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The Free Writing Prospectus outlines the key terms of Morgan Stanley Finance LLC’s Contingent Income Auto-Callable Securities linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index (ticker: SPUMP40). The notes offer a contingent coupon of 9.00%-10.00% per annum, paid monthly if the index closes at or above the 50% coupon-barrier on the relevant observation date. Beginning one year after issuance, the securities are auto-callable quarterly at par if the index is at or above its initial level (100% call threshold). If not redeemed early, investors receive par at maturity on 1 Aug 2030 provided the index has not fallen more than 50%. Should the index close below the 50% downside threshold on the final observation date, principal is reduced 1-for-1, exposing investors to substantial loss (e.g., a 51% decline delivers $490 per $1,000 note).

The issue price is $1,000, but Morgan Stanley’s estimated value is $882.50 (±$32.50), reflecting embedded fees and hedging costs. The notes are unsecured, unsubordinated obligations of Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, and will not be listed on any exchange, limiting secondary-market liquidity. Key risks include credit exposure to Morgan Stanley, potential loss of principal, lack of upside participation beyond coupon payments, early-redemption reinvestment risk, tax uncertainty, and the limited operating history and leveraged methodology of the underlier, which incorporates a 4% annual decrement.

  • Issuer: Morgan Stanley Finance LLC (guaranteed by Morgan Stanley)
  • Maturity: 5 years (Aug 1 2030) with quarterly call from year 1
  • Barriers: 50% coupon & downside threshold; 100% call threshold
  • CUSIP: 61778NEA5 | Pricing date: 28 Jul 2025 | Estimated value: $882.50

Il Free Writing Prospectus descrive i termini principali dei Titoli Contingent Income Auto-Callable di Morgan Stanley Finance LLC collegati all'indice S&P U.S. Equity Momentum 40% VT 4% Decrement (ticker: SPUMP40). Le obbligazioni offrono un coupon condizionato dal 9,00% al 10,00% annuo, pagato mensilmente se l'indice chiude al di sopra o al livello della barriera del 50% del coupon nella data di osservazione pertinente. A partire da un anno dall'emissione, i titoli sono auto-rimborsabili trimestralmente a valore nominale se l'indice è pari o superiore al livello iniziale (soglia di richiamo al 100%). Se non rimborsati anticipatamente, gli investitori riceveranno il valore nominale alla scadenza il 1° agosto 2030, a condizione che l'indice non sia sceso oltre il 50%. Se l'indice chiude al di sotto della soglia del 50% di ribasso nell'ultima data di osservazione, il capitale sarà ridotto proporzionalmente, esponendo gli investitori a perdite significative (ad esempio, un calo del 51% comporta un rimborso di 490$ per ogni 1.000$ investiti).

Il prezzo di emissione è di 1.000$, ma il valore stimato da Morgan Stanley è di 882,50$ (±32,50$), includendo commissioni e costi di copertura. Le obbligazioni sono titoli non garantiti e non subordinati di Morgan Stanley Finance LLC, garantiti completamente da Morgan Stanley, e non saranno quotati in alcuna borsa, limitando la liquidità sul mercato secondario. I rischi principali includono l'esposizione creditizia a Morgan Stanley, possibile perdita del capitale, assenza di partecipazione al rialzo oltre i pagamenti del coupon, rischio di reinvestimento in caso di rimborso anticipato, incertezza fiscale e la storia operativa limitata e la metodologia leva dell'underlier, che incorpora un decremento annuo del 4%.

  • Emittente: Morgan Stanley Finance LLC (garantito da Morgan Stanley)
  • Scadenza: 5 anni (1 agosto 2030) con possibilità di richiamo trimestrale dal primo anno
  • Soglie: barriera coupon e ribasso al 50%; soglia di richiamo al 100%
  • CUSIP: 61778NEA5 | Data di pricing: 28 luglio 2025 | Valore stimato: 882,50$

El Free Writing Prospectus detalla los términos clave de los Valores Contingent Income Auto-Callable de Morgan Stanley Finance LLC vinculados al índice S&P U.S. Equity Momentum 40% VT 4% Decrement (símbolo: SPUMP40). Los bonos ofrecen un cupón contingente del 9,00% al 10,00% anual, pagado mensualmente si el índice cierra en o por encima de la barrera del 50% del cupón en la fecha de observación correspondiente. A partir de un año después de la emisión, los valores son auto-llamables trimestralmente al valor nominal si el índice está en o por encima de su nivel inicial (umbral de llamada del 100%). Si no se redimen anticipadamente, los inversores recibirán el valor nominal al vencimiento el 1 de agosto de 2030, siempre que el índice no haya caído más del 50%. Si el índice cierra por debajo del umbral del 50% de caída en la última fecha de observación, el principal se reducirá uno a uno, exponiendo a los inversores a pérdidas significativas (por ejemplo, una caída del 51% resultaría en $490 por cada bono de $1,000).

El precio de emisión es $1,000, pero el valor estimado por Morgan Stanley es de $882.50 (±$32.50), reflejando tarifas incorporadas y costos de cobertura. Los bonos son obligaciones no garantizadas y no subordinadas de Morgan Stanley Finance LLC, totalmente garantizadas por Morgan Stanley, y no estarán listados en ninguna bolsa, limitando la liquidez en el mercado secundario. Los riesgos clave incluyen la exposición crediticia a Morgan Stanley, posible pérdida de capital, falta de participación en la subida más allá de los pagos del cupón, riesgo de reinversión por redención anticipada, incertidumbre fiscal y la limitada historia operativa y metodología apalancada del subyacente, que incorpora un decremento anual del 4%.

  • Emisor: Morgan Stanley Finance LLC (garantizado por Morgan Stanley)
  • Vencimiento: 5 años (1 de agosto de 2030) con llamada trimestral desde el primer año
  • Barreras: 50% cupón y umbral de caída; 100% umbral de llamada
  • CUSIP: 61778NEA5 | Fecha de precio: 28 de julio de 2025 | Valor estimado: $882.50

Free Writing ProspectusëŠ� Morgan Stanley Finance LLCì� S&P 미국 ì£¼ì‹ ëª¨ë©˜í…€ 40% VT 4% ê°ì†Œ ì§€ìˆ�(SPUMP40)와 연계ë� ì¡°ê±´ë¶€ ìˆ˜ìµ ìžë™ ìƒí™˜ ì¦ê¶Œì� 주요 ì¡°ê±´ì� 설명합니ë‹�. ì� 노트ëŠ� ì—� 9.00%~10.00%ì� ì¡°ê±´ë¶€ ì¿ í°ì� 제공하며, 해당 관찰ì¼ì—� 지수가 50% ì¿ í° ìž¥ë²½ ì´ìƒì—서 마ê°ë� 경우 매월 지급ë©ë‹ˆë‹¤. 발행 1ë…� 후부터는 지수가 최초 수준(100% ì½� 기준) ì´ìƒì� 경우 분기별로 ìžë™ ìƒí™˜ ê°€ëŠ�합니ë‹�. 조기 ìƒí™˜ë˜ì§€ ì•Šì„ ê²½ìš°, 만기ì¼ì¸ 2030ë…� 8ì›� 1ì¼ì— 지수가 50% ì´ìƒ 하ë½í•˜ì§€ 않았다면 ì›ê¸ˆ ì „ì•¡ì� 지급ë©ë‹ˆë‹¤. 만약 최종 관찰ì¼ì—� 지수가 50% í•˜ë½ ê¸°ì¤€ì„� 아래ë¡� 마ê°ë˜ë©´, ì›ê¸ˆì€ 1대1 비율ë¡� 줄어들어 투ìžìžëŠ” ìƒë‹¹í•� ì†ì‹¤ 위험ì—� 노출ë©ë‹ˆë‹�(ì˜�: 51% í•˜ë½ ì‹� 1,000달러ë‹� 490달러 ì§€ê¸�).

발행가ëŠ� 1,000달러ì´ë‚˜, Morgan Stanleyì� 추정 가치는 882.50달러(±32.50달러)ë¡� 수수료와 헤지 비용ì� ë°˜ì˜ë� 금액입니ë‹�. ì� 노트ëŠ� Morgan Stanley Finance LLCì� 무담ë³�, 비후순위 채무ì´ë©° Morgan Stanleyê°€ ì „ì•¡ ë³´ì¦í•©ë‹ˆë‹�. ì–´ë– í•� 거래소ì—ë� ìƒìž¥ë˜ì§€ 않아 2ì°� 시장 유ë™ì„±ì´ 제한ë©ë‹ˆë‹�. 주요 ìœ„í—˜ì€ Morgan Stanleyì—� 대í•� ì‹ ìš© 노출, ì›ê¸ˆ ì†ì‹¤ 가능성, ì¿ í° ì§€ê¸� ì™� ìƒìй 참여 ë¶€ì¡�, 조기 ìƒí™˜ ì‹� 재투ìž� 위험, 세금 불확실성, 그리ê³� 4% ì—°ê°„ ê°ì†Œë¥� í¬í•¨í•˜ëŠ” 기초 ìžì‚°ì� 제한ë� ìš´ì˜ ì´ë ¥ê³� 레버리지 ë°©ì‹ìž…니ë‹�.

  • 발행ìž�: Morgan Stanley Finance LLC (Morgan Stanley ë³´ì¦)
  • 만기: 5ë…� (2030ë…� 8ì›� 1ì�), 1ë…� í›� 분기ë³� ì½� ê°€ëŠ�
  • 장벽: 50% ì¿ í° ë°� í•˜ë½ ê¸°ì¤€ì„�; 100% ì½� 기준
  • CUSIP: 61778NEA5 | ê°€ê²� ê²°ì •ì�: 2025ë…� 7ì›� 28ì� | 추정 ê°€ì¹�: 882.50달러

Le Free Writing Prospectus présente les principales conditions des titres Contingent Income Auto-Callable de Morgan Stanley Finance LLC liés à l’indice S&P U.S. Equity Momentum 40% VT 4% Decrement (symbole : SPUMP40). Les notes offrent un coupon conditionnel de 9,00 % à 10,00 % par an, versé mensuellement si l’indice clôture au-dessus ou à la barrière du coupon de 50 % à la date d’observation concernée. À partir d’un an après l’émission, les titres sont rappelables automatiquement chaque trimestre à leur valeur nominale si l’indice est au-dessus ou égal à son niveau initial (seuil de rappel à 100 %). En cas de non-remboursement anticipé, les investisseurs recevront le nominal à l’échéance le 1er août 2030, à condition que l’indice n’ait pas chuté de plus de 50 %. Si l’indice clôture en dessous du seuil de baisse de 50 % à la dernière date d’observation, le principal sera réduit à due concurrence, exposant les investisseurs à une perte importante (par exemple, une baisse de 51 % entraînera un remboursement de 490 $ pour une note de 1 000 $).

Le prix d’émission est de 1 000 $, mais la valeur estimée par Morgan Stanley est de 882,50 $ (±32,50 $), reflétant les frais incorporés et les coûts de couverture. Les notes sont des obligations non garanties et non subordonnées de Morgan Stanley Finance LLC, entièrement garanties par Morgan Stanley, et ne seront pas cotées en bourse, ce qui limite la liquidité sur le marché secondaire. Les principaux risques incluent l’exposition au crédit de Morgan Stanley, la perte potentielle du capital, l’absence de participation à la hausse au-delà des paiements de coupon, le risque de réinvestissement en cas de remboursement anticipé, l’incertitude fiscale, ainsi que l’historique opérationnel limité et la méthodologie à effet de levier de l’actif sous-jacent, qui intègre une diminution annuelle de 4 %.

  • Émetteur : Morgan Stanley Finance LLC (garanti par Morgan Stanley)
  • Échéance : 5 ans (1er août 2030) avec possibilité de rappel trimestriel dès la première année
  • Barrières : 50 % coupon et seuil de baisse ; 100 % seuil de rappel
  • CUSIP : 61778NEA5 | Date de tarification : 28 juillet 2025 | Valeur estimée : 882,50 $

Das Free Writing Prospectus beschreibt die wichtigsten Bedingungen der Contingent Income Auto-Callable Securities von Morgan Stanley Finance LLC, die an den S&P U.S. Equity Momentum 40% VT 4% Decrement Index (Ticker: SPUMP40) gekoppelt sind. Die Notes bieten einen bedingten Kupon von 9,00 % bis 10,00 % pro Jahr, der monatlich gezahlt wird, wenn der Index am relevanten Beobachtungstag auf oder über der 50%-Kupon-Barriere schließt. Ab einem Jahr nach Ausgabe sind die Wertpapiere vierteljährlich zum Nennwert automatisch kündbar, sofern der Index auf oder über dem Anfangsniveau (100%-Call-Schwelle) liegt. Werden sie nicht vorzeitig zurückgezahlt, erhalten Anleger bei Fälligkeit am 1. August 2030 den Nennwert, sofern der Index nicht mehr als 50 % gefallen ist. Schließt der Index am letzten Beobachtungstag unterhalb der 50%-Abwärtsgrenze, wird das Kapital 1:1 reduziert, was Anleger einem erheblichen Verlust aussetzt (z. B. bedeutet ein Rückgang von 51 % eine Rückzahlung von 490 $ pro 1.000 $-Note).

Der Ausgabepreis beträgt 1.000 $, der geschätzte Wert von Morgan Stanley liegt jedoch bei 882,50 $ (±32,50 $), was eingebettete Gebühren und Absicherungskosten widerspiegelt. Die Notes sind unbesicherte, nicht nachrangige Verbindlichkeiten von Morgan Stanley Finance LLC, vollständig von Morgan Stanley garantiert, und werden nicht an einer Börse gehandelt, was die Liquidität im Sekundärmarkt einschränkt. Zu den wesentlichen Risiken zählen die Kreditexponierung gegenüber Morgan Stanley, das Risiko eines Kapitalverlusts, fehlende Beteiligung an Kurssteigerungen über die Kuponzahlungen hinaus, Reinvestitionsrisiko bei vorzeitiger Rückzahlung, steuerliche Unsicherheiten sowie die begrenzte operative Historie und die gehebelte Methodik des Underlyings, das einen jährlichen Abschlag von 4 % beinhaltet.

  • Emittent: Morgan Stanley Finance LLC (garantiert von Morgan Stanley)
  • Laufzeit: 5 Jahre (1. August 2030) mit vierteljährlicher Kündigungsmöglichkeit ab Jahr 1
  • Barrieren: 50% Kupon- und Abwärtsgrenze; 100% Call-Schwelle
  • CUSIP: 61778NEA5 | Preisstellung: 28. Juli 2025 | Geschätzter Wert: 882,50 $
Positive
  • Attractive contingent coupon of 9-10% p.a. provides high current income versus prevailing rates.
  • Quarterly auto-call from year 1 can shorten duration and enhance annualized return if the index is flat or higher.
  • 50% coupon and principal barrier offers some protection versus moderate market drawdowns.
  • Full guarantee by Morgan Stanley, an investment-grade bank, reduces but does not eliminate credit risk.
Negative
  • Principal is at full risk below the 50% downside threshold, exposing holders to significant loss in a deep market sell-off.
  • Estimated value ($882.50) is well below issue price, indicating high embedded fees and negative carry for investors.
  • No participation in index upside beyond par, leading to opportunity cost if equities outperform.
  • Unlisted security may suffer from poor liquidity and wide secondary spreads.
  • Early redemption reinvestment risk could leave investors hunting for comparable yield in a lower-rate environment.

Insights

TL;DR: High coupon compensates for 50% downside risk; sizeable discount to fair value signals rich issuer economics.

The note delivers an attractive 9-10% annual coupon conditioned on the index staying above 50% of its initial level. Quarterly auto-call enhances IRR yet introduces reinvestment risk. The 50% hard barrier is standard for U.S. retail notes, but investors shoulder full downside beyond that point, essentially long a high-strike digital coupon and short a deep out-of-the-money put. The $117.5 spread between issue price and estimated value equates to ~2.4% per annum in imbedded costs, materially diluting expected returns. Credit exposure is to Morgan Stanley senior debt; current A-/A1 ratings mitigate but do not eliminate default risk. Overall, risk-reward is acceptable only for investors with a constructive to neutral medium-term view on U.S. momentum equities and willingness to forego upside.

TL;DR: Product is yield-enhancing but illiquid; best suited as a small tactical income sleeve.

Given the 5-year tenor and quarterly call, expected duration is likely under two years if markets remain flat to positive, supporting portfolio cash-flow needs. However, lack of exchange listing and wide bid-offer spreads make exit costly. Absence of participation above par means opportunity cost versus equities if momentum theme rallies. From an asset-allocation standpoint, position sizing should reflect 100% capital-at-risk below the 50% threshold and Morgan Stanley credit exposure. For the issuer, it is a routine funding exercise with negligible P&L impact; for investors, impact hinges on view of index volatility and rate environment.

Il Free Writing Prospectus descrive i termini principali dei Titoli Contingent Income Auto-Callable di Morgan Stanley Finance LLC collegati all'indice S&P U.S. Equity Momentum 40% VT 4% Decrement (ticker: SPUMP40). Le obbligazioni offrono un coupon condizionato dal 9,00% al 10,00% annuo, pagato mensilmente se l'indice chiude al di sopra o al livello della barriera del 50% del coupon nella data di osservazione pertinente. A partire da un anno dall'emissione, i titoli sono auto-rimborsabili trimestralmente a valore nominale se l'indice è pari o superiore al livello iniziale (soglia di richiamo al 100%). Se non rimborsati anticipatamente, gli investitori riceveranno il valore nominale alla scadenza il 1° agosto 2030, a condizione che l'indice non sia sceso oltre il 50%. Se l'indice chiude al di sotto della soglia del 50% di ribasso nell'ultima data di osservazione, il capitale sarà ridotto proporzionalmente, esponendo gli investitori a perdite significative (ad esempio, un calo del 51% comporta un rimborso di 490$ per ogni 1.000$ investiti).

Il prezzo di emissione è di 1.000$, ma il valore stimato da Morgan Stanley è di 882,50$ (±32,50$), includendo commissioni e costi di copertura. Le obbligazioni sono titoli non garantiti e non subordinati di Morgan Stanley Finance LLC, garantiti completamente da Morgan Stanley, e non saranno quotati in alcuna borsa, limitando la liquidità sul mercato secondario. I rischi principali includono l'esposizione creditizia a Morgan Stanley, possibile perdita del capitale, assenza di partecipazione al rialzo oltre i pagamenti del coupon, rischio di reinvestimento in caso di rimborso anticipato, incertezza fiscale e la storia operativa limitata e la metodologia leva dell'underlier, che incorpora un decremento annuo del 4%.

  • Emittente: Morgan Stanley Finance LLC (garantito da Morgan Stanley)
  • Scadenza: 5 anni (1 agosto 2030) con possibilità di richiamo trimestrale dal primo anno
  • Soglie: barriera coupon e ribasso al 50%; soglia di richiamo al 100%
  • CUSIP: 61778NEA5 | Data di pricing: 28 luglio 2025 | Valore stimato: 882,50$

El Free Writing Prospectus detalla los términos clave de los Valores Contingent Income Auto-Callable de Morgan Stanley Finance LLC vinculados al índice S&P U.S. Equity Momentum 40% VT 4% Decrement (símbolo: SPUMP40). Los bonos ofrecen un cupón contingente del 9,00% al 10,00% anual, pagado mensualmente si el índice cierra en o por encima de la barrera del 50% del cupón en la fecha de observación correspondiente. A partir de un año después de la emisión, los valores son auto-llamables trimestralmente al valor nominal si el índice está en o por encima de su nivel inicial (umbral de llamada del 100%). Si no se redimen anticipadamente, los inversores recibirán el valor nominal al vencimiento el 1 de agosto de 2030, siempre que el índice no haya caído más del 50%. Si el índice cierra por debajo del umbral del 50% de caída en la última fecha de observación, el principal se reducirá uno a uno, exponiendo a los inversores a pérdidas significativas (por ejemplo, una caída del 51% resultaría en $490 por cada bono de $1,000).

El precio de emisión es $1,000, pero el valor estimado por Morgan Stanley es de $882.50 (±$32.50), reflejando tarifas incorporadas y costos de cobertura. Los bonos son obligaciones no garantizadas y no subordinadas de Morgan Stanley Finance LLC, totalmente garantizadas por Morgan Stanley, y no estarán listados en ninguna bolsa, limitando la liquidez en el mercado secundario. Los riesgos clave incluyen la exposición crediticia a Morgan Stanley, posible pérdida de capital, falta de participación en la subida más allá de los pagos del cupón, riesgo de reinversión por redención anticipada, incertidumbre fiscal y la limitada historia operativa y metodología apalancada del subyacente, que incorpora un decremento anual del 4%.

  • Emisor: Morgan Stanley Finance LLC (garantizado por Morgan Stanley)
  • Vencimiento: 5 años (1 de agosto de 2030) con llamada trimestral desde el primer año
  • Barreras: 50% cupón y umbral de caída; 100% umbral de llamada
  • CUSIP: 61778NEA5 | Fecha de precio: 28 de julio de 2025 | Valor estimado: $882.50

Free Writing ProspectusëŠ� Morgan Stanley Finance LLCì� S&P 미국 ì£¼ì‹ ëª¨ë©˜í…€ 40% VT 4% ê°ì†Œ ì§€ìˆ�(SPUMP40)와 연계ë� ì¡°ê±´ë¶€ ìˆ˜ìµ ìžë™ ìƒí™˜ ì¦ê¶Œì� 주요 ì¡°ê±´ì� 설명합니ë‹�. ì� 노트ëŠ� ì—� 9.00%~10.00%ì� ì¡°ê±´ë¶€ ì¿ í°ì� 제공하며, 해당 관찰ì¼ì—� 지수가 50% ì¿ í° ìž¥ë²½ ì´ìƒì—서 마ê°ë� 경우 매월 지급ë©ë‹ˆë‹¤. 발행 1ë…� 후부터는 지수가 최초 수준(100% ì½� 기준) ì´ìƒì� 경우 분기별로 ìžë™ ìƒí™˜ ê°€ëŠ�합니ë‹�. 조기 ìƒí™˜ë˜ì§€ ì•Šì„ ê²½ìš°, 만기ì¼ì¸ 2030ë…� 8ì›� 1ì¼ì— 지수가 50% ì´ìƒ 하ë½í•˜ì§€ 않았다면 ì›ê¸ˆ ì „ì•¡ì� 지급ë©ë‹ˆë‹¤. 만약 최종 관찰ì¼ì—� 지수가 50% í•˜ë½ ê¸°ì¤€ì„� 아래ë¡� 마ê°ë˜ë©´, ì›ê¸ˆì€ 1대1 비율ë¡� 줄어들어 투ìžìžëŠ” ìƒë‹¹í•� ì†ì‹¤ 위험ì—� 노출ë©ë‹ˆë‹�(ì˜�: 51% í•˜ë½ ì‹� 1,000달러ë‹� 490달러 ì§€ê¸�).

발행가ëŠ� 1,000달러ì´ë‚˜, Morgan Stanleyì� 추정 가치는 882.50달러(±32.50달러)ë¡� 수수료와 헤지 비용ì� ë°˜ì˜ë� 금액입니ë‹�. ì� 노트ëŠ� Morgan Stanley Finance LLCì� 무담ë³�, 비후순위 채무ì´ë©° Morgan Stanleyê°€ ì „ì•¡ ë³´ì¦í•©ë‹ˆë‹�. ì–´ë– í•� 거래소ì—ë� ìƒìž¥ë˜ì§€ 않아 2ì°� 시장 유ë™ì„±ì´ 제한ë©ë‹ˆë‹�. 주요 ìœ„í—˜ì€ Morgan Stanleyì—� 대í•� ì‹ ìš© 노출, ì›ê¸ˆ ì†ì‹¤ 가능성, ì¿ í° ì§€ê¸� ì™� ìƒìй 참여 ë¶€ì¡�, 조기 ìƒí™˜ ì‹� 재투ìž� 위험, 세금 불확실성, 그리ê³� 4% ì—°ê°„ ê°ì†Œë¥� í¬í•¨í•˜ëŠ” 기초 ìžì‚°ì� 제한ë� ìš´ì˜ ì´ë ¥ê³� 레버리지 ë°©ì‹ìž…니ë‹�.

  • 발행ìž�: Morgan Stanley Finance LLC (Morgan Stanley ë³´ì¦)
  • 만기: 5ë…� (2030ë…� 8ì›� 1ì�), 1ë…� í›� 분기ë³� ì½� ê°€ëŠ�
  • 장벽: 50% ì¿ í° ë°� í•˜ë½ ê¸°ì¤€ì„�; 100% ì½� 기준
  • CUSIP: 61778NEA5 | ê°€ê²� ê²°ì •ì�: 2025ë…� 7ì›� 28ì� | 추정 ê°€ì¹�: 882.50달러

Le Free Writing Prospectus présente les principales conditions des titres Contingent Income Auto-Callable de Morgan Stanley Finance LLC liés à l’indice S&P U.S. Equity Momentum 40% VT 4% Decrement (symbole : SPUMP40). Les notes offrent un coupon conditionnel de 9,00 % à 10,00 % par an, versé mensuellement si l’indice clôture au-dessus ou à la barrière du coupon de 50 % à la date d’observation concernée. À partir d’un an après l’émission, les titres sont rappelables automatiquement chaque trimestre à leur valeur nominale si l’indice est au-dessus ou égal à son niveau initial (seuil de rappel à 100 %). En cas de non-remboursement anticipé, les investisseurs recevront le nominal à l’échéance le 1er août 2030, à condition que l’indice n’ait pas chuté de plus de 50 %. Si l’indice clôture en dessous du seuil de baisse de 50 % à la dernière date d’observation, le principal sera réduit à due concurrence, exposant les investisseurs à une perte importante (par exemple, une baisse de 51 % entraînera un remboursement de 490 $ pour une note de 1 000 $).

Le prix d’émission est de 1 000 $, mais la valeur estimée par Morgan Stanley est de 882,50 $ (±32,50 $), reflétant les frais incorporés et les coûts de couverture. Les notes sont des obligations non garanties et non subordonnées de Morgan Stanley Finance LLC, entièrement garanties par Morgan Stanley, et ne seront pas cotées en bourse, ce qui limite la liquidité sur le marché secondaire. Les principaux risques incluent l’exposition au crédit de Morgan Stanley, la perte potentielle du capital, l’absence de participation à la hausse au-delà des paiements de coupon, le risque de réinvestissement en cas de remboursement anticipé, l’incertitude fiscale, ainsi que l’historique opérationnel limité et la méthodologie à effet de levier de l’actif sous-jacent, qui intègre une diminution annuelle de 4 %.

  • Émetteur : Morgan Stanley Finance LLC (garanti par Morgan Stanley)
  • Échéance : 5 ans (1er août 2030) avec possibilité de rappel trimestriel dès la première année
  • Barrières : 50 % coupon et seuil de baisse ; 100 % seuil de rappel
  • CUSIP : 61778NEA5 | Date de tarification : 28 juillet 2025 | Valeur estimée : 882,50 $

Das Free Writing Prospectus beschreibt die wichtigsten Bedingungen der Contingent Income Auto-Callable Securities von Morgan Stanley Finance LLC, die an den S&P U.S. Equity Momentum 40% VT 4% Decrement Index (Ticker: SPUMP40) gekoppelt sind. Die Notes bieten einen bedingten Kupon von 9,00 % bis 10,00 % pro Jahr, der monatlich gezahlt wird, wenn der Index am relevanten Beobachtungstag auf oder über der 50%-Kupon-Barriere schließt. Ab einem Jahr nach Ausgabe sind die Wertpapiere vierteljährlich zum Nennwert automatisch kündbar, sofern der Index auf oder über dem Anfangsniveau (100%-Call-Schwelle) liegt. Werden sie nicht vorzeitig zurückgezahlt, erhalten Anleger bei Fälligkeit am 1. August 2030 den Nennwert, sofern der Index nicht mehr als 50 % gefallen ist. Schließt der Index am letzten Beobachtungstag unterhalb der 50%-Abwärtsgrenze, wird das Kapital 1:1 reduziert, was Anleger einem erheblichen Verlust aussetzt (z. B. bedeutet ein Rückgang von 51 % eine Rückzahlung von 490 $ pro 1.000 $-Note).

Der Ausgabepreis beträgt 1.000 $, der geschätzte Wert von Morgan Stanley liegt jedoch bei 882,50 $ (±32,50 $), was eingebettete Gebühren und Absicherungskosten widerspiegelt. Die Notes sind unbesicherte, nicht nachrangige Verbindlichkeiten von Morgan Stanley Finance LLC, vollständig von Morgan Stanley garantiert, und werden nicht an einer Börse gehandelt, was die Liquidität im Sekundärmarkt einschränkt. Zu den wesentlichen Risiken zählen die Kreditexponierung gegenüber Morgan Stanley, das Risiko eines Kapitalverlusts, fehlende Beteiligung an Kurssteigerungen über die Kuponzahlungen hinaus, Reinvestitionsrisiko bei vorzeitiger Rückzahlung, steuerliche Unsicherheiten sowie die begrenzte operative Historie und die gehebelte Methodik des Underlyings, das einen jährlichen Abschlag von 4 % beinhaltet.

  • Emittent: Morgan Stanley Finance LLC (garantiert von Morgan Stanley)
  • Laufzeit: 5 Jahre (1. August 2030) mit vierteljährlicher Kündigungsmöglichkeit ab Jahr 1
  • Barrieren: 50% Kupon- und Abwärtsgrenze; 100% Call-Schwelle
  • CUSIP: 61778NEA5 | Preisstellung: 28. Juli 2025 | Geschätzter Wert: 882,50 $
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of Earliest Event Reported) June 26, 2025

 

KOPIN CORPORATION

(Exact Name of Registrant as Specified in Charter)

 

Delaware   000-19882   04-2833935

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

125 North Drive, Westborough, MA 01581

(Address of Principal Executive Offices) (Zip Code)

 

(508) 870-5959

(Registrant’s telephone number, including area code)

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

 

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   Name of each exchange on which registered
Common Stock, par value $0.01   KOPN   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 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

 

On June 26, 2025, Kopin Corporation (the “Company”) held its 2025 Annual Meeting of Shareholders (the “Annual Meeting”). At the Annual Meeting, the Company’s shareholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation (the “Charter”) to increase the number of authorized shares of the Company’s common stock, par value $0.01 per share, from 200,000,000 shares to 275,000,000 shares (the “Amendment”).

 

The Company’s Board of Directors previously approved the Amendment, subject to shareholder approval at the Annual Meeting. On June 27, 2025, the Company filed a Certificate of Amendment to the Charter with the Secretary of State of the State of Delaware to effect the Amendment, which became effective immediately upon such filing.

 

The foregoing description of the Amendment does not purport to be complete and is subject to and qualified in its entirety by reference to the Certificate of Amendment, a copy of which is attached hereto as Exhibit 3.1 and is incorporated herein by reference.

 

Item 5.07. Submission of Matters to a Vote of Security Holders.

 

At the Annual Meeting, the following matters were acted upon:

 

1. ELECTION OF DIRECTORS

 

Jill J. Avery, Michael Murray, David Nieuwsma, Margaret Seif and Paul Walsh Jr. were all elected to serve as directors of the Company each for a term expiring at the Company’s 2026 Annual Meeting and until their successors are duly elected and qualified.

 

The results of the election of directors are below.

 

Nominee  Votes For  Votes Against  Abstentions  Broker Non-Votes
Jill J. Avery  59,984,985  1,088,719  667,800  45,822,445
Michael Murray  60,599,248  623,939  518,317  45,822,445
David Nieuwsma  60,384,987  693,835  662,682  45,822,445
Margaret Seif  59,845,811  1,241,688  654,005  45,822,445
Paul Walsh Jr.  60,418,672  661,931  660,901  45,822,445

 

2. APPROVAL OF AN AMENDMENT TO THE 2020 EQUITY INCENTIVE PLAN TO INCREASE THE NUMBER OF SHARES AUTHORIZED FOR ISSUANCE UNDER THE 2020 EQUITY INCENTIVE PLAN.

 

A proposal to ratify an amendment to the Company’s 2020 Equity Incentive Plan to increase the number of shares authorized for issuance under the 2020 Equity Incentive Plan from 14,000,000 to 19,000,000 was approved by the following votes:

 

Votes For  Votes Against  Abstain  Broker Non-Votes
58,190,875  2,933,389  617,240  45,822,445

 

3. PROPOSAL TO AMEND THE COMPANY’S AMENDED AND RESTATED CERTIFICATE OF INCORPORATION.

 

A proposal to approve an amendment to the Company’s Amended and Restated Certificate of Incorporation to increase the number of authorized common shares from 200,000,000 to 275,000,000 was approved by the following votes:

 

Votes For  Votes Against  Abstain  Broker Non-Votes
97,742,491  9,257,493  563,965 

 

4. RATIFICATION OF APPOINTMENT OF BDO USA, P.C.AS THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM OF THE COMPANY FOR THE FISCAL YEAR ENDING DECEMBER 27, 2025.

 

A proposal to ratify the appointment of BDO USA, P.C as the independent registered public accounting firm of the Company for the current fiscal year was approved by the following votes:

 

Votes For  Votes Against  Abstain  Broker Non-Votes
104,656,675  2,017,024  890,250 

 

5. APPROVAL, ON AN ADVISORY BASIS, OF THE COMPENSATION OF THE COMPANY’S NAMED EXECUTIVE OFFICERS.

 

An advisory vote to approve the compensation of the Company’s named executive officers was approved by the following votes:

  

Votes For  Votes Against  Abstain  Broker Non-Votes
58,245,255  1,951,856  1,544,393  45,822,445

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit   Description
3.1   Certificate of Amendment
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 
 

  

SIGNATURE

 

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.

 

  KOPIN CORPORATION
   
Dated: June 30, 2025 /s/ Richard A. Sneider
  Richard A. Sneider
  Treasurer and Chief Financial Officer
  (Principal Financial and Accounting Officer)

 

 

 

 

FAQ

What is the coupon rate on Morgan Stanley’s SPUMP40 Auto-Callable Securities?

The contingent coupon is between 9.00% and 10.00% per annum, paid monthly when the index is at or above 50% of its initial level.

When can the Morgan Stanley notes be called early?

Starting one year after issuance, the notes are automatically redeemed at par on any quarterly determination date if the index closes at or above 100% of its initial level.

How much principal protection do these securities offer?

Principal is protected only if the index does not fall more than 50%. Below that threshold investors lose 1-for-1 with the index.

What is the estimated value versus the issue price?

Morgan Stanley estimates the value at $882.50 per $1,000 note (±$32.50), implying roughly 11.8% in upfront costs.

Is the security listed on an exchange?

No. The notes will not be listed, so secondary-market trading may be limited and at unfavorable prices.

What index underlies the contingent income securities?

The notes reference the S&P U.S. Equity Momentum 40% VT 4% Decrement Index (SPUMP40), launched March 14 2022 with a 4% annual decrement and leveraged exposure.
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