[424B3] Nano Labs Ltd Prospectus Filed Pursuant to Rule 424(b)(3)
Citigroup Global Markets Holdings Inc., fully guaranteed by Citigroup Inc., is marketing Market-Linked Securities linked to the S&P 500庐 Index that combine leveraged upside exposure with principal-at-risk features.
The notes will be issued at $1,000 per security on or about August 4, 2025 and mature on August 4, 2027. Investors will receive:
- Upside: 125% participation in any positive index return, subject to a maximum total return of at least 18.50% ($185), to be fixed on the July 30, 2025 pricing date.
- Principal protection: A 10% downside buffer. If the S&P 500庐 ends at or above 90% of its starting value, holders receive full principal; below that level, losses match index declines beyond the 10% buffer, up to a possible 90% loss.
- No coupon: The securities do not pay periodic interest or dividends.
Key structural terms include a threshold value equal to 90% of the starting value and redemption based on the closing level on a single calculation day (July 30, 2027). The estimated initial value will be at least $915, lower than the public offering price, reflecting dealer discounts (up to 2.825%) and Citigroup鈥檚 internal funding rate.
Material risks highlighted in the term sheet: potential loss of up to 90% of principal, limited upside, lack of liquidity (no exchange listing), credit risk of Citigroup entities, and tax uncertainty. Secondary market prices may initially include a temporary upward adjustment by Wells Fargo Advisors and can be significantly below issue price thereafter.
These instruments are complex, intended for investors comfortable with equity-linked risk and Citigroup credit exposure, and who accept capped returns in exchange for a 10% buffer.
Citigroup Global Markets Holdings Inc., garantita integralmente da Citigroup Inc., sta offrendo titoli collegati al mercato legati all'indice S&P 500庐 che combinano un'esposizione al rialzo con leva e caratteristiche di rischio sul capitale.
I titoli saranno emessi a 1.000 $ per ciascuno intorno al 4 agosto 2025 e scadranno il 4 agosto 2027. Gli investitori riceveranno:
- Rendimento al rialzo: partecipazione al 125% in qualsiasi rendimento positivo dell'indice, con un rendimento totale massimo di almeno il 18,50% (185 $), che sar脿 fissato il 30 luglio 2025.
- Protezione del capitale: un buffer del 10% in caso di ribasso. Se l'S&P 500庐 termina a o sopra il 90% del valore iniziale, i detentori ricevono il capitale completo; sotto tale soglia, le perdite corrispondono al calo dell'indice oltre il buffer del 10%, fino a un possibile 90% di perdita.
- Nessun coupon: i titoli non pagano interessi o dividendi periodici.
I termini strutturali chiave includono un valore soglia pari al 90% del valore iniziale e il rimborso basato sul livello di chiusura in un solo giorno di calcolo (30 luglio 2027). Il valore iniziale stimato sar脿 almeno 915 $, inferiore al prezzo di offerta pubblica, riflettendo sconti del dealer (fino al 2,825%) e il tasso di finanziamento interno di Citigroup.
Rischi rilevanti evidenziati nel foglio informativo: possibile perdita fino al 90% del capitale, rendimento limitato, mancanza di liquidit脿 (nessuna quotazione in borsa), rischio di credito delle entit脿 Citigroup e incertezza fiscale. I prezzi sul mercato secondario possono inizialmente includere un aggiustamento temporaneo al rialzo da parte di Wells Fargo Advisors e successivamente essere significativamente inferiori al prezzo di emissione.
Questi strumenti sono complessi, destinati a investitori che accettano il rischio legato all'equity e l'esposizione creditizia di Citigroup, e che sono disposti ad accettare rendimenti limitati in cambio di un buffer del 10%.
Citigroup Global Markets Holdings Inc., garantizado totalmente por Citigroup Inc., est谩 comercializando valores vinculados al mercado relacionados con el 铆ndice S&P 500庐 que combinan exposici贸n al alza apalancada con caracter铆sticas de riesgo sobre el principal.
Los bonos se emitir谩n a $1,000 por valor aproximadamente el 4 de agosto de 2025 y vencer谩n el 4 de agosto de 2027. Los inversores recibir谩n:
- Subida: participaci贸n del 125% en cualquier retorno positivo del 铆ndice, sujeto a un retorno total m谩ximo de al menos 18.50% ($185), que se fijar谩 el 30 de julio de 2025.
- Protecci贸n del principal: un amortiguador del 10% para ca铆das. Si el S&P 500庐 termina en o por encima del 90% de su valor inicial, los tenedores reciben el principal completo; por debajo de ese nivel, las p茅rdidas coinciden con las ca铆das del 铆ndice m谩s all谩 del amortiguador del 10%, hasta una posible p茅rdida del 90%.
- Sin cup贸n: los valores no pagan intereses o dividendos peri贸dicos.
Los t茅rminos estructurales clave incluyen un valor umbral igual al 90% del valor inicial y el reembolso basado en el nivel de cierre en un solo d铆a de c谩lculo (30 de julio de 2027). El valor inicial estimado ser谩 al menos $915, inferior al precio de oferta p煤blica, reflejando descuentos del distribuidor (hasta 2.825%) y la tasa interna de financiamiento de Citigroup.
Riesgos importantes destacados en la hoja de t茅rminos: posible p茅rdida de hasta el 90% del principal, rendimiento limitado, falta de liquidez (sin cotizaci贸n en bolsa), riesgo crediticio de las entidades de Citigroup y incertidumbre fiscal. Los precios en el mercado secundario pueden inicialmente incluir un ajuste temporal al alza por parte de Wells Fargo Advisors y luego estar significativamente por debajo del precio de emisi贸n.
Estos instrumentos son complejos, destinados a inversores que est谩n c贸modos con el riesgo vinculado a acciones y la exposici贸n crediticia de Citigroup, y que aceptan retornos limitados a cambio de un amortiguador del 10%.
Citigroup Global Markets Holdings Inc.電� Citigroup Inc.臧� 鞝勳暋 氤挫頃橂┌, S&P 500庐 歆�靾橃棎 鞐半彊霅� 鞁滌灔 鞐瓣硠 歃濌秾鞚� 韺愲Г頃橁碃 鞛堨姷雼堧嫟. 鞚� 歃濌秾鞚� 霠堧矂毽霅� 靸侅姽 雲胳稖瓿� 鞗愱笀 鞙勴棙 韸轨鞚� 瓴绊暕頃╇媹雼�.
鞚� 雲疙姼電� 2025雲� 8鞗� 4鞚�瓴届棎 臧侁皝 1,000雼煬鞐� 氚滍枆霅橂┌ 2027雲� 8鞗� 4鞚�鞐� 毵岅赴霅╇媹雼�. 韴瀽鞛愲姅 雼れ潓鞚� 氚涥矊 霅╇媹雼�:
- 靸侅姽 靾橃澋: 歆�靾橃潣 旮嶌爼鞝� 靾橃澋鞐� 雽�頃� 125% 彀胳棳, 2025雲� 7鞗� 30鞚� 臧�瓴� 瓴办爼鞚检棎 頇曥爼霅橂姅 斓滌唽 18.50% (185雼煬)鞚� 斓滊寑 齑� 靾橃澋 頃滊弰 鞝侅毄.
- 鞗愱笀 氤错樃: 10% 頃橂澖 鞕勳订 鞛レ箻. S&P 500庐鞚� 鞁滌瀾 臧�旃橃潣 90% 鞚挫儊鞙茧 毵堦皭頃橂┐ 韴瀽鞛愲姅 鞝勳暋 鞗愱笀鞚� 氚涭姷雼堧嫟; 攴� 鞚错晿鞚� 瓴届毎, 10% 鞕勳订鞚� 齑堦臣頃橂姅 歆�靾� 頃橂澖攵勳棎 雽�頃� 靻愳嫟鞚� 氚滌儩頃橂┌ 斓滊寑 90% 靻愳嫟 臧�電�.
- 氍挫澊鞛�: 歃濌秾鞚� 鞝曣赴 鞚挫瀽雮� 氚半嫻旮堨潉 歆�旮夗晿歆� 鞎婌姷雼堧嫟.
欤检殧 甑“鞝� 臁瓣贝鞙茧電� 鞁滌瀾 臧�旃橃潣 90%鞐� 頃措嫻頃橂姅 鞛勱硠臧掙臣 雼澕 靷办爼鞚�(2027雲� 7鞗� 30鞚�) 膦呹皜毳� 旮办鞙茧 頃� 靸來櫂鞚� 韽暔霅╇媹雼�. 鞓堨儊 齑堦赴 臧�旃橂姅 915雼煬 鞚挫儊鞙茧 瓿惦臧�氤措嫟 雮溂氅�, 霐滊煬 頃犾澑(斓滊寑 2.825%)瓿� Citigroup 雮措秬 鞛愱笀 臁半嫭 牍勳毄鞚� 氚橃榿頃╇媹雼�.
欷戩殧 鞙勴棙 靷暛鞙茧電� 鞗愱笀 斓滊寑 90% 靻愳嫟 臧�電レ劚, 鞝滍暅霅� 靸侅姽 鞛犾灛霠�, 鞙犽彊靹� 攵�臁�(瓯半灅靻� 氙胳儊鞛�), Citigroup 瓿勳棿靷潣 鞁犾毄 鞙勴棙, 靹戈笀 攵堩檿鞁れ劚鞚� 韽暔霅橃柎 鞛堨姷雼堧嫟. 2彀� 鞁滌灔 臧�瓴╈潃 齑堦赴鞐愲姅 Wells Fargo Advisors鞐� 鞚橅暣 鞚检嫓鞝侅溂搿� 靸侅姽 臁办爼霅� 靾� 鞛堨溂氅� 鞚错泟 氚滍枆臧�氤措嫟 韥矊 雮潉 靾� 鞛堨姷雼堧嫟.
鞚� 靸來拡鞚� 氤奠灐頃橂┌, 欤检嫕 鞐瓣硠 鞙勴棙瓿� Citigroup 鞁犾毄 雲胳稖鞐� 鞚奠垯頃橁碃 10% 鞕勳订 鞛レ箻鞕� 甑愴櫂頃橃棳 鞝滍暅霅� 靾橃澋鞚� 靾橃毄頃橂姅 韴瀽鞛愳棎瓴� 鞝來暕頃╇媹雼�.
Citigroup Global Markets Holdings Inc., enti猫rement garanti par Citigroup Inc., commercialise des titres li茅s au march茅 associ茅s 脿 l'indice S&P 500庐 qui combinent une exposition 脿 effet de levier 脿 la hausse avec des caract茅ristiques de risque sur le capital.
Les notes seront 茅mises 脿 1 000 $ par titre aux alentours du 4 ao没t 2025 et arriveront 脿 茅ch茅ance le 4 ao没t 2027. Les investisseurs recevront :
- Potentiel de hausse : une participation de 125 % 脿 toute performance positive de l'indice, avec un rendement total maximal d'au moins 18,50 % (185 $), fix茅 脿 la date de tarification du 30 juillet 2025.
- Protection du capital : un coussin de baisse de 10 %. Si l'indice S&P 500庐 termine 脿 au moins 90 % de sa valeur initiale, les d茅tenteurs r茅cup猫rent la totalit茅 du capital ; en dessous de ce seuil, les pertes correspondent aux baisses de l'indice au-del脿 du coussin de 10 %, jusqu'脿 une perte maximale possible de 90 %.
- Pas de coupon : les titres ne versent pas d'int茅r锚ts ou de dividendes p茅riodiques.
Les principales caract茅ristiques structurelles incluent une valeur seuil 茅gale 脿 90 % de la valeur initiale et un remboursement bas茅 sur le niveau de cl么ture 脿 une seule date de calcul (30 juillet 2027). La valeur initiale estim茅e sera d'au moins 915 $, inf茅rieure au prix d'offre publique, refl茅tant des d茅cotes du teneur de march茅 (jusqu'脿 2,825 %) et le taux de financement interne de Citigroup.
Risques importants soulign茅s dans la fiche d'information : perte potentielle allant jusqu'脿 90 % du capital, potentiel de hausse limit茅, manque de liquidit茅 (pas de cotation en bourse), risque de cr茅dit des entit茅s Citigroup et incertitude fiscale. Les prix sur le march茅 secondaire peuvent initialement inclure un ajustement temporaire 脿 la hausse par Wells Fargo Advisors et peuvent ensuite 锚tre significativement inf茅rieurs au prix d'茅mission.
Ces instruments sont complexes, destin茅s aux investisseurs 脿 l'aise avec le risque li茅 aux actions et 脿 l'exposition au cr茅dit de Citigroup, et qui acceptent des rendements plafonn茅s en 茅change d'un coussin de 10 %.
Citigroup Global Markets Holdings Inc., vollst盲ndig garantiert von Citigroup Inc., bietet marktgebundene Wertpapiere an, die an den S&P 500庐 Index gekoppelt sind und eine gehebelte Aufw盲rtsbeteiligung mit Kapitalrisiko kombinieren.
Die Schuldverschreibungen werden voraussichtlich am oder um den 4. August 2025 zu je 1.000 $ ausgegeben und laufen bis zum 4. August 2027. Anleger erhalten:
- 础耻蹿飞盲谤迟蝉辫辞迟别苍锄颈补濒: 125% Partizipation an einer positiven Indexrendite, begrenzt auf eine maximale Gesamtrendite von mindestens 18,50 % (185 $), die am 30. Juli 2025 festgelegt wird.
- Kapitalschutz: Ein 10%iger Abschw盲chungspuffer. Wenn der S&P 500庐 am Ende mindestens 90% des Anfangswerts erreicht, erhalten Anleger den vollen Kapitaleinsatz zur眉ck; liegt der Schlusskurs darunter, entsprechen Verluste den Indexverlusten abz眉glich des 10%-Puffers, mit einem maximalen Verlust von 90%.
- Kein Kupon: Die Wertpapiere zahlen keine periodischen Zinsen oder Dividenden.
Wesentliche strukturelle Merkmale sind ein Schwellenwert von 90% des Anfangswerts und die R眉ckzahlung basierend auf dem Schlusskurs an einem einzigen Berechnungstag (30. Juli 2027). Der gesch盲tzte Anfangswert liegt bei mindestens 915 $, was unter dem 枚ffentlichen Angebotspreis liegt und H盲ndlerabschl盲ge (bis zu 2,825 %) sowie die interne Finanzierungskostenrate von Citigroup widerspiegelt.
Wesentliche Risiken, die im Term Sheet hervorgehoben werden: potenzieller Verlust von bis zu 90 % des Kapitals, begrenztes Aufw盲rtspotenzial, fehlende Liquidit盲t (keine B枚rsennotierung), Kreditrisiko der Citigroup-Einheiten und steuerliche Unsicherheiten. Sekund盲rmarktpreise k枚nnen anf盲nglich eine vor眉bergehende Aufw盲rtsanpassung durch Wells Fargo Advisors enthalten und danach deutlich unter dem Ausgabepreis liegen.
Diese Instrumente sind komplex und f眉r Anleger gedacht, die mit aktiengebundenen Risiken und der Kreditexponierung gegen眉ber Citigroup vertraut sind und begrenzte Renditen im Austausch f眉r einen 10%igen Puffer akzeptieren.
- 125% participation rate offers enhanced upside versus direct index exposure, subject to the cap.
- 10% downside buffer provides limited principal protection compared with outright equity investment.
- Full guarantee by Citigroup Inc. adds an additional layer of credit support relative to standalone issuer notes.
- Principal at risk beyond 10% buffer could lead to losses of up to 90% at maturity.
- Maximum return of only ~18.5% materially caps gains, even if the S&P 500 performs strongly.
- No periodic interest or dividends, causing negative carry versus other fixed-income alternatives.
- Estimated value ($鈮�915) below issue price indicates an immediate valuation discount to investors.
- Notes will not be exchange-listed; secondary market liquidity and pricing are uncertain.
- Unclear U.S. federal tax treatment may complicate after-tax returns.
Insights
TL;DR: Citigroup offers 2-year S&P 500-linked notes with 125% upside to an ~18.5% cap and 10% buffer; principal at risk below 90%.
The FWP outlines a standard leveraged buffered note. The 125% participation is attractive versus typical 100%鈥�110%, but the minimum 18.5% cap limits annualized upside to roughly 8.8%鈥攂elow long-run S&P averages. Downside risk beyond the 10% buffer is linear, exposing investors to equity-like losses without dividends. Estimated value (鈮�$915) implies a 8.5% issuance premium, and secondary liquidity is uncertain because the notes will not list on an exchange. From Citigroup鈥檚 perspective, the deal is immaterial to consolidated earnings; for investors, risk-reward hinges on a mildly bullish two-year view with tolerance for credit and liquidity risk.
TL;DR: Product carries significant tail risk, no interest, unlisted market, and relies on Citigroup credit strength.
Principal protection is only partial; a 30% S&P drawdown would cut investor principal by 20%. Credit risk is non-trivial given the 2027 maturity aligns with cyclical uncertainty. The estimated value discount and dealer commissions create negative carry from day one. Tax treatment is unsettled, adding complexity for taxable accounts. Overall, risk factors outweigh benefits for conservative income-oriented investors, though sophisticated traders may use the buffer for tactical exposure.
Citigroup Global Markets Holdings Inc., garantita integralmente da Citigroup Inc., sta offrendo titoli collegati al mercato legati all'indice S&P 500庐 che combinano un'esposizione al rialzo con leva e caratteristiche di rischio sul capitale.
I titoli saranno emessi a 1.000 $ per ciascuno intorno al 4 agosto 2025 e scadranno il 4 agosto 2027. Gli investitori riceveranno:
- Rendimento al rialzo: partecipazione al 125% in qualsiasi rendimento positivo dell'indice, con un rendimento totale massimo di almeno il 18,50% (185 $), che sar脿 fissato il 30 luglio 2025.
- Protezione del capitale: un buffer del 10% in caso di ribasso. Se l'S&P 500庐 termina a o sopra il 90% del valore iniziale, i detentori ricevono il capitale completo; sotto tale soglia, le perdite corrispondono al calo dell'indice oltre il buffer del 10%, fino a un possibile 90% di perdita.
- Nessun coupon: i titoli non pagano interessi o dividendi periodici.
I termini strutturali chiave includono un valore soglia pari al 90% del valore iniziale e il rimborso basato sul livello di chiusura in un solo giorno di calcolo (30 luglio 2027). Il valore iniziale stimato sar脿 almeno 915 $, inferiore al prezzo di offerta pubblica, riflettendo sconti del dealer (fino al 2,825%) e il tasso di finanziamento interno di Citigroup.
Rischi rilevanti evidenziati nel foglio informativo: possibile perdita fino al 90% del capitale, rendimento limitato, mancanza di liquidit脿 (nessuna quotazione in borsa), rischio di credito delle entit脿 Citigroup e incertezza fiscale. I prezzi sul mercato secondario possono inizialmente includere un aggiustamento temporaneo al rialzo da parte di Wells Fargo Advisors e successivamente essere significativamente inferiori al prezzo di emissione.
Questi strumenti sono complessi, destinati a investitori che accettano il rischio legato all'equity e l'esposizione creditizia di Citigroup, e che sono disposti ad accettare rendimenti limitati in cambio di un buffer del 10%.
Citigroup Global Markets Holdings Inc., garantizado totalmente por Citigroup Inc., est谩 comercializando valores vinculados al mercado relacionados con el 铆ndice S&P 500庐 que combinan exposici贸n al alza apalancada con caracter铆sticas de riesgo sobre el principal.
Los bonos se emitir谩n a $1,000 por valor aproximadamente el 4 de agosto de 2025 y vencer谩n el 4 de agosto de 2027. Los inversores recibir谩n:
- Subida: participaci贸n del 125% en cualquier retorno positivo del 铆ndice, sujeto a un retorno total m谩ximo de al menos 18.50% ($185), que se fijar谩 el 30 de julio de 2025.
- Protecci贸n del principal: un amortiguador del 10% para ca铆das. Si el S&P 500庐 termina en o por encima del 90% de su valor inicial, los tenedores reciben el principal completo; por debajo de ese nivel, las p茅rdidas coinciden con las ca铆das del 铆ndice m谩s all谩 del amortiguador del 10%, hasta una posible p茅rdida del 90%.
- Sin cup贸n: los valores no pagan intereses o dividendos peri贸dicos.
Los t茅rminos estructurales clave incluyen un valor umbral igual al 90% del valor inicial y el reembolso basado en el nivel de cierre en un solo d铆a de c谩lculo (30 de julio de 2027). El valor inicial estimado ser谩 al menos $915, inferior al precio de oferta p煤blica, reflejando descuentos del distribuidor (hasta 2.825%) y la tasa interna de financiamiento de Citigroup.
Riesgos importantes destacados en la hoja de t茅rminos: posible p茅rdida de hasta el 90% del principal, rendimiento limitado, falta de liquidez (sin cotizaci贸n en bolsa), riesgo crediticio de las entidades de Citigroup y incertidumbre fiscal. Los precios en el mercado secundario pueden inicialmente incluir un ajuste temporal al alza por parte de Wells Fargo Advisors y luego estar significativamente por debajo del precio de emisi贸n.
Estos instrumentos son complejos, destinados a inversores que est谩n c贸modos con el riesgo vinculado a acciones y la exposici贸n crediticia de Citigroup, y que aceptan retornos limitados a cambio de un amortiguador del 10%.
Citigroup Global Markets Holdings Inc.電� Citigroup Inc.臧� 鞝勳暋 氤挫頃橂┌, S&P 500庐 歆�靾橃棎 鞐半彊霅� 鞁滌灔 鞐瓣硠 歃濌秾鞚� 韺愲Г頃橁碃 鞛堨姷雼堧嫟. 鞚� 歃濌秾鞚� 霠堧矂毽霅� 靸侅姽 雲胳稖瓿� 鞗愱笀 鞙勴棙 韸轨鞚� 瓴绊暕頃╇媹雼�.
鞚� 雲疙姼電� 2025雲� 8鞗� 4鞚�瓴届棎 臧侁皝 1,000雼煬鞐� 氚滍枆霅橂┌ 2027雲� 8鞗� 4鞚�鞐� 毵岅赴霅╇媹雼�. 韴瀽鞛愲姅 雼れ潓鞚� 氚涥矊 霅╇媹雼�:
- 靸侅姽 靾橃澋: 歆�靾橃潣 旮嶌爼鞝� 靾橃澋鞐� 雽�頃� 125% 彀胳棳, 2025雲� 7鞗� 30鞚� 臧�瓴� 瓴办爼鞚检棎 頇曥爼霅橂姅 斓滌唽 18.50% (185雼煬)鞚� 斓滊寑 齑� 靾橃澋 頃滊弰 鞝侅毄.
- 鞗愱笀 氤错樃: 10% 頃橂澖 鞕勳订 鞛レ箻. S&P 500庐鞚� 鞁滌瀾 臧�旃橃潣 90% 鞚挫儊鞙茧 毵堦皭頃橂┐ 韴瀽鞛愲姅 鞝勳暋 鞗愱笀鞚� 氚涭姷雼堧嫟; 攴� 鞚错晿鞚� 瓴届毎, 10% 鞕勳订鞚� 齑堦臣頃橂姅 歆�靾� 頃橂澖攵勳棎 雽�頃� 靻愳嫟鞚� 氚滌儩頃橂┌ 斓滊寑 90% 靻愳嫟 臧�電�.
- 氍挫澊鞛�: 歃濌秾鞚� 鞝曣赴 鞚挫瀽雮� 氚半嫻旮堨潉 歆�旮夗晿歆� 鞎婌姷雼堧嫟.
欤检殧 甑“鞝� 臁瓣贝鞙茧電� 鞁滌瀾 臧�旃橃潣 90%鞐� 頃措嫻頃橂姅 鞛勱硠臧掙臣 雼澕 靷办爼鞚�(2027雲� 7鞗� 30鞚�) 膦呹皜毳� 旮办鞙茧 頃� 靸來櫂鞚� 韽暔霅╇媹雼�. 鞓堨儊 齑堦赴 臧�旃橂姅 915雼煬 鞚挫儊鞙茧 瓿惦臧�氤措嫟 雮溂氅�, 霐滊煬 頃犾澑(斓滊寑 2.825%)瓿� Citigroup 雮措秬 鞛愱笀 臁半嫭 牍勳毄鞚� 氚橃榿頃╇媹雼�.
欷戩殧 鞙勴棙 靷暛鞙茧電� 鞗愱笀 斓滊寑 90% 靻愳嫟 臧�電レ劚, 鞝滍暅霅� 靸侅姽 鞛犾灛霠�, 鞙犽彊靹� 攵�臁�(瓯半灅靻� 氙胳儊鞛�), Citigroup 瓿勳棿靷潣 鞁犾毄 鞙勴棙, 靹戈笀 攵堩檿鞁れ劚鞚� 韽暔霅橃柎 鞛堨姷雼堧嫟. 2彀� 鞁滌灔 臧�瓴╈潃 齑堦赴鞐愲姅 Wells Fargo Advisors鞐� 鞚橅暣 鞚检嫓鞝侅溂搿� 靸侅姽 臁办爼霅� 靾� 鞛堨溂氅� 鞚错泟 氚滍枆臧�氤措嫟 韥矊 雮潉 靾� 鞛堨姷雼堧嫟.
鞚� 靸來拡鞚� 氤奠灐頃橂┌, 欤检嫕 鞐瓣硠 鞙勴棙瓿� Citigroup 鞁犾毄 雲胳稖鞐� 鞚奠垯頃橁碃 10% 鞕勳订 鞛レ箻鞕� 甑愴櫂頃橃棳 鞝滍暅霅� 靾橃澋鞚� 靾橃毄頃橂姅 韴瀽鞛愳棎瓴� 鞝來暕頃╇媹雼�.
Citigroup Global Markets Holdings Inc., enti猫rement garanti par Citigroup Inc., commercialise des titres li茅s au march茅 associ茅s 脿 l'indice S&P 500庐 qui combinent une exposition 脿 effet de levier 脿 la hausse avec des caract茅ristiques de risque sur le capital.
Les notes seront 茅mises 脿 1 000 $ par titre aux alentours du 4 ao没t 2025 et arriveront 脿 茅ch茅ance le 4 ao没t 2027. Les investisseurs recevront :
- Potentiel de hausse : une participation de 125 % 脿 toute performance positive de l'indice, avec un rendement total maximal d'au moins 18,50 % (185 $), fix茅 脿 la date de tarification du 30 juillet 2025.
- Protection du capital : un coussin de baisse de 10 %. Si l'indice S&P 500庐 termine 脿 au moins 90 % de sa valeur initiale, les d茅tenteurs r茅cup猫rent la totalit茅 du capital ; en dessous de ce seuil, les pertes correspondent aux baisses de l'indice au-del脿 du coussin de 10 %, jusqu'脿 une perte maximale possible de 90 %.
- Pas de coupon : les titres ne versent pas d'int茅r锚ts ou de dividendes p茅riodiques.
Les principales caract茅ristiques structurelles incluent une valeur seuil 茅gale 脿 90 % de la valeur initiale et un remboursement bas茅 sur le niveau de cl么ture 脿 une seule date de calcul (30 juillet 2027). La valeur initiale estim茅e sera d'au moins 915 $, inf茅rieure au prix d'offre publique, refl茅tant des d茅cotes du teneur de march茅 (jusqu'脿 2,825 %) et le taux de financement interne de Citigroup.
Risques importants soulign茅s dans la fiche d'information : perte potentielle allant jusqu'脿 90 % du capital, potentiel de hausse limit茅, manque de liquidit茅 (pas de cotation en bourse), risque de cr茅dit des entit茅s Citigroup et incertitude fiscale. Les prix sur le march茅 secondaire peuvent initialement inclure un ajustement temporaire 脿 la hausse par Wells Fargo Advisors et peuvent ensuite 锚tre significativement inf茅rieurs au prix d'茅mission.
Ces instruments sont complexes, destin茅s aux investisseurs 脿 l'aise avec le risque li茅 aux actions et 脿 l'exposition au cr茅dit de Citigroup, et qui acceptent des rendements plafonn茅s en 茅change d'un coussin de 10 %.
Citigroup Global Markets Holdings Inc., vollst盲ndig garantiert von Citigroup Inc., bietet marktgebundene Wertpapiere an, die an den S&P 500庐 Index gekoppelt sind und eine gehebelte Aufw盲rtsbeteiligung mit Kapitalrisiko kombinieren.
Die Schuldverschreibungen werden voraussichtlich am oder um den 4. August 2025 zu je 1.000 $ ausgegeben und laufen bis zum 4. August 2027. Anleger erhalten:
- 础耻蹿飞盲谤迟蝉辫辞迟别苍锄颈补濒: 125% Partizipation an einer positiven Indexrendite, begrenzt auf eine maximale Gesamtrendite von mindestens 18,50 % (185 $), die am 30. Juli 2025 festgelegt wird.
- Kapitalschutz: Ein 10%iger Abschw盲chungspuffer. Wenn der S&P 500庐 am Ende mindestens 90% des Anfangswerts erreicht, erhalten Anleger den vollen Kapitaleinsatz zur眉ck; liegt der Schlusskurs darunter, entsprechen Verluste den Indexverlusten abz眉glich des 10%-Puffers, mit einem maximalen Verlust von 90%.
- Kein Kupon: Die Wertpapiere zahlen keine periodischen Zinsen oder Dividenden.
Wesentliche strukturelle Merkmale sind ein Schwellenwert von 90% des Anfangswerts und die R眉ckzahlung basierend auf dem Schlusskurs an einem einzigen Berechnungstag (30. Juli 2027). Der gesch盲tzte Anfangswert liegt bei mindestens 915 $, was unter dem 枚ffentlichen Angebotspreis liegt und H盲ndlerabschl盲ge (bis zu 2,825 %) sowie die interne Finanzierungskostenrate von Citigroup widerspiegelt.
Wesentliche Risiken, die im Term Sheet hervorgehoben werden: potenzieller Verlust von bis zu 90 % des Kapitals, begrenztes Aufw盲rtspotenzial, fehlende Liquidit盲t (keine B枚rsennotierung), Kreditrisiko der Citigroup-Einheiten und steuerliche Unsicherheiten. Sekund盲rmarktpreise k枚nnen anf盲nglich eine vor眉bergehende Aufw盲rtsanpassung durch Wells Fargo Advisors enthalten und danach deutlich unter dem Ausgabepreis liegen.
Diese Instrumente sind komplex und f眉r Anleger gedacht, die mit aktiengebundenen Risiken und der Kreditexponierung gegen眉ber Citigroup vertraut sind und begrenzte Renditen im Austausch f眉r einen 10%igen Puffer akzeptieren.
| PROSPECTUS SUPPLEMENT NO. 3 | Filed Pursuant to Rule 424(b)(3) | |
| (to prospectus dated May 2, 2025) | Registration No. 333-278977 |
Nano Labs Ltd
652,174 Class A Ordinary Shares
This Prospectus Supplement No. 3 is being filed to update and supplement the information contained in the prospectus dated May 2, 2025 (as supplemented from time to time, the “Prospectus”) that forms a part of our Registration Statement on Form F-1, as amended and supplemented (File No. 333-278977) (the “Registration Statement”) with the information contained in the Current Report on Form 6-K filed with the Securities and Exchange Commission (“SEC”) on June 26, 2025. Accordingly, we have attached the Current Report to this Prospectus Supplement No. 3.
The Prospectus and this Prospectus Supplement No. 3 relate to the proposed resale or other disposition of 652,174 Class A ordinary shares issuable upon the exercise of warrants, or the Warrants, by the selling shareholders identified in the Prospectus. The selling shareholders acquired the Warrants from us pursuant to certain securities purchase agreement, dated as of April 11, 2024, by and among us and the purchasers named therein, or the Securities Purchase Agreement, in a private placement offering, or the Private Placement. We are not selling any Class A ordinary shares under the Prospectus and will not receive any of the proceeds from the sale or other disposition of Class A ordinary shares by the selling shareholders. However, we will receive proceeds from the exercise, if ever exercised, of the Warrants. The selling shareholders or their pledgees, assignees or successors-in-interest may offer and sell or otherwise dispose of the ordinary shares described in the Prospectus from time to time through public or private transactions at prevailing market prices, at prices related to prevailing market prices or at privately negotiated prices. The selling shareholders will bear all commissions and discounts, if any, attributable to the sales of Class A ordinary shares. We will bear all other costs, expenses and fees in connection with the registration of the shares. See “Plan of Distribution” beginning on page 132 of the Prospectus for more information about how the selling shareholders may sell or dispose of their Class A ordinary shares.
There is no assurance that the holders of the Warrants will elect to exercise any or all of such Warrants or that they will exercise any or all of them for cash. The likelihood that warrant holders will exercise the Warrants and any cash proceeds that we would receive is dependent upon the market price of our Class A ordinary shares.
This Prospectus Supplement No. 3 updates and supplements the information in the Prospectus and is not complete without, and may not be delivered or utilized except in combination with, the Prospectus, including any amendments or supplements thereto. This Prospectus Supplement No. 3 should be read in conjunction with the Prospectus and if there is any inconsistency between the information in the Prospectus and this Prospectus Supplement No. 3, you should rely on the information in this Prospectus Supplement No. 3.
Our Class A ordinary shares are listed on the NASDAQ Capital Market under the symbol “NA.” The closing price for our Class A ordinary shares on June 27, 2025 was US$10.17 per Class A ordinary share.
Investing in our securities involves a high degree of risk. See “Risk Factors” beginning on page 12 of the Prospectus and other risk factors contained in the documents incorporated by reference herein for a discussion of information that should be considered in connection with an investment in our securities.
Neither the U.S. Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus supplement is June 30, 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2025
Commission File Number: 001-41426
Nano Labs Ltd
(Exact name of registrant as specified in its charter)
China Yuangu Hanggang Technology Building
509 Qianjiang Road, Shangcheng District,
Hangzhou, Zhejiang, 310000
People’s Republic of China
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXPLANATORY NOTE
This Form 6-K is hereby incorporated by reference into the Registrant’s Registration Statement on Form F-3 initially filed with the U.S. Securities and Exchange Commission on August 14, 2023 (Registration No. 333-273968) and shall be a part thereof from the date on which this current report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.
1
Nano Labs Announces Pricing of $50.0 Million Registered Direct Offering and Concurrent
Private Placement for BNB Treasury Strategy
HONG KONG, June 26, 2025 (GLOBE NEWSWIRE) -- Nano Labs Ltd (Nasdaq: NA) (“we,” the “Company” or “Nano Labs”), a leading Web 3.0 infrastructure and product solution provider in China, today announced that it has entered into a securities purchase agreement with certain institutional investors to purchase 5,952,381 Class A ordinary shares of the Company (the “Ordinary Shares”) in a registered direct offering. In a concurrent private placement, the Company also agreed to issue and sell to the investor warrants to purchase up to 5,952,381 Ordinary Shares. The combined effective offering price for each Ordinary Share and accompanying warrant is $8.40. The warrants are immediately exercisable, expire five years from the date of an effective registration statement, and have an initial exercise price of $10.00 per share which is subject to customary adjustment. The gross proceeds to the Company from the registered direct offering and concurrent private placement are estimated to be approximately $50.0 million before deducting the placement agent’s fees and other estimated offering expenses payable by the Company.
Proceeds from the offering and exercise of the warrants will be used to acquire BNB (Binance Coin) as part of the Company’s digital asset strategy.
The offering is expected to close on or about June 27, 2025, subject to the satisfaction of customary closing conditions.
Maxim Group LLC is acting as the sole placement agent in connection with the offering.
The Ordinary Shares are being offered pursuant to a shelf registration statement on Form F-3 (File No. 333-273968), which was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on September 1, 2023. The offering of Ordinary Shares will be made only by means of a prospectus supplement that forms a part of such registration statement. The warrants to be issued in the concurrent private placement and the Class A ordinary shares issuable upon exercise of such warrants were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”), and Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. A prospectus supplement relating to the sales of Ordinary Shares will be filed by the Company with the SEC. When available, copies of the prospectus supplement relating to the registered direct offering, together with the accompanying prospectus, can be obtained at the SEC’s website at www.sec.gov or from Maxim Group LLC, 300 Park Avenue, New York, NY 10022, Attention: Syndicate Department, or via email at [email protected] or telephone at (212) 895-3500.
2
About Nano Labs Ltd
Nano Labs Ltd is a leading Web 3.0 infrastructure and product solution provider in China. Nano Labs is committed to the development of high throughput computing (“HTC”) chips and high performance computing (“HPC”) chips. Nano Labs has built a comprehensive flow processing unit (“FPU”) architecture which offers solution that integrates the features of both HTC and HPC. In addition, it has established Bitcoin value investment and adopted Bitcoin as primary reserve asset. Nano Labs has established an integrated solution platform covering three main business verticals, including HTC solutions and HPC solutions. The HTC solutions feature its proprietary Cuckoo series chips, which have become alternative Application-Specific Integrated Circuit (“ASIC”) solutions for traditional GPUs. For more information, please visit the Company’s website at: ir.nano.cn.
Forward-Looking Statements
This report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the expected completion, timing and size of the offering and concurrent private placement and the intended use of the proceeds from the offering, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Risks and uncertainties that may cause such differences include, among other things: satisfaction of customary closing conditions related to the offering and the sale of the securities and Nano Lab’s ability to complete the offering. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
For investor and media inquiries, please contact:
Nano Labs Ltd
Email: [email protected]
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: [email protected]
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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, thereunto duly authorized.
| Nano Labs Ltd | ||
| By: | /s/ Jianping Kong | |
| Name: | Jianping Kong | |
| Title: | Chairman and Chief Executive Officer | |
Date: June 26, 2025
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Source:
FAQ
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