[FWP] Morgan Stanley Free Writing Prospectus
DSS, Inc. (NYSE American: DSS) disclosed in an 8-K filed on July 1, 2025 that it dismissed Grassi & Co., CPAs, P.C. as its independent registered public accounting firm, effective June 27, 2025. The Board of Directors approved the decision and, on the same date, appointed HTL International, LLC as the new auditor.
The company states that, for the engagement period from July 1, 2022 through June 27, 2025, there were no disagreements with Grassi concerning accounting principles, financial-statement disclosures, or audit scope and procedures that would have required reference in Grassi鈥檚 reports. DSS also confirms that, during the last two fiscal years and up to the engagement date, it did not consult HTL on any accounting matters or the type of audit opinion to be rendered, and there were no reportable events under Item 304(a)(1)(v) of Regulation S-K.
Exhibit 16.1 will contain Grassi鈥檚 letter to the SEC confirming the disclosures. The change suggests a routine auditor transition rather than a reaction to a dispute, but investors may monitor the first audit cycle for any adjustments or restatements under the new firm.
DSS, Inc. (NYSE American: DSS) ha comunicato in un modulo 8-K presentato il 1掳 luglio 2025 di aver licenziato Grassi & Co., CPAs, P.C. come suo revisore contabile indipendente, con effetto dal 27 giugno 2025. Il Consiglio di Amministrazione ha approvato questa decisione e, nella stessa data, ha nominato HTL International, LLC come nuovo revisore.
尝鈥檃zienda dichiara che, per il periodo di incarico dal 1掳 luglio 2022 al 27 giugno 2025, non ci sono stati disaccordi con Grassi riguardo ai principi contabili, alle informazioni nei bilanci o all鈥檃mbito e alle procedure di revisione che avrebbero richiesto una menzione nei rapporti di Grassi. DSS conferma inoltre che, negli ultimi due esercizi finanziari e fino alla data dell鈥檌ncarico, non ha consultato HTL su questioni contabili o sul tipo di opinione di revisione da esprimere, e non sono stati segnalati eventi rilevanti ai sensi del punto 304(a)(1)(v) del Regolamento S-K.
尝鈥�Allegato 16.1 conterr脿 la lettera di Grassi alla SEC che conferma queste comunicazioni. Il cambiamento sembra indicare una transizione di revisore di routine piuttosto che una reazione a una controversia, ma gli investitori potrebbero monitorare il primo ciclo di revisione per eventuali rettifiche o riformulazioni sotto la nuova societ脿.
DSS, Inc. (NYSE American: DSS) inform贸 en un formulario 8-K presentado el 1 de julio de 2025 que despidi贸 a Grassi & Co., CPAs, P.C. como su firma independiente de contabilidad p煤blica registrada, con efecto desde el 27 de junio de 2025. La Junta Directiva aprob贸 la decisi贸n y, en la misma fecha, design贸 a HTL International, LLC como nuevo auditor.
La empresa declara que, durante el per铆odo de compromiso del 1 de julio de 2022 al 27 de junio de 2025, no hubo desacuerdos con Grassi respecto a principios contables, divulgaciones en estados financieros o el alcance y procedimientos de auditor铆a que requirieran referencia en los informes de Grassi. DSS tambi茅n confirma que, durante los 煤ltimos dos a帽os fiscales hasta la fecha del compromiso, no consult贸 a HTL sobre asuntos contables ni sobre el tipo de opini贸n de auditor铆a a emitir, y no hubo eventos reportables bajo el 铆tem 304(a)(1)(v) del Reglamento S-K.
El Anexo 16.1 contendr谩 la carta de Grassi a la SEC confirmando estas divulgaciones. El cambio sugiere una transici贸n rutinaria de auditor en lugar de una reacci贸n a una disputa, pero los inversionistas podr铆an monitorear el primer ciclo de auditor铆a para detectar ajustes o reexpresiones bajo la nueva firma.
DSS, Inc. (NYSE American: DSS)電� 2025雲� 7鞗� 1鞚� 鞝滌稖頃� 8-K 氍胳劀鞐愳劀 2025雲� 6鞗� 27鞚茧秬搿� 霃呺 霌彪 瓿奠澑須岅硠氩曥澑鞚� Grassi & Co., CPAs, P.C.毳� 頃挫瀯頄堧嫟瓿� 瓿奠嫓頄堨姷雼堧嫟. 鞚挫偓須岆姅 鞚� 瓴办爼鞚� 鞀轨澑頄堨溂氅�, 臧欖潃 雮� HTL International, LLC毳� 靸堧鞖� 臧愳偓鞚胳溂搿� 靹犾瀯頄堨姷雼堧嫟.
須岇偓電� 2022雲� 7鞗� 1鞚茧秬韯� 2025雲� 6鞗� 27鞚缄箤歆�鞚� 瓿勳暯 旮瓣皠 霃欖晥 Grassi鞕� 須岅硠 鞗愳箼, 鞛鞝滍憸 瓿奠嫓, 臧愳偓 氩旍渼 氚� 鞝堨皑鞐� 甏�頃� 鞚搓铂鞚� 鞐嗢棃雼�瓿� 氚濏様鞀惦媹雼�. 霕愴暅 DSS電� 斓滉芳 2臧� 須岅硠鞐半弰 氚� 瓿勳暯鞚� 順勳灛旯岇 HTL瓿� 須岅硠 甏�霠� 靷暛鞚措倶 臧愳偓 鞚橁铂 鞙犿槙鞐� 雽�頃� 靸侂嫶頃� 鞝侅澊 鞐嗢溂氅�, Regulation S-K鞚� 頃 304(a)(1)(v)鞐� 霐半ジ 氤搓碃 雽�靸� 靷贝霃� 鞐嗢棃雼り碃 頇曥澑頄堨姷雼堧嫟.
觳秬氍胳劀 16.1鞐愲姅 SEC鞐� 鞝滌稖霅� Grassi鞚� 頇曥澑靹滉皜 韽暔霅� 鞓堨爼鞛呺媹雼�. 鞚措矆 氤�瓴届潃 攵勳焷鞐� 雽�頃� 雽�鞚戨炒雼る姅 鞚检儊鞝侅澑 臧愳偓鞚� 甑愳泊搿� 氤挫澊雮�, 韴瀽鞛愲摛鞚� 靸堧鞖� 臧愳偓鞚胳潣 觳� 臧愳偓 欤缄赴鞐愳劀 臁办爼鞚措倶 鞛瀾靹� 臧�電レ劚鞚� 欤检嫓頃� 靾� 鞛堨姷雼堧嫟.
DSS, Inc. (NYSE American : DSS) a annonc茅 dans un formulaire 8-K d茅pos茅 le 1er juillet 2025 qu鈥檈lle avait renvoy茅 Grassi & Co., CPAs, P.C. en tant que cabinet d鈥檃udit ind茅pendant enregistr茅, avec effet au 27 juin 2025. Le conseil d鈥檃dministration a approuv茅 cette d茅cision et, 脿 la m锚me date, a nomm茅 HTL International, LLC en tant que nouvel auditeur.
La soci茅t茅 indique que, pour la p茅riode d鈥檈ngagement du 1er juillet 2022 au 27 juin 2025, il n鈥檡 a eu aucun d茅saccord avec Grassi concernant les principes comptables, les informations des 茅tats financiers ou la port茅e et les proc茅dures d鈥檃udit qui auraient n茅cessit茅 une mention dans les rapports de Grassi. DSS confirme 茅galement que, au cours des deux derniers exercices et jusqu鈥櫭� la date de l鈥檈ngagement, elle n鈥檃 pas consult茅 HTL sur des questions comptables ou sur le type d鈥檕pinion d鈥檃udit 脿 茅mettre, et qu鈥檃ucun 茅v茅nement 脿 d茅clarer selon l鈥檃rticle 304(a)(1)(v) du r猫glement S-K n鈥檃 eu lieu.
尝鈥�exhibit 16.1 contiendra la lettre de Grassi adress茅e 脿 la SEC confirmant ces divulgations. Ce changement sugg猫re une transition d鈥檃uditeur de routine plut么t qu鈥檜ne r茅action 脿 un diff茅rend, mais les investisseurs pourraient surveiller le premier cycle d鈥檃udit pour d鈥櫭﹙entuels ajustements ou retraitements sous la nouvelle soci茅t茅.
DSS, Inc. (NYSE American: DSS) gab in einem am 1. Juli 2025 eingereichten Formular 8-K bekannt, dass es Grassi & Co., CPAs, P.C. als unabh盲ngige eingetragene Wirtschaftspr眉fungsgesellschaft mit Wirkung zum 27. Juni 2025 entlassen hat. Der Vorstand genehmigte die Entscheidung und ernannte am selben Tag HTL International, LLC als neuen Pr眉fer.
Das Unternehmen erkl盲rt, dass es im Zeitraum vom 1. Juli 2022 bis zum 27. Juni 2025 keine Meinungsverschiedenheiten mit Grassi bez眉glich Rechnungslegungsgrunds盲tzen, Angaben in den Finanzberichten oder Pr眉fungsumfang und -verfahren gab, die in Grassis Berichten erw盲hnt werden m眉ssten. DSS best盲tigt au脽erdem, dass es in den letzten zwei Gesch盲ftsjahren bis zum Beauftragungsdatum keine Beratung mit HTL zu buchhalterischen Fragen oder der Art des zu erteilenden Pr眉fungsurteils gab und keine meldepflichtigen Ereignisse gem盲脽 Punkt 304(a)(1)(v) der Regulation S-K vorlagen.
Die Anlage 16.1 wird Grassis Schreiben an die SEC mit der Best盲tigung der Angaben enthalten. Der Wechsel deutet auf einen routinem盲脽igen Pr眉ferwechsel hin und nicht auf eine Reaktion auf einen Streitfall, jedoch k枚nnten Investoren den ersten Pr眉fungszyklus unter der neuen Gesellschaft auf Anpassungen oder Neubewertungen beobachten.
- No reported disagreements with outgoing auditor Grassi, reducing likelihood of prior misstatements.
- Board-approved transition demonstrates adherence to governance and SEC disclosure requirements.
- Fresh auditor perspective from HTL may improve audit quality or identify efficiencies.
- Auditor turnover can introduce uncertainty and requires investor monitoring of HT尝鈥檚 inaugural audit.
- Company did not consult HTL on accounting matters before engagement, potentially lengthening initial audit timeline.
Insights
TL;DR: Auditor switch appears routine; monitor transition but no stated disagreements or restatement risk.
The absence of disagreements with Grassi limits immediate accounting risk, and board approval indicates procedural compliance. However, switching auditors can signal higher audit-fee pressure or evolving corporate strategy, introducing moderate uncertainty until HTL delivers its first opinion. Because DSS did not consult HTL beforehand, initial fieldwork could surface scope changes. Overall impact on valuation is neutral unless future filings reveal issues.
TL;DR: Governance impact is limited; board-sanctioned auditor change with standard SEC Exhibit 16.1.
Regulatory protocol was followed: Item 4.01 disclosure, explicit statement of no disagreements, and forthcoming auditor acknowledgment letter. Such transparency aligns with good governance practices. Nonetheless, investors should track auditor tenure鈥攆requent replacements can raise red flags鈥攁nd evaluate HT尝鈥檚 reputation and capacity given DSS鈥檚 multi-segment operations.
DSS, Inc. (NYSE American: DSS) ha comunicato in un modulo 8-K presentato il 1掳 luglio 2025 di aver licenziato Grassi & Co., CPAs, P.C. come suo revisore contabile indipendente, con effetto dal 27 giugno 2025. Il Consiglio di Amministrazione ha approvato questa decisione e, nella stessa data, ha nominato HTL International, LLC come nuovo revisore.
尝鈥檃zienda dichiara che, per il periodo di incarico dal 1掳 luglio 2022 al 27 giugno 2025, non ci sono stati disaccordi con Grassi riguardo ai principi contabili, alle informazioni nei bilanci o all鈥檃mbito e alle procedure di revisione che avrebbero richiesto una menzione nei rapporti di Grassi. DSS conferma inoltre che, negli ultimi due esercizi finanziari e fino alla data dell鈥檌ncarico, non ha consultato HTL su questioni contabili o sul tipo di opinione di revisione da esprimere, e non sono stati segnalati eventi rilevanti ai sensi del punto 304(a)(1)(v) del Regolamento S-K.
尝鈥�Allegato 16.1 conterr脿 la lettera di Grassi alla SEC che conferma queste comunicazioni. Il cambiamento sembra indicare una transizione di revisore di routine piuttosto che una reazione a una controversia, ma gli investitori potrebbero monitorare il primo ciclo di revisione per eventuali rettifiche o riformulazioni sotto la nuova societ脿.
DSS, Inc. (NYSE American: DSS) inform贸 en un formulario 8-K presentado el 1 de julio de 2025 que despidi贸 a Grassi & Co., CPAs, P.C. como su firma independiente de contabilidad p煤blica registrada, con efecto desde el 27 de junio de 2025. La Junta Directiva aprob贸 la decisi贸n y, en la misma fecha, design贸 a HTL International, LLC como nuevo auditor.
La empresa declara que, durante el per铆odo de compromiso del 1 de julio de 2022 al 27 de junio de 2025, no hubo desacuerdos con Grassi respecto a principios contables, divulgaciones en estados financieros o el alcance y procedimientos de auditor铆a que requirieran referencia en los informes de Grassi. DSS tambi茅n confirma que, durante los 煤ltimos dos a帽os fiscales hasta la fecha del compromiso, no consult贸 a HTL sobre asuntos contables ni sobre el tipo de opini贸n de auditor铆a a emitir, y no hubo eventos reportables bajo el 铆tem 304(a)(1)(v) del Reglamento S-K.
El Anexo 16.1 contendr谩 la carta de Grassi a la SEC confirmando estas divulgaciones. El cambio sugiere una transici贸n rutinaria de auditor en lugar de una reacci贸n a una disputa, pero los inversionistas podr铆an monitorear el primer ciclo de auditor铆a para detectar ajustes o reexpresiones bajo la nueva firma.
DSS, Inc. (NYSE American: DSS)電� 2025雲� 7鞗� 1鞚� 鞝滌稖頃� 8-K 氍胳劀鞐愳劀 2025雲� 6鞗� 27鞚茧秬搿� 霃呺 霌彪 瓿奠澑須岅硠氩曥澑鞚� Grassi & Co., CPAs, P.C.毳� 頃挫瀯頄堧嫟瓿� 瓿奠嫓頄堨姷雼堧嫟. 鞚挫偓須岆姅 鞚� 瓴办爼鞚� 鞀轨澑頄堨溂氅�, 臧欖潃 雮� HTL International, LLC毳� 靸堧鞖� 臧愳偓鞚胳溂搿� 靹犾瀯頄堨姷雼堧嫟.
須岇偓電� 2022雲� 7鞗� 1鞚茧秬韯� 2025雲� 6鞗� 27鞚缄箤歆�鞚� 瓿勳暯 旮瓣皠 霃欖晥 Grassi鞕� 須岅硠 鞗愳箼, 鞛鞝滍憸 瓿奠嫓, 臧愳偓 氩旍渼 氚� 鞝堨皑鞐� 甏�頃� 鞚搓铂鞚� 鞐嗢棃雼�瓿� 氚濏様鞀惦媹雼�. 霕愴暅 DSS電� 斓滉芳 2臧� 須岅硠鞐半弰 氚� 瓿勳暯鞚� 順勳灛旯岇 HTL瓿� 須岅硠 甏�霠� 靷暛鞚措倶 臧愳偓 鞚橁铂 鞙犿槙鞐� 雽�頃� 靸侂嫶頃� 鞝侅澊 鞐嗢溂氅�, Regulation S-K鞚� 頃 304(a)(1)(v)鞐� 霐半ジ 氤搓碃 雽�靸� 靷贝霃� 鞐嗢棃雼り碃 頇曥澑頄堨姷雼堧嫟.
觳秬氍胳劀 16.1鞐愲姅 SEC鞐� 鞝滌稖霅� Grassi鞚� 頇曥澑靹滉皜 韽暔霅� 鞓堨爼鞛呺媹雼�. 鞚措矆 氤�瓴届潃 攵勳焷鞐� 雽�頃� 雽�鞚戨炒雼る姅 鞚检儊鞝侅澑 臧愳偓鞚� 甑愳泊搿� 氤挫澊雮�, 韴瀽鞛愲摛鞚� 靸堧鞖� 臧愳偓鞚胳潣 觳� 臧愳偓 欤缄赴鞐愳劀 臁办爼鞚措倶 鞛瀾靹� 臧�電レ劚鞚� 欤检嫓頃� 靾� 鞛堨姷雼堧嫟.
DSS, Inc. (NYSE American : DSS) a annonc茅 dans un formulaire 8-K d茅pos茅 le 1er juillet 2025 qu鈥檈lle avait renvoy茅 Grassi & Co., CPAs, P.C. en tant que cabinet d鈥檃udit ind茅pendant enregistr茅, avec effet au 27 juin 2025. Le conseil d鈥檃dministration a approuv茅 cette d茅cision et, 脿 la m锚me date, a nomm茅 HTL International, LLC en tant que nouvel auditeur.
La soci茅t茅 indique que, pour la p茅riode d鈥檈ngagement du 1er juillet 2022 au 27 juin 2025, il n鈥檡 a eu aucun d茅saccord avec Grassi concernant les principes comptables, les informations des 茅tats financiers ou la port茅e et les proc茅dures d鈥檃udit qui auraient n茅cessit茅 une mention dans les rapports de Grassi. DSS confirme 茅galement que, au cours des deux derniers exercices et jusqu鈥櫭� la date de l鈥檈ngagement, elle n鈥檃 pas consult茅 HTL sur des questions comptables ou sur le type d鈥檕pinion d鈥檃udit 脿 茅mettre, et qu鈥檃ucun 茅v茅nement 脿 d茅clarer selon l鈥檃rticle 304(a)(1)(v) du r猫glement S-K n鈥檃 eu lieu.
尝鈥�exhibit 16.1 contiendra la lettre de Grassi adress茅e 脿 la SEC confirmant ces divulgations. Ce changement sugg猫re une transition d鈥檃uditeur de routine plut么t qu鈥檜ne r茅action 脿 un diff茅rend, mais les investisseurs pourraient surveiller le premier cycle d鈥檃udit pour d鈥櫭﹙entuels ajustements ou retraitements sous la nouvelle soci茅t茅.
DSS, Inc. (NYSE American: DSS) gab in einem am 1. Juli 2025 eingereichten Formular 8-K bekannt, dass es Grassi & Co., CPAs, P.C. als unabh盲ngige eingetragene Wirtschaftspr眉fungsgesellschaft mit Wirkung zum 27. Juni 2025 entlassen hat. Der Vorstand genehmigte die Entscheidung und ernannte am selben Tag HTL International, LLC als neuen Pr眉fer.
Das Unternehmen erkl盲rt, dass es im Zeitraum vom 1. Juli 2022 bis zum 27. Juni 2025 keine Meinungsverschiedenheiten mit Grassi bez眉glich Rechnungslegungsgrunds盲tzen, Angaben in den Finanzberichten oder Pr眉fungsumfang und -verfahren gab, die in Grassis Berichten erw盲hnt werden m眉ssten. DSS best盲tigt au脽erdem, dass es in den letzten zwei Gesch盲ftsjahren bis zum Beauftragungsdatum keine Beratung mit HTL zu buchhalterischen Fragen oder der Art des zu erteilenden Pr眉fungsurteils gab und keine meldepflichtigen Ereignisse gem盲脽 Punkt 304(a)(1)(v) der Regulation S-K vorlagen.
Die Anlage 16.1 wird Grassis Schreiben an die SEC mit der Best盲tigung der Angaben enthalten. Der Wechsel deutet auf einen routinem盲脽igen Pr眉ferwechsel hin und nicht auf eine Reaktion auf einen Streitfall, jedoch k枚nnten Investoren den ersten Pr眉fungszyklus unter der neuen Gesellschaft auf Anpassungen oder Neubewertungen beobachten.
|
Morgan Stanley Finance LLC Structured Investments |
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,194 Filed pursuant to Rule 433 Registration Statement Nos. 333-275587; 333-275587-01 July 1, 2025 |
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the S&P 500® Index, the Russell 2000® Index and the Nasdaq-100 Index® due January 28, 2027
Fully and Unconditionally Guaranteed by Morgan Stanley
Summary of terms
|
Issuer and guarantor |
Morgan Stanley Finance LLC (issuer) and Morgan Stanley (guarantor) |
|
Underlyings |
S&P 500® Index (the “SPX Index”), Russell 2000® Index (the “RTY Index”) and the Nasdaq-100 Index® (the “NDX Index”) |
|
Pricing date* |
July 31, 2025 |
|
Original issue date* |
August 5, 2025 |
|
Face amount |
$1,000 per security |
|
Contingent coupon payments |
On each contingent coupon payment date, you will receive a contingent coupon payment at a per annum rate equal to the contingent coupon rate if, and only if, the closing level of the lowest performing underlying on the related calculation day is greater than or equal to its coupon threshold level. Each “contingent coupon payment”, if any, will be calculated per security as follows: ($1,000 × contingent coupon rate) / 12. |
|
Contingent coupon rate |
At least 10.00% per annum, to be determined on the pricing date |
|
Automatic call |
If, on any calculation day (other than the final calculation day), beginning in January 2026, the closing level of each underlying is greater than or equal to its respective starting level, the securities will be automatically called for a cash payment per security equal to the face amount plus a final contingent coupon payment on the related call settlement date. |
|
Calculation days |
Monthly, on the 24th of each month, commencing in August 2025 and ending on the final calculation day. We also refer to the January 2027 calculation day as the final calculation day. |
|
Contingent coupon payment dates |
Three business days after the applicable calculation day; provided that the coupon payment date for the final calculation day is the maturity date. |
|
Call settlement date |
Three business days after the applicable calculation day. |
|
Maturity payment amount (per security) |
●if the closing level of each underlying on the final calculation day is greater than or equal to its respective downside threshold level: $1,000; or ●if the closing level of any underlying on the final calculation day is less than its respective downside threshold level: $1,000 × performance factor of the lowest performing underlying on the final calculation day |
|
Maturity date* |
January 28, 2027 |
|
Starting level |
For each underlying, its closing level on the pricing date |
|
Lowest performing underlying |
On any calculation day, the underlying with the lowest performance factor on that calculation day |
|
Performance factor |
With respect to each underlying, on any calculation day, its closing level on such calculation day divided by its starting level |
|
Coupon threshold level |
75% of the starting level for each underlying |
|
Downside threshold level |
75% of the starting level for each underlying |
|
Calculation agent |
Morgan Stanley & Co. LLC, an affiliate of the issuer |
|
Denominations |
$1,000 and any integral multiple of $1,000 |
|
Agent discount** |
Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC will act as the agents for this offering. Wells Fargo Securities, LLC will receive a commission of up to $23.25 for each security it sells. Dealers, including Wells Fargo Advisors (“WFA”), may receive a selling concession of up to $15.00 per security, and WFA may receive a distribution expense fee of $0.75 for each security sold by WFA. |
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CUSIP |
61778NFW6 |
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Tax considerations |
See preliminary pricing supplement |
*Subject to change
** In addition, selected dealers may receive a fee of up to 0.10% for marketing and other services
Hypothetical payout profile (excluding contingent coupon payments)
If the securities are not automatically called prior to the maturity date and the closing level of any underlying on the final calculation day is less than its downside threshold level, you will lose more than 25%, and possibly all, of the face amount of your securities at the maturity date.
Any return on the securities will be limited to the sum of your contingent coupon payments, if any. You will not participate in any appreciation of any underlying, but you will have full downside exposure to the lowest performing underlying on the final calculation day if the closing level of that underlying on the final calculation day is less than its downside threshold level.
The face amount of each security is $1,000. This price includes costs associated with issuing, selling, structuring and hedging the securities, which are borne by you, and, consequently, the estimated value of the securities on the pricing date will be less than $1,000 per security. We estimate that the value of each security on the pricing date will be approximately $981.70, or within $35.00 of that estimate. Our estimate of the value of the securities as determined on the pricing date will be set forth in the final pricing supplement. See “Investment Summary” and “Risk Factors” in the accompanying preliminary pricing supplement for further information.
This document provides a summary of the terms of the securities. Investors should carefully review the accompanying preliminary pricing supplement, product supplement for principal at risk securities, index supplement and prospectus before making a decision to invest in the securities.
Preliminary pricing supplement:
https://www.sec.gov/Archives/edgar/data/895421/000183988225036363/ms9194_424b2-19802.htm
The securities have complex features and investing in the securities involves risks not associated with an investment in ordinary debt securities. See “Risk Factors” in the accompanying preliminary pricing supplement. All payments on the securities are subject to our credit risk.
This introductory term sheet does not provide all of the information that an investor should consider prior to making an investment decision.
The securities are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality, nor are they obligations of, or guaranteed by, a bank.
Selected risk considerations
The risks set forth below are discussed in more detail in the “Risk Factors” section in the accompanying preliminary pricing supplement, product supplement for principal at risk securities, index supplement and prospectus. Please review those risk factors carefully.
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Risks Relating to an Investment in the Securities ●The securities do not guarantee the return of the face amount of your securities at maturity. ●The securities do not provide for the regular payment of interest. ●The contingent coupon payment, if any, is based on the value of each underlying on only the related monthly calculation day at the end of the related interest period. ●Investors will not participate in any appreciation in any underlying. ●The market price will be influenced by many unpredictable factors. ●The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities. ●As a finance subsidiary, MSFL has no independent operations and will have no independent assets. ●Investing in the securities is not equivalent to investing in the underlyings. ●Reinvestment risk. ●The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the face amount reduce the economic terms of the securities, cause the estimated value of the securities to be less than the face amount and will adversely affect secondary market prices. ●The estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price. ●The securities will not be listed on any securities exchange and secondary trading may be limited. ●The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities. ●Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities. ●The maturity date may be postponed if the final calculation day is postponed. ●Potentially inconsistent research, opinions or recommendations by Morgan Stanley, MSFL, WFS or our or their respective affiliates. ●The U.S. federal income tax consequences of an investment in the securities are uncertain. |
Risks Relating to the Underlyings ●You are exposed to the price risk of each underlying. ●Because the securities are linked to the performance of the lowest performing underlying, you are exposed to greater risks of receiving no contingent coupon payments and sustaining a significant loss on your investment than if the securities were linked to just one underlying. ●The securities are linked to the Russell 2000® Index and are subject to risks associated with small-capitalization companies. ●Adjustments to the underlyings could adversely affect the value of the securities. ●Historical levels of the underlyings should not be taken as an indication of the future performance of the underlyings during the term of the securities.
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For more information about the underlyings, including historical performance information, see the accompanying preliminary pricing supplement.
Morgan Stanley and MSFL have filed a registration statement (including a prospectus, as supplemented by the applicable product supplement and the index supplement) with the Securities and Exchange Commission, or SEC, for the offering to which this communication relates. You should read the prospectus in that registration statement, the applicable product supplement, the index supplement and any other documents relating to this offering that Morgan Stanley and MSFL have filed with the SEC for more complete information about Morgan Stanley, MSFL and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at.www.sec.gov. Alternatively, Morgan Stanley, MSFL, any underwriter or any dealer participating in the offering will arrange to send you the applicable product supplement, index supplement and prospectus if you so request by calling toll-free 1-(800)-584-6837.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo Finance LLC and Wells Fargo & Company.
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FAQ
Why did DSS (NYSE: DSS) change its independent auditor?
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