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Morgan Stanley Finance LLC, guaranteed by Morgan Stanley (ticker MS), is marketing Worst-of INDU and SPX Dual Directional Market-Linked Notes maturing on August 1, 2030. The structured note allocates exposure to the worst performer of the Dow Jones Industrial Average (INDU) and the S&P 500 Index (SPX). Key economic terms include a 100% upside participation rate and a 100% 鈥渁bsolute return鈥� participation on index declines of up to 20%. Positive index performance is capped at 137-140% of principal (maximum cash payment $1,370-$1,400). If the worst performing index closes below the 80% knock-out level on the single observation date (July 29, 2030), principal is fully at risk; the payment then reflects only the indexed return, potentially below par. The notes do not pay coupons and are not listed on any exchange.

The preliminary estimated value is $938.10 per $1,000 note鈥攔oughly 6% below issue price鈥攈ighlighting built-in fees and hedging costs. Investors face issuer and guarantor credit risk, limited secondary liquidity, tax complexity and valuation determined by Morgan Stanley鈥檚 internal models. All payments occur at maturity and depend solely on the closing level of the worst index on the observation date; interim movements are irrelevant. The offering is made under Registration Statement Nos. 333-275587 and 333-275587-01, with pricing set for July 28, 2025.

James William Burns, Chief Legal Officer of Agios Pharmaceuticals (AGIO), reported significant insider transactions on June 24, 2025:

• Acquired 6,000 shares through the vesting of Performance Share Units (PSUs) at $0 exercise price
• Subsequently sold 2,799 shares at $33.54 per share to cover tax withholding obligations
• Following these transactions, Burns now directly owns 28,650 shares

The PSUs were originally granted on March 1, 2023, with 50% vesting upon achievement of a research milestone and 50% upon a regulatory milestone. The reported transaction reflects the vesting of the first 50% as the research milestone was met. The share sale was executed under a pre-established Rule 10b5-1 trading plan, providing an affirmative defense against insider trading liability.

Agios Pharmaceuticals (AGIO) Chief Medical Officer Sarah Gheuens reported significant insider transactions on June 24, 2025. The transactions involved performance share units (PSUs) and common stock:

• 6,000 PSUs converted to common stock upon achieving a specified research milestone
• 2,909 shares were automatically sold at $33.54 per share to cover tax obligations
• Following the transactions, Gheuens holds 56,988 shares directly

The PSUs were originally granted on March 1, 2023, with 50% vesting upon achievement of a research milestone (now met) and 50% contingent on a future regulatory milestone. The share sale was executed under a pre-established 10b5-1 trading plan, demonstrating compliance with insider trading regulations. This transaction suggests positive progress in the company's research initiatives, as evidenced by the milestone achievement triggering the PSU conversion.

Agios Pharmaceuticals (AGIO) Chief Financial Officer Cecilia Jones reported significant insider transactions on June 24, 2025. The transactions involved the vesting of performance share units (PSUs) and subsequent share disposals:

• Acquired 6,000 shares through the vesting of PSUs at $0 exercise price
• Sold 1,780 shares at $33.54 per share to cover tax withholding obligations
• Retained beneficial ownership of 30,049 shares following the transactions

The PSU vesting was triggered by achieving a specified research milestone, representing 50% of the original PSU grant from March 1, 2023. The remaining 50% will vest upon meeting a regulatory milestone. The share sale was executed under a pre-established Rule 10b5-1 trading plan, providing an affirmative defense against insider trading liability.

Agios Pharmaceuticals (AGIO) Chief Commercial Officer Tsveta Milanova reported significant insider transactions on June 24, 2025. The transactions involved performance share units (PSUs) and common stock:

• 6,000 PSUs converted to common stock upon achieving a specified research milestone, representing 50% of the total PSU grant from March 1, 2023
• 2,770 shares were subsequently sold at $33.54 per share to cover tax withholding obligations
• Following these transactions, Milanova holds 26,122 shares directly

The share sale was executed under a pre-established 10b5-1 trading plan. The remaining 50% of PSUs will vest upon achievement of a specified regulatory milestone. The transactions reflect standard executive compensation practices and planned tax-related sales rather than discretionary trading decisions.

Agios Pharmaceuticals (NASDAQ: AGIO) filed a Form 4 disclosing CEO Brian Goff鈥檚 June 24 2025 equity transactions.

• PSU vesting: 25,527 and 12,750 shares (total 38,277) converted to common stock at $0 cost.
• Automatic sales for tax-withholding: 12,471 and 6,229 shares sold at $33.54, generating roughly $0.63 million.
• Net change: Beneficial ownership rose by 19,577 shares to 111,922, a ~21 % increase versus the pre-vesting position.
• Sales executed under pre-arranged Rule 10b5-1 instructions; no discretionary selling.

The filing is routine and contains no operational, financial or strategic updates.

TruGolf Holdings, Inc. (Nasdaq: TRUG) has executed a 1-for-50 reverse stock split of its common stock. Stockholders granted the Board discretionary authority at a May 30, 2025 special meeting to implement a split within a 1-for-5 to 1-for-75 range. The Board selected a 1-for-50 ratio, filed an amendment to the certificate of incorporation with the Delaware Secretary of State, and made the split effective at 12:01 a.m. ET on June 23, 2025.

Every fifty issued and outstanding shares automatically combined into one share with no change to the $0.0001 par value. Class A shares outstanding decline from roughly 40.5 million to 0.81 million, and Class B shares drop from about 10 million to 0.2 million. The authorized share count remains 660 million (650 million Class A, 10 million Class B).

Outstanding stock options and plan reserves are being proportionally adjusted. Fractional shares will not be issued; holders will receive cash equal to the average closing price of TRUG for the five trading days before the split multiplied by the fractional entitlement.

Post-split shares began trading on a split-adjusted basis on June 23, 2025 under the unchanged ticker "TRUG" and a new CUSIP 243733409. A summary of the amendment is attached as Exhibit 3.1; a related press release dated June 18, 2025 is filed as Exhibit 99.1.

Morgan Stanley Finance LLC, a finance subsidiary of Morgan Stanley, is offering long-dated Trigger GEARS (Growth Enhanced and Accelerated Return Securities) linked to the S&P 500 Index. The unsecured notes mature on 18 July 2035, carry no periodic interest, are not listed on any exchange and are fully and unconditionally guaranteed by Morgan Stanley. Each $10 note provides:

• Leveraged upside: If the S&P 500 final level is above the initial level, investors receive their principal plus the index return multiplied by an Upside Gearing set between 1.10 and 1.17 (to be fixed on the trade date 16 July 2025).
• Contingent principal protection: If the index return is 鈮� 0% but the final level is at or above 65 % of the initial level (the Downside Threshold), investors are repaid the full $10 principal.
• Full downside exposure below the threshold: If the final level falls below the Downside Threshold, repayment equals $10 + ($10 脳 index return); investors can lose some or all principal.

Key economic terms (indicative):

• Issue price: $10鈥億鈥僂stimated value on trade date: $8.906 (卤 $0.406)鈥冣啋 includes $0.50 sales commission and structuring/hedging costs.
• Downside Threshold: 65 % of initial level.
• Minimum purchase: 100 notes ($1,000).
• Issuer: Morgan Stanley Finance LLC; Guarantor: Morgan Stanley.
• Tenor: 10 years (strike 15 Jul 2025 鈥� maturity 18 Jul 2035).

Risk highlights (see 鈥淜ey Risks鈥�, page 5):

• No guaranteed return of principal; notes are principal-at-risk.
• Payments subject to credit risk of Morgan Stanley/MSFL.
• No interest or dividend entitlement; investors forgo S&P 500 dividends.
• Limited or no secondary market; MS&Co. is not obligated to make a market.
• Estimated value materially below issue price because of embedded costs and a funding rate advantageous to the issuer.
• Complex U.S. federal tax treatment; counsel鈥檚 opinion will be provided only on trade date.

Illustrative scenarios show maximum upside is uncapped (e.g., +100 % index return 鈫� +110 % note return with 1.10 gearing), while a 60 % index decline below the threshold results in a 60 % principal loss.

The product is positioned for investors who expect moderate to strong long-term appreciation in the S&P 500, can tolerate substantial downside and illiquidity, and are comfortable with exposure to Morgan Stanley鈥檚 credit.

Agios Pharmaceuticals, Inc. 鈥� Form 144 filing

An unnamed insider intends to sell 1,761 common shares of Agios Pharmaceuticals, Inc. (AGIO) through Morgan Stanley Smith Barney on 24 June 2025. The shares, worth about $60,596, were obtained the same day via the vesting of restricted stock units. With 57.9 million shares outstanding, the proposed sale equates to roughly 0.003 % of total shares, indicating an immaterial ownership change. No other insider sales were reported in the past three months, and the filer certified that no undisclosed adverse information is known.