AG˹ٷ

STOCK TITAN

[8-K] Plug Power Inc. Reports Material Event

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

UBS AG is offering $230,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of CrowdStrike Holdings, Inc. (CRWD) that mature on 12 July 2027. The notes are unsecured senior obligations of UBS AG’s London branch and are not listed on any exchange or covered by deposit insurance.

Key economics

  • Issue price: $10.00 per note (minimum purchase = 100 notes)
  • Estimated initial value (UBS models): $9.80
  • Underwriting discount: $0.15 (1.5%) per note
  • Principal at risk: repayment of $10 is contingent on underlying performance
  • Term: � 2 years (trade 9 Jul 2025, maturity 12 Jul 2027) unless called early
  • Contingent coupon rate: 12.92% p.a. (� $0.2153 every two months) paid only if CRWD closes � $308.11 (60% of initial)
  • Automatic call: if CRWD closes � initial level of $513.51 on any observation date prior to final valuation, investors receive par plus that period’s coupon and the note terminates
  • Downside threshold / Coupon barrier: $308.11 (60% of initial level)

Pay-off profile

  • Called early: investor receives $10 + accrued coupon; maximum holding period could be as short as ~2 months.
  • Held to maturity & CRWD � $308.11: receive principal plus final coupon.
  • Held to maturity & CRWD < $308.11: repay $10 × (1 + price change). Losses are one-for-one with CRWD beyond the 40% buffer; total loss possible.

Risk highlights

  • No guaranteed coupons; missing the coupon barrier on any observation date means no income for that period.
  • Investors face full downside exposure below the 60% threshold and credit risk of UBS AG.
  • Estimated initial value is 2.0% below issue price, reflecting dealer compensation, hedge costs and UBS’s lower internal funding rate.
  • The notes are expected to be illiquid; any secondary sales will likely occur at a price materially below the issue price.

Key dates

  • Bimonthly observation dates starting 9 Sep 2025; final valuation 8 Jul 2027.
  • Coupons (if earned) pay two business days after each observation; maturity payment on 12 Jul 2027.

Tax treatment is uncertain; UBS intends to treat the notes as prepaid derivatives with ordinary income on coupons. Investors should review detailed risk factors and consult advisers before investing.

UBS AG offre 230.000 dollari in Note Trigger Autocallable a Rendimento Contingente legate alle azioni ordinarie di CrowdStrike Holdings, Inc. (CRWD) con scadenza il 12 luglio 2027. Le note sono obbligazioni senior non garantite della filiale londinese di UBS AG e non sono quotate in alcun mercato né coperte da assicurazione sui depositi.

Principali caratteristiche economiche

  • Prezzo di emissione: 10,00 $ per nota (acquisto minimo = 100 note)
  • Valore iniziale stimato (modelli UBS): 9,80 $
  • Sconto di sottoscrizione: 0,15 $ (1,5%) per nota
  • Capitale a rischio: il rimborso di 10 $ è condizionato alla performance dell’attività sottostante
  • Durata: circa 2 anni (negoziazione dal 9 lug 2025, scadenza 12 lug 2027) salvo richiamo anticipato
  • Coupon condizionato: 12,92% annuo (circa 0,2153 $ ogni due mesi) pagato solo se CRWD chiude � 308,11 $ (60% del valore iniziale)
  • Richiamo automatico: se CRWD chiude � livello iniziale di 513,51 $ in qualsiasi data di osservazione prima della valutazione finale, gli investitori ricevono il valore nominale più il coupon di quel periodo e la nota termina
  • Soglia ribassista / barriera coupon: 308,11 $ (60% del valore iniziale)

Profilo di rendimento

  • Richiamo anticipato: l’investitore riceve 10 $ + coupon maturato; il periodo massimo di detenzione potrebbe essere di circa 2 mesi.
  • Detenuto fino a scadenza & CRWD � 308,11 $: ricezione del capitale più coupon finale.
  • Detenuto fino a scadenza & CRWD < 308,11 $: rimborso pari a 10 $ × (1 + variazione del prezzo). Le perdite seguono uno a uno la perdita di CRWD oltre la soglia del 40%; perdita totale possibile.

Rischi principali

  • Nessun coupon garantito; il mancato superamento della barriera coupon in una data di osservazione comporta l’assenza di pagamento per quel periodo.
  • Gli investitori sono esposti interamente al ribasso sotto la soglia del 60% e al rischio di credito di UBS AG.
  • Il valore iniziale stimato è 2,0% inferiore al prezzo di emissione, riflettendo compensi per il dealer, costi di copertura e tassi di finanziamento interni inferiori di UBS.
  • Le note sono previste illiquide; eventuali vendite secondarie probabilmente avverranno a prezzi significativamente inferiori al prezzo di emissione.

Date chiave

  • Date di osservazione bimestrali a partire dal 9 set 2025; valutazione finale 8 lug 2027.
  • I coupon (se maturati) vengono pagati due giorni lavorativi dopo ogni data di osservazione; pagamento a scadenza il 12 lug 2027.

Il trattamento fiscale è incerto; UBS intende considerare le note come derivati prepagati con reddito ordinario sui coupon. Gli investitori dovrebbero esaminare attentamente i fattori di rischio e consultare consulenti prima di investire.

UBS AG ofrece 230,000 dólares en Notas Trigger Autocallables con Rendimiento Contingente vinculadas a las acciones ordinarias de CrowdStrike Holdings, Inc. (CRWD) que vencen el 12 de julio de 2027. Las notas son obligaciones senior no garantizadas de la sucursal de UBS AG en Londres y no están listadas en ninguna bolsa ni cubiertas por seguro de depósitos.

Aspectos económicos clave

  • Precio de emisión: 10.00 $ por nota (compra mínima = 100 notas)
  • Valor inicial estimado (modelos UBS): 9.80 $
  • Descuento de suscripción: 0.15 $ (1.5%) por nota
  • Principal en riesgo: el reembolso de 10 $ es condicional al desempeño del subyacente
  • Plazo: aproximadamente 2 años (negociación desde 9 jul 2025, vencimiento 12 jul 2027) salvo llamado anticipado
  • Tasa de cupón contingente: 12.92% anual (� 0.2153 $ cada dos meses) pagado solo si CRWD cierra � 308.11 $ (60% del inicial)
  • Llamado automático: si CRWD cierra � nivel inicial de 513.51 $ en cualquier fecha de observación antes de la valoración final, los inversores reciben el valor nominal más el cupón de ese período y la nota termina
  • Umbral a la baja / barrera de cupón: 308.11 $ (60% del nivel inicial)

Perfil de pago

  • Llamado anticipado: el inversor recibe 10 $ + cupón acumulado; el período máximo de tenencia podría ser tan corto como ~2 meses.
  • Mantenido hasta vencimiento & CRWD � 308.11 $: recibe principal más cupón final.
  • Mantenido hasta vencimiento & CRWD < 308.11 $: se reembolsa 10 $ × (1 + cambio en el precio). Las pérdidas son uno a uno con CRWD más allá del 40% de amortiguación; pérdida total posible.

Aspectos de riesgo

  • No hay cupones garantizados; no superar la barrera de cupón en cualquier fecha de observación implica no recibir ingresos para ese período.
  • Los inversores enfrentan exposición total a la baja por debajo del umbral del 60% y riesgo crediticio de UBS AG.
  • El valor inicial estimado es 2.0% inferior al precio de emisión, reflejando la compensación del dealer, costos de cobertura y la tasa interna de financiamiento más baja de UBS.
  • Se espera que las notas sean ilíquidas; cualquier venta secundaria probablemente será a un precio significativamente inferior al precio de emisión.

Fechas clave

  • Fechas de observación bimensuales desde el 9 de sep de 2025; valoración final el 8 de jul de 2027.
  • Los cupones (si se devengan) se pagan dos días hábiles después de cada fecha de observación; pago al vencimiento el 12 de jul de 2027.

El tratamiento fiscal es incierto; UBS planea tratar las notas como derivados prepagados con ingresos ordinarios en los cupones. Los inversores deben revisar detalladamente los factores de riesgo y consultar asesores antes de invertir.

UBS AG� CrowdStrike Holdings, Inc.(CRWD)� 보통주에 연계� 트리� 자동상환 조건부 수익 노트 230,000달러� 2027� 7� 12� 만기일로 발행합니�. � 노트� UBS AG 런던 지점의 무담� 선순� 채무이며, 거래소에 상장되어 있지 않고 예금 보험� 적용� 받지 않습니다.

주요 경제 조건

  • 발행 가�: 노트� 10.00달러 (최소 구매 수량 = 100노트)
  • 초기 추정 가�(UBS 모델): 9.80달러
  • 인수 수수� 할인: 노트� 0.15달러 (1.5%)
  • 원금 위험: 10달러 상환은 기초 자산� 성과� 조건�
  • 기간: � 2� (거래 시작 2025� 7� 9�, 만기 2027� 7� 12�), 조기 상환 � 종료
  • 조건부 쿠폰�: � 12.92% (� 2개월마다 0.2153달러 지�), CRWD 종가가 최초가� 60%� 308.11달러 이상� 때만 지�
  • 자동 상환: CRWD 종가가 만기 � 관찰일 � 어느 날이� 최초가� 513.51달러 이상� 경우, 투자자는 원금� 해당 기간 쿠폰� 받고 노트� 종료
  • 하락 임계� / 쿠폰 장벽: 최초가� 60%� 308.11달러

수익 구조

  • 조기 상환 �: 투자자는 10달러와 미지� 쿠폰� 수령하며, 보유 기간은 � 2개월까지 단축� � 있습니다.
  • 만기 보유 & CRWD � 308.11달러: 원금� 최종 쿠폰 수령.
  • 만기 보유 & CRWD < 308.11달러: 10달러 × (1 + 가� 변동률)� 상환. 40% 완충 구간� 넘어서는 CRWD 하락� 대� 1:1 손실 가�, 전액 손실 가능성 있음.

주요 위험 사항

  • 쿠폰은 보장되지 않으�, 관찰일� 쿠폰 장벽 미달 � 해당 기간 수익 없음.
  • 투자자는 60% 임계� 이하에서 전면적인 하락 위험� UBS AG� 신용 위험� 노출�.
  • 초기 추정 가치는 발행가보다 2.0% 낮으�, 딜러 보상, 헤지 비용 � UBS 내부 낮은 자금 조달 비용 반영.
  • 노트� 유동성이 낮을 것으� 예상되며, 2� 시장 매도 � 발행가보다 현저� 낮은 가격에 거래� 가능성 있음.

주요 일정

  • 2025� 9� 9일부� 격월 관찰일 시작; 최종 평가일은 2027� 7� 8�.
  • 쿠폰(발생 �)은 � 관찰일 � 영업� 기준 2� 이내 지�; 만기일은 2027� 7� 12�.

세금 처리 방식은 불확실하�, UBS� � 노트� 선불 파생상품으로 간주하여 쿠폰� 대� 일반 소득으로 과세� 계획입니�. 투자 � 위험 요소� 충분� 검토하� 전문가와 상담� 것을 권고합니�.

UBS AG propose 230 000 $ de Notes à Rendement Conditionnel Autocall Trigger liées aux actions ordinaires de CrowdStrike Holdings, Inc. (CRWD) arrivant à échéance le 12 juillet 2027. Ces notes sont des obligations senior non garanties de la succursale londonienne d’UBS AG et ne sont pas cotées en bourse ni couvertes par une assurance dépôts.

Principaux éléments économiques

  • Prix d’émission : 10,00 $ par note (achat minimum = 100 notes)
  • Valeur initiale estimée (modèles UBS) : 9,80 $
  • Décote de souscription : 0,15 $ (1,5 %) par note
  • Capital à risque : remboursement de 10 $ DzԻ徱پDzԲé à la performance sous-jacente
  • Durée : environ 2 ans (négociation à partir du 9 juillet 2025, échéance le 12 juillet 2027), sauf rappel anticipé
  • Taux de coupon conditionnel : 12,92 % par an (environ 0,2153 $ tous les deux mois), versé uniquement si CRWD clôture � 308,11 $ (60 % du niveau initial)
  • Rappel automatique : si CRWD clôture � niveau initial de 513,51 $ à une date d’observation avant la valorisation finale, les investisseurs reçoivent le pair plus le coupon de la période et la note prend fin
  • Seuil de baisse / barrière coupon : 308,11 $ (60 % du niveau initial)

Profil de rendement

  • Rappel anticipé : l’investisseur reçoit 10 $ plus le coupon couru ; la durée maximale de détention peut être aussi courte qu’environ 2 mois.
  • Détention jusqu’� l’échéance & CRWD � 308,11 $ : réception du principal plus le coupon final.
  • Détention jusqu’� l’échéance & CRWD < 308,11 $ : remboursement de 10 $ × (1 + variation du prix). Les pertes suivent à l’identique la baisse de CRWD au-delà du seuil de 40 % ; perte totale possible.

Points clés de risque

  • Pas de coupons garantis ; ne pas atteindre la barrière coupon à une date d’observation signifie pas de revenu pour cette période.
  • Les investisseurs sont exposés à la baisse totale sous le seuil de 60 % et au risque de crédit d’UBS AG.
  • La valeur initiale estimée est 2,0 % inférieure au prix d’émission, reflétant la rémunération du teneur de marché, les coûts de couverture et le taux de financement interne plus bas d’UBS.
  • Les notes devraient être illiquides ; toute revente secondaire se fera probablement à un prix nettement inférieur au prix d’émission.

Dates clés

  • Dates d’observation bimensuelles à partir du 9 septembre 2025 ; valorisation finale le 8 juillet 2027.
  • Les coupons (si acquis) sont payés deux jours ouvrables après chaque date d’observation ; paiement à l’échéance le 12 juillet 2027.

Le traitement fiscal est incertain ; UBS a l’intention de considérer les notes comme des dérivés prépayés avec un revenu ordinaire sur les coupons. Les investisseurs doivent examiner les facteurs de risque détaillés et consulter des conseillers avant d’investir.

UBS AG bietet Trigger Autocallable Contingent Yield Notes im Wert von 230.000 USD an, die an die Stammaktien von CrowdStrike Holdings, Inc. (CRWD) gekoppelt sind und am 12. Juli 2027 fällig werden. Die Notes sind unbesicherte vorrangige Verbindlichkeiten der Londoner Niederlassung von UBS AG und nicht an einer Börse gelistet oder durch Einlagensicherung gedeckt.

Wesentliche wirtschaftliche Eckdaten

  • Ausgabepreis: 10,00 USD pro Note (Mindestkauf = 100 Notes)
  • Geschätzter Anfangswert (UBS-Modelle): 9,80 USD
  • Underwriting-Rabatt: 0,15 USD (1,5%) pro Note
  • Kapitalrisiko: Rückzahlung von 10 USD ist äԲ von der Performance des Basiswerts
  • Laufzeit: ca. 2 Jahre (Handel ab 9. Juli 2025, Fälligkeit 12. Juli 2027), sofern kein vorzeitiger Rückruf erfolgt
  • Bedingter Kupon: 12,92% p.a. (ca. 0,2153 USD alle zwei Monate), nur zahlbar, wenn CRWD an einem Beobachtungstag � 308,11 USD (60% des Anfangswerts) schließt
  • Automatischer Rückruf: Schließt CRWD an einem Beobachtungstag vor der Endbewertung � dem Anfangsniveau von 513,51 USD, erhalten Anleger den Nennwert plus Kupon für diesen Zeitraum, und die Note endet
  • Abwärts-Schwelle / Kupon-Schwelle: 308,11 USD (60% des Anfangsniveaus)

Auszahlungsprofil

  • Vorzeitiger Rückruf: Anleger erhalten 10 USD plus aufgelaufenen Kupon; maximale Haltedauer kann etwa 2 Monate betragen.
  • Bis zur Fälligkeit gehalten & CRWD � 308,11 USD: Erhalt des Kapitals plus finalen Kupon.
  • Bis zur Fälligkeit gehalten & CRWD < 308,11 USD: Rückzahlung von 10 USD × (1 + Kursänderung). Verluste entsprechen eins zu eins der Abwärtsbewegung von CRWD über den 40%-Puffer hinaus; Totalverlust möglich.

Risikohighlights

  • Keine garantierten Kupons; das Verfehlen der Kupon-Schwelle an einem Beobachtungstag bedeutet keine Auszahlung für diesen Zeitraum.
  • Anleger tragen das volle Abwärtsrisiko unterhalb der 60%-Schwelle sowie das Kreditrisiko von UBS AG.
  • Der geschätzte Anfangswert liegt 2,0% unter dem Ausgabepreis, was Händlervergütung, Absicherungskosten und UBS� niedrigeren internen Finanzierungssatz widerspiegelt.
  • Die Notes werden voraussichtlich illiquide sein; Sekundärverkäufe dürften wahrscheinlich zu deutlich unter dem Ausgabepreis liegenden Kursen erfolgen.

Wichtige Termine

  • Zweistündliche Beobachtungstermine ab dem 9. September 2025; Endbewertung am 8. Juli 2027.
  • Kupons (falls verdient) werden zwei Geschäftstage nach jedem Beobachtungstermin gezahlt; Rückzahlung bei Fälligkeit am 12. Juli 2027.

Die steuerliche Behandlung ist ungewiss; UBS beabsichtigt, die Notes als vorausbezahlte Derivate mit gewöhnlichen Einkünften aus Kupons zu behandeln. Anleger sollten detaillierte Risikofaktoren prüfen und vor einer Investition Berater konsultieren.

Positive
  • Attractive contingent coupon of 12.92% p.a. if the underlying remains above the 60% barrier.
  • 40% downside buffer before principal loss at maturity provides moderate protection versus direct equity ownership.
  • Early call mechanism can shorten duration and enhance annualised return if CRWD trades above the initial level.
Negative
  • Full downside exposure below barrier; investors may lose all principal if CRWD drops more than 40% and never recovers.
  • Issue price exceeds estimated fair value by $0.20 (2%), reducing investor economics from day one.
  • Illiquidity risk; notes are not exchange-listed and secondary markets are discretionary, likely at steep discounts.
  • Credit risk of UBS AG; payments depend on the issuer’s solvency and are subject to Swiss bail-in regime.
  • Upside capped to coupon income; no participation in equity appreciation above par.

Insights

TL;DR High 12.92% coupon offsets a 40% buffer; principal at risk, limited upside, and illiquidity warrant neutral risk-reward view.

The note offers an above-market headline yield via contingent coupons but layers significant risks. The 60% barrier provides a moderate cushion, yet CrowdStrike’s historical volatility (>40% annualised) means breaching is plausible. Automatic call mechanics truncate upside—best-case total return is a few coupons if CRWD rallies early—and introduce reinvestment risk. Investors also pay a 2% economic premium (issue price vs. model value) and accept UBS credit exposure. Given these trade-offs, the structure suits income-seeking investors with a bullish-to-sideways 2-year view on CRWD, but it is not attractive for those seeking principal protection or diversified exposure.

TL;DR Principal loss risk, product illiquidity, and UBS credit considerations tilt risk profile negative despite headline yield.

UBS’s unsecured note embeds derivative exposure to a single tech equity, amplifying idiosyncratic risk. The 40% buffer may be insufficient should cybersecurity valuations compress—a plausible scenario in a risk-off market. Secondary market support is discretionary; bid-offer spreads can exceed the 1.5% underwriting discount, eroding exit value. While UBS remains investment-grade, Swiss resolution powers (FINMA) could impose write-downs in stress, a non-trivial tail risk. Overall impact on investors is risk-heavy with capped upside; classification: neutral to slightly negative.

UBS AG offre 230.000 dollari in Note Trigger Autocallable a Rendimento Contingente legate alle azioni ordinarie di CrowdStrike Holdings, Inc. (CRWD) con scadenza il 12 luglio 2027. Le note sono obbligazioni senior non garantite della filiale londinese di UBS AG e non sono quotate in alcun mercato né coperte da assicurazione sui depositi.

Principali caratteristiche economiche

  • Prezzo di emissione: 10,00 $ per nota (acquisto minimo = 100 note)
  • Valore iniziale stimato (modelli UBS): 9,80 $
  • Sconto di sottoscrizione: 0,15 $ (1,5%) per nota
  • Capitale a rischio: il rimborso di 10 $ è condizionato alla performance dell’attività sottostante
  • Durata: circa 2 anni (negoziazione dal 9 lug 2025, scadenza 12 lug 2027) salvo richiamo anticipato
  • Coupon condizionato: 12,92% annuo (circa 0,2153 $ ogni due mesi) pagato solo se CRWD chiude � 308,11 $ (60% del valore iniziale)
  • Richiamo automatico: se CRWD chiude � livello iniziale di 513,51 $ in qualsiasi data di osservazione prima della valutazione finale, gli investitori ricevono il valore nominale più il coupon di quel periodo e la nota termina
  • Soglia ribassista / barriera coupon: 308,11 $ (60% del valore iniziale)

Profilo di rendimento

  • Richiamo anticipato: l’investitore riceve 10 $ + coupon maturato; il periodo massimo di detenzione potrebbe essere di circa 2 mesi.
  • Detenuto fino a scadenza & CRWD � 308,11 $: ricezione del capitale più coupon finale.
  • Detenuto fino a scadenza & CRWD < 308,11 $: rimborso pari a 10 $ × (1 + variazione del prezzo). Le perdite seguono uno a uno la perdita di CRWD oltre la soglia del 40%; perdita totale possibile.

Rischi principali

  • Nessun coupon garantito; il mancato superamento della barriera coupon in una data di osservazione comporta l’assenza di pagamento per quel periodo.
  • Gli investitori sono esposti interamente al ribasso sotto la soglia del 60% e al rischio di credito di UBS AG.
  • Il valore iniziale stimato è 2,0% inferiore al prezzo di emissione, riflettendo compensi per il dealer, costi di copertura e tassi di finanziamento interni inferiori di UBS.
  • Le note sono previste illiquide; eventuali vendite secondarie probabilmente avverranno a prezzi significativamente inferiori al prezzo di emissione.

Date chiave

  • Date di osservazione bimestrali a partire dal 9 set 2025; valutazione finale 8 lug 2027.
  • I coupon (se maturati) vengono pagati due giorni lavorativi dopo ogni data di osservazione; pagamento a scadenza il 12 lug 2027.

Il trattamento fiscale è incerto; UBS intende considerare le note come derivati prepagati con reddito ordinario sui coupon. Gli investitori dovrebbero esaminare attentamente i fattori di rischio e consultare consulenti prima di investire.

UBS AG ofrece 230,000 dólares en Notas Trigger Autocallables con Rendimiento Contingente vinculadas a las acciones ordinarias de CrowdStrike Holdings, Inc. (CRWD) que vencen el 12 de julio de 2027. Las notas son obligaciones senior no garantizadas de la sucursal de UBS AG en Londres y no están listadas en ninguna bolsa ni cubiertas por seguro de depósitos.

Aspectos económicos clave

  • Precio de emisión: 10.00 $ por nota (compra mínima = 100 notas)
  • Valor inicial estimado (modelos UBS): 9.80 $
  • Descuento de suscripción: 0.15 $ (1.5%) por nota
  • Principal en riesgo: el reembolso de 10 $ es condicional al desempeño del subyacente
  • Plazo: aproximadamente 2 años (negociación desde 9 jul 2025, vencimiento 12 jul 2027) salvo llamado anticipado
  • Tasa de cupón contingente: 12.92% anual (� 0.2153 $ cada dos meses) pagado solo si CRWD cierra � 308.11 $ (60% del inicial)
  • Llamado automático: si CRWD cierra � nivel inicial de 513.51 $ en cualquier fecha de observación antes de la valoración final, los inversores reciben el valor nominal más el cupón de ese período y la nota termina
  • Umbral a la baja / barrera de cupón: 308.11 $ (60% del nivel inicial)

Perfil de pago

  • Llamado anticipado: el inversor recibe 10 $ + cupón acumulado; el período máximo de tenencia podría ser tan corto como ~2 meses.
  • Mantenido hasta vencimiento & CRWD � 308.11 $: recibe principal más cupón final.
  • Mantenido hasta vencimiento & CRWD < 308.11 $: se reembolsa 10 $ × (1 + cambio en el precio). Las pérdidas son uno a uno con CRWD más allá del 40% de amortiguación; pérdida total posible.

Aspectos de riesgo

  • No hay cupones garantizados; no superar la barrera de cupón en cualquier fecha de observación implica no recibir ingresos para ese período.
  • Los inversores enfrentan exposición total a la baja por debajo del umbral del 60% y riesgo crediticio de UBS AG.
  • El valor inicial estimado es 2.0% inferior al precio de emisión, reflejando la compensación del dealer, costos de cobertura y la tasa interna de financiamiento más baja de UBS.
  • Se espera que las notas sean ilíquidas; cualquier venta secundaria probablemente será a un precio significativamente inferior al precio de emisión.

Fechas clave

  • Fechas de observación bimensuales desde el 9 de sep de 2025; valoración final el 8 de jul de 2027.
  • Los cupones (si se devengan) se pagan dos días hábiles después de cada fecha de observación; pago al vencimiento el 12 de jul de 2027.

El tratamiento fiscal es incierto; UBS planea tratar las notas como derivados prepagados con ingresos ordinarios en los cupones. Los inversores deben revisar detalladamente los factores de riesgo y consultar asesores antes de invertir.

UBS AG� CrowdStrike Holdings, Inc.(CRWD)� 보통주에 연계� 트리� 자동상환 조건부 수익 노트 230,000달러� 2027� 7� 12� 만기일로 발행합니�. � 노트� UBS AG 런던 지점의 무담� 선순� 채무이며, 거래소에 상장되어 있지 않고 예금 보험� 적용� 받지 않습니다.

주요 경제 조건

  • 발행 가�: 노트� 10.00달러 (최소 구매 수량 = 100노트)
  • 초기 추정 가�(UBS 모델): 9.80달러
  • 인수 수수� 할인: 노트� 0.15달러 (1.5%)
  • 원금 위험: 10달러 상환은 기초 자산� 성과� 조건�
  • 기간: � 2� (거래 시작 2025� 7� 9�, 만기 2027� 7� 12�), 조기 상환 � 종료
  • 조건부 쿠폰�: � 12.92% (� 2개월마다 0.2153달러 지�), CRWD 종가가 최초가� 60%� 308.11달러 이상� 때만 지�
  • 자동 상환: CRWD 종가가 만기 � 관찰일 � 어느 날이� 최초가� 513.51달러 이상� 경우, 투자자는 원금� 해당 기간 쿠폰� 받고 노트� 종료
  • 하락 임계� / 쿠폰 장벽: 최초가� 60%� 308.11달러

수익 구조

  • 조기 상환 �: 투자자는 10달러와 미지� 쿠폰� 수령하며, 보유 기간은 � 2개월까지 단축� � 있습니다.
  • 만기 보유 & CRWD � 308.11달러: 원금� 최종 쿠폰 수령.
  • 만기 보유 & CRWD < 308.11달러: 10달러 × (1 + 가� 변동률)� 상환. 40% 완충 구간� 넘어서는 CRWD 하락� 대� 1:1 손실 가�, 전액 손실 가능성 있음.

주요 위험 사항

  • 쿠폰은 보장되지 않으�, 관찰일� 쿠폰 장벽 미달 � 해당 기간 수익 없음.
  • 투자자는 60% 임계� 이하에서 전면적인 하락 위험� UBS AG� 신용 위험� 노출�.
  • 초기 추정 가치는 발행가보다 2.0% 낮으�, 딜러 보상, 헤지 비용 � UBS 내부 낮은 자금 조달 비용 반영.
  • 노트� 유동성이 낮을 것으� 예상되며, 2� 시장 매도 � 발행가보다 현저� 낮은 가격에 거래� 가능성 있음.

주요 일정

  • 2025� 9� 9일부� 격월 관찰일 시작; 최종 평가일은 2027� 7� 8�.
  • 쿠폰(발생 �)은 � 관찰일 � 영업� 기준 2� 이내 지�; 만기일은 2027� 7� 12�.

세금 처리 방식은 불확실하�, UBS� � 노트� 선불 파생상품으로 간주하여 쿠폰� 대� 일반 소득으로 과세� 계획입니�. 투자 � 위험 요소� 충분� 검토하� 전문가와 상담� 것을 권고합니�.

UBS AG propose 230 000 $ de Notes à Rendement Conditionnel Autocall Trigger liées aux actions ordinaires de CrowdStrike Holdings, Inc. (CRWD) arrivant à échéance le 12 juillet 2027. Ces notes sont des obligations senior non garanties de la succursale londonienne d’UBS AG et ne sont pas cotées en bourse ni couvertes par une assurance dépôts.

Principaux éléments économiques

  • Prix d’émission : 10,00 $ par note (achat minimum = 100 notes)
  • Valeur initiale estimée (modèles UBS) : 9,80 $
  • Décote de souscription : 0,15 $ (1,5 %) par note
  • Capital à risque : remboursement de 10 $ DzԻ徱پDzԲé à la performance sous-jacente
  • Durée : environ 2 ans (négociation à partir du 9 juillet 2025, échéance le 12 juillet 2027), sauf rappel anticipé
  • Taux de coupon conditionnel : 12,92 % par an (environ 0,2153 $ tous les deux mois), versé uniquement si CRWD clôture � 308,11 $ (60 % du niveau initial)
  • Rappel automatique : si CRWD clôture � niveau initial de 513,51 $ à une date d’observation avant la valorisation finale, les investisseurs reçoivent le pair plus le coupon de la période et la note prend fin
  • Seuil de baisse / barrière coupon : 308,11 $ (60 % du niveau initial)

Profil de rendement

  • Rappel anticipé : l’investisseur reçoit 10 $ plus le coupon couru ; la durée maximale de détention peut être aussi courte qu’environ 2 mois.
  • Détention jusqu’� l’échéance & CRWD � 308,11 $ : réception du principal plus le coupon final.
  • Détention jusqu’� l’échéance & CRWD < 308,11 $ : remboursement de 10 $ × (1 + variation du prix). Les pertes suivent à l’identique la baisse de CRWD au-delà du seuil de 40 % ; perte totale possible.

Points clés de risque

  • Pas de coupons garantis ; ne pas atteindre la barrière coupon à une date d’observation signifie pas de revenu pour cette période.
  • Les investisseurs sont exposés à la baisse totale sous le seuil de 60 % et au risque de crédit d’UBS AG.
  • La valeur initiale estimée est 2,0 % inférieure au prix d’émission, reflétant la rémunération du teneur de marché, les coûts de couverture et le taux de financement interne plus bas d’UBS.
  • Les notes devraient être illiquides ; toute revente secondaire se fera probablement à un prix nettement inférieur au prix d’émission.

Dates clés

  • Dates d’observation bimensuelles à partir du 9 septembre 2025 ; valorisation finale le 8 juillet 2027.
  • Les coupons (si acquis) sont payés deux jours ouvrables après chaque date d’observation ; paiement à l’échéance le 12 juillet 2027.

Le traitement fiscal est incertain ; UBS a l’intention de considérer les notes comme des dérivés prépayés avec un revenu ordinaire sur les coupons. Les investisseurs doivent examiner les facteurs de risque détaillés et consulter des conseillers avant d’investir.

UBS AG bietet Trigger Autocallable Contingent Yield Notes im Wert von 230.000 USD an, die an die Stammaktien von CrowdStrike Holdings, Inc. (CRWD) gekoppelt sind und am 12. Juli 2027 fällig werden. Die Notes sind unbesicherte vorrangige Verbindlichkeiten der Londoner Niederlassung von UBS AG und nicht an einer Börse gelistet oder durch Einlagensicherung gedeckt.

Wesentliche wirtschaftliche Eckdaten

  • Ausgabepreis: 10,00 USD pro Note (Mindestkauf = 100 Notes)
  • Geschätzter Anfangswert (UBS-Modelle): 9,80 USD
  • Underwriting-Rabatt: 0,15 USD (1,5%) pro Note
  • Kapitalrisiko: Rückzahlung von 10 USD ist äԲ von der Performance des Basiswerts
  • Laufzeit: ca. 2 Jahre (Handel ab 9. Juli 2025, Fälligkeit 12. Juli 2027), sofern kein vorzeitiger Rückruf erfolgt
  • Bedingter Kupon: 12,92% p.a. (ca. 0,2153 USD alle zwei Monate), nur zahlbar, wenn CRWD an einem Beobachtungstag � 308,11 USD (60% des Anfangswerts) schließt
  • Automatischer Rückruf: Schließt CRWD an einem Beobachtungstag vor der Endbewertung � dem Anfangsniveau von 513,51 USD, erhalten Anleger den Nennwert plus Kupon für diesen Zeitraum, und die Note endet
  • Abwärts-Schwelle / Kupon-Schwelle: 308,11 USD (60% des Anfangsniveaus)

Auszahlungsprofil

  • Vorzeitiger Rückruf: Anleger erhalten 10 USD plus aufgelaufenen Kupon; maximale Haltedauer kann etwa 2 Monate betragen.
  • Bis zur Fälligkeit gehalten & CRWD � 308,11 USD: Erhalt des Kapitals plus finalen Kupon.
  • Bis zur Fälligkeit gehalten & CRWD < 308,11 USD: Rückzahlung von 10 USD × (1 + Kursänderung). Verluste entsprechen eins zu eins der Abwärtsbewegung von CRWD über den 40%-Puffer hinaus; Totalverlust möglich.

Risikohighlights

  • Keine garantierten Kupons; das Verfehlen der Kupon-Schwelle an einem Beobachtungstag bedeutet keine Auszahlung für diesen Zeitraum.
  • Anleger tragen das volle Abwärtsrisiko unterhalb der 60%-Schwelle sowie das Kreditrisiko von UBS AG.
  • Der geschätzte Anfangswert liegt 2,0% unter dem Ausgabepreis, was Händlervergütung, Absicherungskosten und UBS� niedrigeren internen Finanzierungssatz widerspiegelt.
  • Die Notes werden voraussichtlich illiquide sein; Sekundärverkäufe dürften wahrscheinlich zu deutlich unter dem Ausgabepreis liegenden Kursen erfolgen.

Wichtige Termine

  • Zweistündliche Beobachtungstermine ab dem 9. September 2025; Endbewertung am 8. Juli 2027.
  • Kupons (falls verdient) werden zwei Geschäftstage nach jedem Beobachtungstermin gezahlt; Rückzahlung bei Fälligkeit am 12. Juli 2027.

Die steuerliche Behandlung ist ungewiss; UBS beabsichtigt, die Notes als vorausbezahlte Derivate mit gewöhnlichen Einkünften aus Kupons zu behandeln. Anleger sollten detaillierte Risikofaktoren prüfen und vor einer Investition Berater konsultieren.

false 0001093691 0001093691 2025-07-08 2025-07-08 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 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): July 8, 2025

 

Plug Power Inc.

(Exact name of registrant as specified in its charter) 

 

Delaware   1-34392   22-3672377
(State or other jurisdiction   (Commission File   (IRS Employer
of incorporation)   Number)   Identification No.)

 

125 Vista Boulevard
Slingerlands, New York
  12159
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (518) 782-7700

 

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 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which
registered
Common Stock, par value $0.01 per share   PLUG   The 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 3.02Unregistered Sales of Equity Securities.

 

As previously disclosed in the Current Report on Form 8-K filed by Plug Power Inc. (the “Company”) with the Securities and Exchange Commission (the " SEC ") on April 28, 2025, the Company entered into a Secured Debenture Purchase Agreement (the “Debenture Purchase Agreement”) with YA II PN, Ltd., as buyer (the “Buyer”), pursuant to which the Company agreed to issue to the Buyer a warrant to purchase 31,500,000 shares of common stock (the “Warrant”) within five days of the date on which the Company obtains stockholder approval (i) to increase the number of its authorized shares of common stock or (ii) for a reverse stock split with respect to its common stock. On July 8, 2025, the Company issued the Warrant to the Buyer. The exercise price of the Warrant was determined at the time of the issuance of the Warrant and equaled $1.37, the lower of (i) the closing price of the Company’s common stock immediately preceding the issuance of the Warrant or (ii) the average closing price of the Company’s common stock for the five trading days immediately preceding the issuance of the Warrant. The Warrant is exercisable at any time on or after the date of issuance and will expire on July 10, 2028. A copy of the Warrant is attached hereto as Exhibit 4.1 and incorporated herein by reference. The foregoing description does not purport to be complete and is qualified in its entirety by reference to such exhibit.

 

The Warrant was issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The shares of common stock that may be issued upon exercise of the Warrant will be issued pursuant to the same exemption or pursuant to the exemption provided by Section 3(a)(9) of the Securities Act.

 

Item 8.01Other Events.

 

On July 9, 2025, the Company filed a prospectus supplement to its automatic shelf registration statement on Form S-3 (File No. 333-287577) relating to the resale by the Buyer of the common stock issuable upon exercise of the Warrant. A copy of the opinion of Goodwin Procter LLP relating to the legality of the common stock issuable upon exercisable of the Warrant is attached as Exhibit 5.1 hereto.

 

Item 9.01Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.   Description
4.1   Warrant to Purchase Common Stock dated July 8, 2025.
5.1   Opinion of Goodwin Procter LLP.
23.1   Consent of Goodwin Procter LLP (included in its opinion filed as Exhibit 5.1).
104   Cover Page Interactive Data File - the cover page iXBRL tags are embedded within the Inline XBRL document.

 

 

 

 

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 hereunto duly authorized.

 

  PLUG POWER INC.
     
Date: July 9, 2025 By: /s/ Paul Middleton
    Paul Middleton
    Chief Financial Officer

 

 

 

FAQ

What is the contingent coupon rate on the UBS Trigger Autocallable Notes linked to CRWD?

The notes pay a 12.92% per-annum contingent coupon, roughly $0.2153 every two months, but only when CRWD closes at or above $308.11.

How much downside protection do these notes offer?

At maturity investors are protected down to 40% below the initial CRWD level; below $308.11 principal loss is one-for-one with the share decline.

When can the notes be called early?

On any observation date before the final valuation, if CRWD closes at or above the $513.51 initial level, UBS will automatically call and repay par plus the coupon.

What is the credit exposure associated with the product?

The notes are unsecured senior debt of UBS AG; repayment depends entirely on UBS’s ability to pay and is subject to Swiss resolution powers.

Why is the estimated initial value lower than the issue price?

UBS values the notes at $9.80 due to embedded dealer margin, hedge costs and a lower internal funding rate, creating a 2% economic premium for investors.

Are the notes listed or easily tradable?

No. They will not be listed on any exchange; secondary liquidity, if any, is provided by UBS affiliates on a best-efforts basis.
Plug Power

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