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StoneX Group Inc. (NASDAQ: SNEX) disclosed via Form 8-K that its newly formed subsidiary, StoneX Escrow Issuer LLC, has priced and sold $625 million of 6.875% Senior Secured Notes due 2032. The proceeds are being placed in a segregated escrow account to fund the proposed acquisition of RTS Investor Corp. (the 鈥淢erger鈥�). If the Merger closes by 20 Oct 2025, the escrow issuer will merge into StoneX and the parent will assume the notes; otherwise, a special mandatory redemption at par (plus accrued interest) will be executed.

Key terms include: (1) semi-annual interest payments starting 15 Jan 2026; (2) optional redemption at par plus a make-whole premium before 15 Jul 2028, with stepped-down call prices thereafter; (3) up to 40 % equity-clawback at 106.875 % before 2028; and (4) a 101 % change-of-control put. Prior to escrow release, the notes are secured solely by the escrow account; once released, they will be second-lien obligations and fully and unconditionally guaranteed by StoneX鈥檚 restricted subsidiaries that already back the company鈥檚 senior secured credit facility.

The Indenture imposes customary high-yield covenants restricting additional debt, liens, dividends, asset sales, affiliate transactions and mergers, with standard carve-outs. Events of default trigger acceleration if 30 % of holders (or the trustee) act.

Implications for investors: StoneX secures large, fixed-rate capital at a relatively high coupon, increasing leverage but locking in long-dated financing for a strategic acquisition. Escrow mechanics shelter noteholders if the deal stalls, yet the notes will rank behind existing first-lien debt once released. No earnings data were included in this filing.

ACM Research, Inc. (Ticker: ACMR) 鈥� Form 144 filing

An individual named Lisa Yi Lu Feng has filed a notice to sell up to 15,000 common shares of ACM Research, Inc. through Morgan Stanley Smith Barney LLC. The approximate sale date is 07 July 2025. Based on the filing, the shares are valued at an aggregate market price of $420,000, representing roughly 0.023 % of the 63,864,504 shares outstanding. The shares were acquired on the same day through a stock-option exercise paid in cash.

The filer also disclosed a prior sale of 15,000 shares on 24 June 2025 that generated $390,000 in gross proceeds.

• No relationship to the issuer was specified in the form, and no adverse information was cited.
• The filing indicates compliance with Rule 144 and possible 10b5-1 planning, but no plan adoption date is provided.

The transaction is small relative to ACMR鈥檚 share count, suggesting limited share-supply impact. However, repeated insider-level sales within a short window may draw investor attention.

ServiceNow, Inc. (NYSE: NOW) 鈥� Form 144 filing

The filing discloses that Anita M. Sands intends to sell up to 239 common shares of ServiceNow through broker Fidelity Brokerage Services LLC. Based on the stated market price, the shares have an aggregate market value of $250,950. The planned sale date is 03 July 2025. ServiceNow has approximately 207 million shares outstanding, so the proposed sale represents less than 0.00012 % of shares outstanding.

The form also details Ms. Sands鈥� recent activity:

• 05 May 2025 鈥� sold 428 shares for gross proceeds of $433,825.08
• 02 Jun 2025 鈥� sold 248 shares for gross proceeds of $250,266.72

The 239 shares to be sold were acquired via stock-option exercise on 09 Nov 2021 and paid for in cash. The filer certifies that no undisclosed material adverse information is known, as required under Rule 144, and no Rule 10b5-1 trading plan date is provided.

Because the transaction size is immaterial relative to ServiceNow鈥檚 float and daily trading volume, the filing is mainly a routine disclosure of insider disposition rather than a signal of fundamental change. Investors typically monitor Form 144 filings for patterns of larger or repeated insider sales that could suggest shifting insider sentiment.