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LQR House Inc. (ticker: LQR) â€� Form 4 filing dated 07/02/2025

Director Jing Lu reported the conversion of 179 restricted stock units (RSUs) into an equal number of common shares on 06/30/2025. The RSUs and resulting shares were already adjusted for the company’s 1-for-35 reverse stock split completed on 04/21/2025.

Following the transaction, Lu now directly owns 358 common shares and retains 1,071 RSUs that remain unconverted. The transaction was coded “M� (conversion without payment) and carried a stated price of $0, indicating no open-market purchase or sale occurred. The filing was made individually by the reporting person and does not reflect any change in control or large-scale insider accumulation/disposition.

The event is routine housekeeping—typically neutral for valuation—as it merely shifts previously granted equity from derivative to non-derivative form without affecting the company’s cash flows or total share count beyond what was already anticipated.

Form 4 highlight: On 06/30/2025, LQR House Inc. (ticker: LQR) director Hong Chun Yeung converted 179 restricted stock units into 179 common shares at $0 exercise price. The RSUs were granted on 12/19/2024 and all figures are adjusted for the 1-for-35 reverse stock split completed on 04/21/2025.

Post-conversion, Mr. Yeung directly owns 358 common shares and retains 1,071 unexercised RSUs. Transaction code “M� signals a derivative security conversion rather than an open-market purchase or sale, so no cash changed hands and the float was unaffected beyond the de minimis share issuance.

The additional shares represent an immaterial fraction of LQR’s outstanding equity and do not meaningfully alter insider ownership or voting control. Nevertheless, the filing confirms ongoing vesting of equity-based compensation and provides a transparent record of insider holdings following the recent reverse split.

Sempra (SRE) â€� Form 4 insider filing: Director Jack T. Taylor reported acquiring 164.09 phantom shares of Sempra common stock on 01 July 2025 as part of routine board compensation. Each phantom share converts 1-for-1 into common stock upon distribution. Following the grant, Taylor now holds 40,321.76 phantom shares, of which 1,863.44 are unvested and subject to forfeiture if service ends under certain conditions. No open-market purchases or sales of Sempra common shares were disclosed, and there were no changes to direct share ownership.

Because the transaction is compensation-related and involves a relatively small number of derivative units compared with Taylor’s existing position, the filing is considered routine and does not materially alter the company’s ownership structure.

Gran Tierra Energy Inc. (GTE) filed a Form 4 disclosing that Jim Evans, the company’s Vice President, Corporate Services, purchased 286 shares of common stock on 07/02/2025 through the company’s Employee Stock Purchase Plan (ESPP). The transaction is coded “Aâ€� and is exempt under Rules 16b-3(c) and 16b-3(d). The shares were acquired at an effective price of $4.82 per share (Canadian dollars converted to U.S. dollars). Following this purchase, Evans directly owns 46,602 shares and indirectly owns 6,100 shares through his spouse. No derivative securities were reported, and there were no sales. Although the addition represents a modest increase relative to his existing position, insider buying—particularly by an executive officer—can signal personal confidence in the issuer’s prospects. However, given the small size of the transaction, the immediate financial impact on overall share supply and valuation is expected to be negligible.

On 06/30/2025, WESCO International (WCC) Executive Vice President & Chief Human Resources Officer Christine Ann Wolf reported the acquisition of 7.7069 shares of common stock through dividend-equivalent rights (DERs) attached to existing restricted stock units. The shares were credited at a price of $0.00, reflecting automatic reinvestment of the company’s quarterly dividend.

After this routine accrual, Wolf’s direct holdings increased to 30,188.2811 shares. No shares were sold and no other derivative transactions were reported. Given the immaterial size of the acquisition—well below 0.01% of WESCO’s outstanding shares—the filing is viewed as a normal administrative adjustment rather than a meaningful indicator of insider sentiment or future company performance.

United Airlines Holdings, Inc. (UAL) has filed a Form 4 disclosing an insider transaction by Director Walter Isaacson.

• Transaction date: 06/30/2025
• Securities involved: 502.89 derivative share units acquired at $0 cost under the company’s 2006 Director Equity Incentive Plan (DEIP).
• Conversion ratio: 1 share unit = 1 share of common stock.
• Settlement timing: Units convert to common stock after the director’s separation from service, per DEIP terms.
• Post-transaction holdings: Isaacson now beneficially owns 21,058.91 share units, held directly.

The filing represents a routine deferral of quarterly director retainer fees rather than an open-market purchase or sale. No non-derivative common stock transactions were reported. The disclosure is dated 07/02/2025 and contains no price-sensitive information beyond the incremental increase in deferred equity.

On July 1, 2025, Seres Therapeutics (MCRB) filed a Form 4 indicating that non-employee director Claire Fraser received a stock option for 6,452 shares of common stock at an exercise price of $10.71. The option expires on July 1, 2035 and vests in four equal quarterly installments beginning October 1, 2025 and ending July 1, 2026, with the final tranche accelerated if the 2026 annual shareholder meeting occurs earlier. Following the grant, Fraser beneficially owns 6,452 derivative securities; no open-market acquisitions or sales of common stock were reported. The transaction is routine director compensation, non-cash in nature, and does not materially affect Seres Therapeuticsâ€� share count or cash position.

Stellus Capital Investment Corporation (NYSE: SCM) has filed a Form N-2 shelf registration that would allow the Business Development Company to issue up to $300 million of securities—including common and preferred stock, debt, warrants and subscription rights—on a delayed or continuous basis. The filing keeps the Company qualified under General Instruction A.2 and Rule 415, giving management flexibility to tap capital markets quickly as opportunities arise.

Capital structure & leverage. As of 31 March 2025, SCM had:

• Asset coverage ratio of 234 % (well above the 150 % minimum).
• Senior secured revolving Credit Facility commitment of $315 m (accordion to $350 m) with $221.8 m outstanding; maturity 2028; SOFR +2.50-2.75 % plus CSA.
• $100 m of 4.875 % unsecured notes due 2026.
• $75 m of newly issued 7.250 % unsecured notes due 2030.
• $308.8 m of SBA-guaranteed debentures across two SBIC subsidiaries.

The additional shelf capacity could push leverage higher, but management emphasises compliance with BDC asset-coverage limits and multiple covenants (liquidity � $10 m, interest coverage � 1.75×, etc.).

Potential dilution. The board already has shareholder authorisation (through June 2025) to issue common shares below NAV; the prospectus warns that such issuances would dilute existing holders and may pressure the market price. NAV was $13.25 at 31 Mar 2025 versus a market price of $13.81 on 12 Jun 2025 (4.2 % premium).

Investment strategy. SCM originates first-lien, unitranche, second-lien and unsecured loans to lower-middle-market private companies with $5-50 m EBITDA, often alongside equity co-investments. These loans are typically unrated and would likely be considered “junk� if rated. The adviser, Stellus Capital Management, may co-invest alongside affiliated funds under a 2022 SEC exemptive order.

Distribution profile. SCM pays monthly dividends of $0.1333 per share ($1.60 annualised), supports a dividend reinvestment plan (opt-out), and intends to maintain RIC status by distributing � 90 % of taxable income.

Use of proceeds. Net proceeds from any future offerings will be used for portfolio investments, debt repayment, and general corporate purposes; management targets deployment within three to six months while parking cash in short-term instruments pending investment.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering $3.538 million of Autocallable Contingent Coupon Equity-Linked Securities linked to Target Corporation (TGT) stock, due July 6, 2027. The notes are unsecured senior obligations issued off the Series N MTN program and sold under prospectus supplement 424(b)(2).

Key economic terms:

• Stated principal: $1,000 per note; issue price 100%.
• Quarterly contingent coupon: 3.125 % (12.50 % p.a.) paid only if TGT’s closing price on the relevant valuation date is â‰� coupon barrier.
• Coupon & final barriers: $54.258 (55 % of the $98.65 initial underlying value).
• Autocall: On six scheduled dates from Dec 30 2025 to Mar 30 2027 the notes redeem at par plus coupon if TGT â‰� initial value.
• Maturity payment (if not called): Par if TGT â‰� final barrier; otherwise investors receive 10.13685 TGT shares (or cash equivalent), exposing them to full downside below the 55 % barrier and potentially total loss.
• Estimated value at pricing: $974.50 (2.55 % below issue price) reflecting structuring and hedging costs. Underwriting fee up to $18.50; net proceeds $981.50 per note.
• The securities will not be listed; liquidity is expected to be limited to CGMI’s discretionary secondary market.

Risk highlights (PS-6 to PS-9): investors may lose all principal if TGT falls >45 %; coupons are not guaranteed; early redemption can curtail income; exposure to Citi credit risk; product priced above estimated value; secondary market, if any, likely below issue price. U.S. federal tax treatment uncertain; withholding possible for non-U.S. holders.

Citi-specific impacts: The $3.5 million offering is immaterial to Citigroup’s capital base, but generates fee income and hedging flows. Because the product embeds short-put/long-bond economics, Citi hedges via equity derivatives, benefitting from bid/offer and funding spreads disclosed.