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UBS AG is offering $1.825 million of Trigger Autocallable Contingent Yield Notes linked to the common stock of Amgen Inc. (AMGN). The three-year notes are unsubordinated, unsecured debt obligations of UBS AG (London branch) and settle on 14 July 2025, with final maturity on 14 July 2028, unless automatically called earlier.

Key commercial terms

• Issue price: $10.00 per note (minimum purchase 100 notes).
• Estimated initial value: $9.65 per note (reflects underwriting discount, hedging & funding costs).
• Underlying: Amgen common stock â€� initial level $300.37.
• Contingent coupon: 8.00% p.a. ($0.20 quarterly) paid only if AMGN closes â‰� coupon barrier on a given observation date.
• Coupon barrier & downside threshold: $186.23 (62% of initial level).
• Automatic call: Quarterly, first possible on 14 Jan 2026; triggered if AMGN closes â‰� initial level on any observation date. Holder then receives principal plus latest coupon and the note terminates.
• Principal repayment: â€� 100% at maturity if not previously called and AMGN â‰� downside threshold. â€� Otherwise, cash redemption = $10 × (1 + underlying return), exposing investor to full downside below the threshold, up to 100% loss.

Risk highlights

• No guaranteed coupons; investors may receive few or none.
• Market risk mirrors downside of AMGN once the 38% buffer is pierced.
• Credit risk of UBS AG; notes are not FDIC-insured.
• Limited liquidity: unlisted, secondary market making at UBS discretion only.
• Conflict-of-interest and pricing considerations: issue price exceeds model value; early secondary quotes may temporarily include a premium that amortises within three months.

Timeline

• Trade date: 10 Jul 2025
• Settlement: 14 Jul 2025 (T+2)
• 12 scheduled quarterly observation dates; final valuation 12 Jul 2028

Illustrative outcomes

• Best case: first call (â‰�6 months) delivers $10.20 total, a 4.0% absolute return in half a year.
• Hold to maturity with AMGN â‰� threshold: receive principal plus any final coupon (maximum compounded return â‰�8% p.a. if all coupons are paid and never called).
• AMGN at 41% below initial at maturity (example): redemption $5.89, plus $0.20 prior coupon = 39% loss.

The structure suits investors comfortable with single-stock exposure, contingent income and potential early redemption, who can withstand significant capital loss and the credit risk of UBS.

Amendment No. 25 to Schedule 13D discloses that India-based Tractors & Farm Equipment Ltd (TAFE), TAFE Motors & Tractors Ltd and chair Mallika Srinivasan collectively hold roughly 16.3 % of AGCO’s 74.6 million outstanding shares (â‰�12.15 million shares). The filing follows a comprehensive settlement signed on 30 Jun 2025 that resets the long-standing strategic relationship between the two companies.

Key agreements

• Cooperation Agreement: imposes a perpetual stand-still: the Reporting Persons will vote in line with AGCO’s Board and will not raise their ownership above the “Ownership Capâ€� (â‰�16.3 %) except on defined change-of-control triggers. They must also participate proportionately in future AGCO buybacks.
• Buyback Agreement: AGCO Holding B.V. will sell its 20.7 % stake in TAFE (2.389 million shares) back to TAFE for US$260 million. Completion is pending Indian procedural approvals.
• Intellectual Property Agreement: Exclusive rights to the “Massey Fergusonâ€� brand for tractors in India, Nepal and Bhutan will transfer to TAFE when the Buyback closes.
• Arbitration & Litigation Settlements: All cross-border disputes and brand-related suits will be withdrawn, eliminating legal overhang.

Strategic implications

• AGCO receives US$260 million cash and exits its minority position in TAFE.
• Stable 16 % shareholder alignment reduces near-term takeover risk and supports Board initiatives.
• Brand transfer limits AGCO’s direct exposure to the fast-growing Indian tractor market but clarifies marketing rights.

Form 8-K Item 8.01 � Other Events

On 30 June 2025, MIRA Pharmaceuticals, Inc. (Nasdaq: MIRA) disclosed pre-clinical data for SKNY-1, an oral therapeutic it is under definitive agreement to acquire from SKNY Pharmaceuticals. In a zebrafish model simulating human obesity and craving behaviour, six-day oral dosing produced an approximate 30 % body-weight reduction, leaving treated animals 10 % lighter than healthy controls while preserving muscle density. Metabolic indicators improved, including higher ventilation rate, normalised liver fat, and restoration of both LDL and HDL cholesterol to healthy levels without raising circulating triglycerides.

Behaviourally, SKNY-1 dose-dependently suppressed high-calorie consumption, reduced compulsive food seeking, and eliminated nicotine-seeking even under stress. The compound also normalised leptin and ghrelin and, at lower doses, reduced elevated dopamine linked to reward cravings.

The company states that these results warrant advancement into IND-enabling studies and positions SKNY-1 as a potential cornerstone asset once the acquisition closes, citing a combined obesity and smoking market opportunity exceeding US$200 billion.

The filing does not include human data, transaction financials, development costs, or projected timelines.

NLS Pharmaceutics Ltd. â€� Schedule 13D filing (NLSPW)

Chairman Ronald Hafner has filed a Schedule 13D disclosing beneficial ownership of 557,131 common shares, equal to 13.2 % of the company’s 4,097,641 outstanding shares. Mr. Hafner possesses sole voting and dispositive power over the entire position; no shares are held jointly.

Capital deployment was entirely from personal funds. The filing details multiple transactions that built the position:

• Equity Purchase Agreement (10-Oct-2024): acquired 100,807 common shares plus 100,807 five-year warrants (exercise $4.25) at a combined price of $3.97.
• Warrant Amendment (9-Oct-2024): received pre-funded warrants for 1,925 shares, exercisable at CHF 0.80.
• Debt Purchase Agreement (10-Oct-2024): obtained 173,173 convertible preferred shares (conversion price $4.96) as part of a $4 m debt restructuring.
• Put-Call Agreement (Feb-2025): option exercised leading to purchase of 37,783 preferred shares for $150,000.
• Debt settlements: 111,637 common shares transferred from CEO Alexander Zwyer (7-Feb-2025) and 17,782 shares transferred from Magnetic Rock Investment AG (21-Feb-2025).

Intent: The shares are held for investment; no activist agenda is disclosed. The agreements grant limited participation rights (up to 50 % of future offerings for one year) but do not impose voting covenants. No criminal or civil proceedings are reported against the filer.

For investors, the filing signals material insider confidence and establishes Mr. Hafner as the company’s largest known shareholder, potentially aligning board decisions with shareholder value creation. No immediate dilution or earnings impact is indicated, but future conversions of preferred shares and warrant exercises could expand the float.

Form F-4/A Amendment No. 4 outlines the proposed all-share merger between NLS Pharmaceutics Ltd. ("NLS") and Kadimastem Ltd., an Israeli cell-therapy company listed on TASE. The transaction will be executed through the merger of NLS Pharmaceutics (Israel) Ltd., a wholly-owned subsidiary of NLS, into Kadimastem, with Kadimastem surviving. At the effective time, each Kadimastem ordinary share converts into NLS common shares using an exchange ratio designed to give Kadimastem shareholders approximately 80 % ownership of the fully-diluted post-merger equity (initial target 85 %), leaving legacy NLS holders with roughly 20 %.

Key structural elements include:

• Security issuance: Registration covers an undisclosed maximum number of NLS common shares and pre-funded warrants to satisfy U.S. 9.99 % beneficial-ownership limits.
• Capital actions: Two ordinary capital increases are sought to create sufficient common and preferred share capacity.
• Corporate re-branding & listing: Post-closing entity to trade on Nasdaq as NewcelX Ltd. under new tickers "NCEL" and "NCELW"; NLS has filed the required additional-listing application.
• Governance changes: Current NLS directors and officers will resign (except co-founder Alexander Zwyer, who retains a board seat for one year). Kadimastem’s board and executives will assume comparable roles in the combined company.
• Asset disposition & CVR: All non-DOXA assets of NLS are earmarked for sale, with net proceeds distributed to pre-merger NLS shareholders/warrant-holders via contingent value rights.
• Financing adjustments: $5.7 million raised by NLS from Oct-24 to Mar-25 is applied to the "Investment Proceeds Adjustment" that reduces Kadimastem’s final equity percentage.
• Convertible debt: Specified Kadimastem-related loans (US$1.7 million and NIS 3.4 million) convert to equity at closing.

The NLS extraordinary shareholders� meeting will seek advisory approval of the merger and the necessary capital increases. Completion remains subject to SEC effectiveness, Nasdaq approval, and customary closing conditions.