de l’action, les billets sont remboursés par anticipation à leur valeur nominale plus le coupon applicable.

Les investisseurs peuvent bénéficier d’un coupon conditionnel d’au moins 2,50 % par trimestre (�10,00 % par an) à condition que le prix de clôture de DIS soit au-dessus du seuil de protection (80 % du prix initial) à la date d’évaluation concernée. Si ce seuil est franchi à la baisse, le coupon de ce trimestre est perdu.

Si les billets ne sont pas remboursés par anticipation, le remboursement final dépend de la performance de DIS à la dernière date d’évaluation : (i) �80% du prix initial � les investisseurs reçoivent la valeur nominale plus le coupon final ; (ii) <80% � les investisseurs subissent une perte équivalente à la baisse de l’action, risquant un recouvrement inférieur à 80 % et pouvant aller jusqu’� 0 $.

L’émetteur anticipe une valeur estimée d’environ 920 $ à la date de tarification, inférieure au prix d’offre de 1 000 $, reflétant les marges des courtiers et les coûts de financement. Les titres ne seront pas cotés en bourse et sont soumis au risque de crédit de Citigroup. Les risques clés incluent la possible perte en capital, les coupons non versés, l’illiquidité, l’incertitude de valorisation et un traitement fiscal défavorable.

Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc., bietet bedingte Einkommens-Auto-Kündbare Wertpapiere an, die an die Stammaktien von The Walt Disney Company (DIS) gekoppelt sind. Die auf $1.000 lautenden Notes laufen am 21. Juli 2028 ab, sofern sie nicht vierteljährlich automatisch gekündigt werden. An jedem der 11 geplanten Beobachtungstermine werden die Notes vorzeitig zum Nennwert plus dem jeweiligen Kupon zurückgezahlt, wenn DIS zum Handelsschluss mindestens auf dem anfänglichen Aktienkurs liegt.

Investoren sind berechtigt, einen bedingten Kupon von mindestens 2,50% pro Quartal (�10,00% p.a.) zu erhalten, sofern der Schlusskurs von DIS am jeweiligen Bewertungstag mindestens die Abschwächungsschwelle (80% des Anfangskurses) erreicht. Wird die Schwelle unterschritten, verfällt der Kupon für dieses Quartal.

Werden die Notes nicht vorzeitig zurückgezahlt, hängt die endgültige Rückzahlung von der Performance von DIS am letzten Bewertungstag ab: (i) �80% des Anfangskurses � Investoren erhalten den Nennwert plus den letzten Kupon; (ii) <80% � Investoren erleiden einen 1:1-Verlust entsprechend der Aktienrendite, mit dem Risiko einer Rückzahlung von weniger als 80% bis hin zu $0.

Der Emittent erwartet einen geschätzten Wert von ca. $920 am Pricing-Tag, der unter dem Angebotspreis von $1.000 liegt und die Margen der Händler sowie Finanzierungskosten widerspiegelt. Die Wertpapiere werden nicht an der Börse gehandelt und unterliegen dem Kreditrisiko von Citigroup. Wichtige Risiken umfassen den möglichen Kapitalverlust, entfallene Kupons, Illiquidität, Bewertungsunsicherheiten und ungünstige steuerliche Behandlung.

Positive
  • Quarterly contingent coupon of �2.50% offers double-digit annual income if the downside threshold is respected.
  • 20% downside buffer provides partial protection before principal is at risk.
  • Automatic early redemption allows capital return and coupon capture if DIS performs well.
Negative
  • No participation in DIS upside; maximum payment is par plus coupon.
  • Principal loss starts beyond a 20% decline and can reach 100% at extreme downside.
  • Issuer credit risk: payments depend on Citigroup’s ability to pay.
  • Estimated value (~$920) is 8% below issue price, implying a sizeable dealer markup.
  • Illiquidity: securities will not be listed; secondary market pricing uncertain.

Insights

TL;DR 10%+ coupon with 20% buffer, but principal at risk and no upside; best suited for yield-seeking investors comfortable with DIS volatility and Citi credit.

The note provides generous income relative to current investment-grade yields, yet investors sacrifice equity upside and assume three distinct risks: (1) market � a 20% barrier on a single name, (2) credit � exposure to Citigroup, and (3) liquidity � no listing and dealer bid-offer spreads. The auto-call feature may shorten duration if DIS rallies, capping income while leaving reinvestment risk. The internal valuation indicates an 8% issuance premium, standard for retail notes but materially eroding risk-adjusted return. Overall, the structure is a tactical yield play rather than a core holding.

TL;DR Coupon appealing, but asymmetric payoff and secondary-market discount make it neutral for diversified portfolios.

From an allocation angle, the security behaves like a short put spread on DIS wrapped in Citigroup credit. The 80% barrier offers limited downside protection versus typical buffered notes. Historical volatility in DIS suggests a meaningful probability of barrier breach, particularly over a three-year horizon. The absence of dividend participation further weakens relative value. Unless an investor holds a strong, short-term constructive view on DIS and is indifferent to Citi credit, the risk-reward profile appears balanced rather than compelling.

Citigroup Global Markets Holdings Inc., garantita da Citigroup Inc., offre titoli a reddito contingente con rimborso automatico collegati alle azioni ordinarie di The Walt Disney Company (DIS). I titoli, con un valore nominale di $1.000, scadono il 21 luglio 2028 salvo che vengano rimborsati automaticamente su base trimestrale. In ciascuna delle 11 date di osservazione previste, se il prezzo di chiusura di DIS è pari o superiore al prezzo iniziale delle azioni, i titoli vengono rimborsati anticipatamente a valore nominale più la cedola applicabile.

Gli investitori hanno diritto a una cedola contingente di almeno il 2,50% trimestrale (�10,00% annuo) purché il prezzo di chiusura di DIS sia pari o superiore alla soglia di protezione (80% del prezzo iniziale) nella data di valutazione rilevante. Se la soglia viene violata, la cedola di quel trimestre viene persa.

Se i titoli non vengono rimborsati anticipatamente, il rimborso finale dipende dalla performance di DIS nell’ultima data di valutazione: (i) �80% del prezzo iniziale � gli investitori ricevono il valore nominale più la cedola finale; (ii) <80% � gli investitori subiscono una perdita proporzionale al calo del prezzo azionario, con un possibile recupero inferiore all�80% e fino a $0.

L’emittente prevede un valore stimato di circa $920 alla data di pricing, inferiore al prezzo d’offerta di $1.000, a riflettere i margini dei dealer e i costi di finanziamento. I titoli non saranno quotati in borsa e sono soggetti al rischio di credito di Citigroup. I rischi principali evidenziati includono la possibile perdita del capitale, cedole non pagate, illiquidità, incertezza di valutazione e trattamento fiscale sfavorevole.

Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., ofrece Valores Auto-Canjeables con Ingresos Contingentes vinculados a las acciones ordinarias de The Walt Disney Company (DIS). Los bonos denominados en $1,000 vencen el 21 de julio de 2028 a menos que sean auto-canjeados trimestralmente. En cada una de las 11 fechas de observación programadas, si DIS cierra en o por encima de su precio inicial de la acción, los bonos se redimen anticipadamente al valor nominal más el cupón aplicable.

Los inversores son elegibles para un cupón contingente de al menos 2.50% por trimestre (�10.00% anual) siempre que el precio de cierre de DIS esté en o por encima del umbral de protección (80% del precio inicial) en la fecha de valoración correspondiente. Si se incumple el umbral, el cupón de ese trimestre se pierde.

Si los bonos no se redimen anticipadamente, el reembolso final depende del desempeño de DIS en la última fecha de valoración: (i) �80% del precio inicial � los inversores reciben el valor nominal más el cupón final; (ii) <80% � los inversores sufren una pérdida 1 a 1 con el rendimiento de la acción, arriesgando una recuperación inferior al 80% y hasta $0.

El emisor espera un valor estimado de �$920 en la fecha de fijación de precios, por debajo del precio de oferta de $1,000, reflejando los márgenes de los distribuidores y los costos de financiación. Los valores no estarán listados en bolsa y están sujetos al riesgo crediticio de Citigroup. Los riesgos clave destacados incluyen posible pérdida de capital, cupones omitidos, iliquidez, incertidumbre en la valoración y tratamiento fiscal adverso.

Citigroup Global Markets Holdings Inc.� Citigroup Inc.� 보증 하에 The Walt Disney Company (DIS) 보통주에 연동� 조건부 수익 자동 상환 증권� 제공합니�. 액면가 $1,000� � 노트� 2028� 7� 21�� 만기되며, 분기별로 자동 상환� � 있습니다. 예정� 11회의 관찰일 � � 날짜� DIS 주가가 초기 주가 이상으로 마감되면, 노트� 액면가와 해당 쿠폰� 함께 조기 상환됩니�.

투자자는 해당 평가일에 DIS 종가가 초기 가격의 80%� 하락 임계� 이상� 경우 분기� 최소 2.50% (� 10.00% 이상)� 조건부 쿠폰� 받을 자격� 있습니다. 임계치가 하락하면 해당 분기� 쿠폰은 지급되지 않습니다.

노트가 조기 상환되지 않는 경우, 최종 상환은 마지� 평가일의 DIS 성과� 따라 결정됩니�: (i) 초기 가격의 80% 이상 � 투자자는 액면가와 최종 쿠폰� 받습니다; (ii) 80% 미만 � 투자자는 주식 수익률에 따라 1대1 손실� 입어, 80% 미만 또는 $0까지 회수� 위험� 있습니다.

발행자는 가� 결정일에 � $920� 예상 가�� 예상하며, 이는 $1,000� 발행가보다 낮으� 딜러 마진 � 자금 조달 비용� 반영합니�. � 증권은 거래소에 상장되지 않으� Citigroup 신용 위험� 노출됩니�. 주요 위험으로� 원금 손실 가능성, 쿠폰 미지�, 유동� 부�, 평가 불확실성 � 불리� 세금 처리가 포함됩니�.

Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., propose des titres à revenu conditionnel avec remboursement automatique liés aux actions ordinaires de The Walt Disney Company (DIS). Les billets libellés en 1 000 $ arrivent à échéance le 21 juillet 2028 sauf s’ils sont remboursés automatiquement chaque trimestre. À chacune des 11 dates d’observation prévues, si DIS clôture à ou au-dessus de son prix initial de l’action, les billets sont remboursés par anticipation à leur valeur nominale plus le coupon applicable.

Les investisseurs peuvent bénéficier d’un coupon conditionnel d’au moins 2,50 % par trimestre (�10,00 % par an) à condition que le prix de clôture de DIS soit au-dessus du seuil de protection (80 % du prix initial) à la date d’évaluation concernée. Si ce seuil est franchi à la baisse, le coupon de ce trimestre est perdu.

Si les billets ne sont pas remboursés par anticipation, le remboursement final dépend de la performance de DIS à la dernière date d’évaluation : (i) �80% du prix initial � les investisseurs reçoivent la valeur nominale plus le coupon final ; (ii) <80% � les investisseurs subissent une perte équivalente à la baisse de l’action, risquant un recouvrement inférieur à 80 % et pouvant aller jusqu’� 0 $.

L’émetteur anticipe une valeur estimée d’environ 920 $ à la date de tarification, inférieure au prix d’offre de 1 000 $, reflétant les marges des courtiers et les coûts de financement. Les titres ne seront pas cotés en bourse et sont soumis au risque de crédit de Citigroup. Les risques clés incluent la possible perte en capital, les coupons non versés, l’illiquidité, l’incertitude de valorisation et un traitement fiscal défavorable.

Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc., bietet bedingte Einkommens-Auto-Kündbare Wertpapiere an, die an die Stammaktien von The Walt Disney Company (DIS) gekoppelt sind. Die auf $1.000 lautenden Notes laufen am 21. Juli 2028 ab, sofern sie nicht vierteljährlich automatisch gekündigt werden. An jedem der 11 geplanten Beobachtungstermine werden die Notes vorzeitig zum Nennwert plus dem jeweiligen Kupon zurückgezahlt, wenn DIS zum Handelsschluss mindestens auf dem anfänglichen Aktienkurs liegt.

Investoren sind berechtigt, einen bedingten Kupon von mindestens 2,50% pro Quartal (�10,00% p.a.) zu erhalten, sofern der Schlusskurs von DIS am jeweiligen Bewertungstag mindestens die Abschwächungsschwelle (80% des Anfangskurses) erreicht. Wird die Schwelle unterschritten, verfällt der Kupon für dieses Quartal.

Werden die Notes nicht vorzeitig zurückgezahlt, hängt die endgültige Rückzahlung von der Performance von DIS am letzten Bewertungstag ab: (i) �80% des Anfangskurses � Investoren erhalten den Nennwert plus den letzten Kupon; (ii) <80% � Investoren erleiden einen 1:1-Verlust entsprechend der Aktienrendite, mit dem Risiko einer Rückzahlung von weniger als 80% bis hin zu $0.

Der Emittent erwartet einen geschätzten Wert von ca. $920 am Pricing-Tag, der unter dem Angebotspreis von $1.000 liegt und die Margen der Händler sowie Finanzierungskosten widerspiegelt. Die Wertpapiere werden nicht an der Börse gehandelt und unterliegen dem Kreditrisiko von Citigroup. Wichtige Risiken umfassen den möglichen Kapitalverlust, entfallene Kupons, Illiquidität, Bewertungsunsicherheiten und ungünstige steuerliche Behandlung.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

July 9, 2025

Date of Report (Date of earliest event reported)

 

JUPITER NEUROSCIENCES, INC.

(Exact name of registrant as specified in its charter)

 

Delaware   001-41265   47-4828381
(State or other jurisdiction   (Commission   (IRS Employer
of incorporation)   File Number)   Identification No.)

 

1001 North US HWY 1, Suite 504, Jupiter, FL   33477
(Address of principal executive offices)   (Zip Code)

 

(561) 406-6154

Registrant’s telephone number, including area code

 

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock   JUNS   Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging Growth Company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 

 

 

Item 8.01 Other Events

 

As previously reported to the Securities Exchange Commission on a Form 8-K filed on March 25, 2025, Jupiter Neurosciences, Inc. (the “Company”) received a letter (the “Notice”) on March 21, 2025, from the Nasdaq Stock Market LLC (the “NASDAQ”) notifying the Company that it was not in compliance with the minimum bid price requirement as set forth under NASDAQ Listing Rule 5550(a)(2) for continued listing of its Common Stock on the NASDAQ.

 

Listing Rule 5550(a)(2) requires the registrant to maintain a minimum bid price of $1.00 USD per share for its securities listed on the NASDAQ, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. However, under NASDAQ Listing Rule 5810(c)(3)(A), the Company had 180 calendar days, or until September 17, 2025, to regain compliance with NASDAQ Listing Rule 5550(a)(2) by maintaining a minimum bid price for its Common Stock of at least $1.00 USD for a minimum period of 10 consecutive days.

 

The Company is pleased to announced that on July 9, 2025, it received a written notice from the NASDAQ stating that the Company has since regained compliance with Listing Rule 5550(a)(2) because the closing bid price of the Company’s Common Stock has been $1.00 USD per share or greater for a period of thirteen (13) days (June 18, 2025 to July 8, 2025). The Company issued a press release on July 10, 2025, announcing that it has regained compliance with Listing Rule 5550(a)(2), a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

 

Item 9.01 Financial Statements and Exhibits.

 

(d)   Exhibits
99.1   Press Release
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  JUPITER NEUROSCIENCES INC.
     
Date: July 10, 2025 By: /s/ Christer Rosén
  Name: Christer Rosén
  Title: Chief Executive Officer

 

 

FAQ

What coupon can investors in Citigroup's CIACS (symbol C) expect?

On each quarterly observation date, the note pays at least 2.50% of par (�10.00% p.a.) provided DIS closes � the 80% downside threshold.

When can the Citigroup contingent income notes be called early?

If on any quarterly potential redemption date DIS closes at or above the initial share price, the notes are redeemed at par plus the coupon.

How much principal protection do the securities offer?

There is a 20% buffer; if DIS stays �80% of the initial price at maturity, par is repaid. Below that, losses match DIS’s negative return.

What is the estimated value versus the $1,000 issue price?

Citigroup estimates the fair value at �$920 per note on the pricing date, reflecting funding and dealer costs.

Are the notes tradable on an exchange?

No. The securities will not be listed; any sale before maturity depends on dealer willingness and may be at a significant discount.

What risks are highlighted by Citigroup?

Key risks include possible total loss of principal, missed coupons, Citi credit risk, valuation uncertainty, tax complexity, and potential regulatory impacts.
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