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Arrow Financial Corp (AROW) filed a Form 4 reporting that director Elizabeth Miller received 569 common shares on 07/09/2025 as her quarterly board retainer (Code J). The filing reflects an implied price of $27.47, valuing the award at roughly $15.6 k. After the grant, Miller鈥檚 direct ownership totals 38,380 shares, while she also holds 5,847 shares indirectly through Miller Family Partnership, LP. The form notes an additional 150 shares acquired via the company鈥檚 DRIP since 04/09/2025, disclosed to provide an updated holdings figure. No derivative securities or Rule 10b5-1 plan transactions are reported. The activity is routine compensation and does not signal a material change in insider sentiment or company fundamentals.

Arrow Financial Corp. (AROW) 鈥� Form 4 insider filing

Director Colin L. Read reported a non-open-market acquisition of 307 common shares on 07/09/2025 (Transaction Code J), received as part of his quarterly director retainer. The award was priced at $27.47 per share, implying an estimated value of about $8.4 thousand. After the transaction, Read鈥檚 direct ownership stands at 29,099 shares; he also reports 3,020 shares held indirectly by his spouse. No derivative securities were acquired or disposed of.

The filing reflects routine director compensation rather than discretionary buying or selling, so it carries minimal immediate market significance.

Arrow Financial Corp (AROW) 鈥� Form 4 insider filing

• Reporting insider: Director Daniel James White
• Transaction date: 07/09/2025
• Shares acquired: 262 common shares
• Transaction code: J 鈥� quarterly director retainer paid in stock
• Price per share: $27.47 (approx. $7.2 k total value)
• Total direct holdings after trade: 4,897 shares
• Additional disclosure: 9 DRIP shares accumulated since 04/09/2025, now included in total ownership
• Derivatives: None reported

The filing reflects routine board compensation rather than an open-market purchase or sale. The modest size and lack of derivatives signal limited market impact and primarily serve to update the director鈥檚 ownership record for compliance with Section 16 reporting requirements.

Citigroup Global Markets Holdings Inc. is offering $3.9 million of Trigger Autocallable Notes linked to the S&P 500 Index, fully and unconditionally guaranteed by Citigroup Inc. The notes settle 14 July 2025 and have a scheduled maturity of 14 July 2027 (鈮� 2 years) unless automatically called earlier.

Coupon structure. The notes pay no periodic interest. Instead, beginning six months after issuance the issuer will observe the S&P 500 on seven quarterly valuation dates. If the closing level on any date is at or above the initial level (6,280.46), the notes are automatically called for the stated principal plus a call return of 9.10 % p.a. The call price rises from $10.455 (4.55 %) on the first valuation date to $11.82 (18.20 %) on the final valuation date.

Principal at risk. If the notes are not called, repayment at maturity depends on the final index level. Investors receive full principal only if the index is at least 80 % of the initial level (downside threshold = 5,024.37). Below that threshold, repayment equals $10 脳 (1 + index return), exposing holders to 100 % of the index鈥檚 downside. There is no minimum payment; a total loss is possible.

Key terms and costs. 鈥� Issue price: $10.00 per note; estimated value: $9.803 (reflects distribution and hedging costs). 鈥� Underwriting discount: $0.15 per note (1.5 %). 鈥� Minimum investment: 100 notes. 鈥� CUSIP/ISIN: 17332B884 / US17332B8845. 鈥� The notes are unsecured, unsubordinated obligations of the issuer and rank pari passu with its other senior debt.
鈥� The notes will not be listed on any exchange; secondary liquidity, if any, will be provided by CGMI on a best-efforts basis.

Risk highlights. Investors face credit risk of both Citigroup Global Markets Holdings Inc. and Citigroup Inc.; potential loss of principal; limited upside capped at the call return; lack of interest payments; valuation and liquidity risk; and uncertain U.S. tax treatment (prepaid forward vs. debt characterization). The pricing supplement contains extensive risk factors beginning on page PS-7.

Culp, Inc. (NYSE: CULP) filed its FY 2025 Form 10-K covering the 52-week period ended 27 April 2025. Net sales fell 5 % year-over-year to $213.2 million, marking a third consecutive annual decline (FY 2023: $234.9 million 鉃� FY 2024: $225.3 million 鉃� FY 2025: $213.2 million). The Mattress Fabrics segment contributed 53 % of revenue ($113.9 million) while Upholstery Fabrics represented 47 % ($99.3 million).

• Restructuring: Beginning 1 May 2024, Culp executed a broad cost-reduction plan focused on consolidating mattress-fabric operations, closing its St. Jerome, Quebec plant, downsizing Haitian cover operations, and rationalising upholstery finishing in China. FY 2025 charges totalled $9.4 million, including $5.6 million cash.
• Expected benefits: Management targets $1.5 million in annualised corporate cost savings plus enhanced asset utilisation, a shift to strategic sourcing for woven jacquard fabrics, and streamlined North American distribution.
• Strategic integration: At fiscal year-end, the two operating divisions (Culp Home Fashions & Culp Upholstery Fabrics) began integration to form a unified platform, aiming for greater agility and lower overhead while financial reporting will still present two segments.
• Supply-chain positioning: Post-closure, knitting/finishing is concentrated in Stokesdale, NC; woven jacquards are primarily sourced from a long-term partner in Turkey; upholstery kits are sourced from China and Vietnam, with a new admin office in Ho Chi Minh City to diversify supply.
• Capital structure & listing: 12.56 million shares outstanding (9 July 2025); public float market value (27 Oct 2024) was $56.3 million. The company remains a smaller reporting company and non-accelerated filer.

The filing provides extensive business-environment detail but no bottom-line earnings data; investors should watch forthcoming Q1 FY 2026 results to gauge whether restructuring delivers margin recovery after the revenue slide.

Citigroup Global Markets Holdings Inc. is offering $12 million of one-year Airbag Autocallable Contingent Yield Notes with a Memory Coupon Feature linked to the common stock of Microsoft Corporation (MSFT). All payments are fully and unconditionally guaranteed by Citigroup Inc.

Key commercial terms

• Issue price: $10,000 per note; minimum denomination $10,000.
• Contingent coupon: 14.30 % p.a. (鈮� 1.1917 % monthly) paid only if MSFT鈥檚 closing price on the relevant valuation date is 鈮� the Coupon Barrier (90 % of the initial price).
• Memory feature: any missed coupons are carried forward and paid if a future valuation date meets the barrier.
• Automatic call: beginning one month post-issuance, the notes are automatically redeemed at par plus applicable coupons (including unpaid coupons) if MSFT closes 鈮� the Initial Underlying Price on any monthly valuation date.
• Protection levels (both set at 90 % of initial price of $503.51):
  鈥� Coupon Barrier: $453.16
  鈥� Conversion Price: $453.16
• If not called and the Final Underlying Price is 鈮� Conversion Price, investors receive par plus due coupons. Otherwise they receive 22.06726 MSFT shares per note (worth less than par if MSFT has fallen) and may lose up to 100 % of principal.
• Estimated value on the trade date: $9,961 (鈮� 99.6 % of par), below the issue price, reflecting selling and hedging costs and Citi鈥檚 internal funding rate.
• Underwriting discount: $10 per note; net proceeds to issuer: $9,990 per note.
• The notes will not be listed; liquidity depends on Citigroup Global Markets Inc. making a market.

Risk highlights

• No unconditional principal protection; investors bear full downside below a 10 % cushion and receive shares, not cash.
• Coupon payments are contingent; zero coupons are possible if MSFT trades below the barrier on all valuation dates.
• Early automatic call limits upside to received coupons.
• Exposure to issuer and guarantor credit risk; default would leave investors with no recourse to Microsoft.
• Secondary market value likely to be below issue price due to bid/ask spreads, funding rate differentials and market factors.

The product is designed for sophisticated investors who are short-term moderately bullish on MSFT, comfortable with equity downside, and seeking a high conditional yield. It is unsuitable for investors requiring capital preservation, dividends, or assured liquidity.

Schedule 13G highlights for Luminar Technologies, Inc. (NYSE: LAZR)

A group of six Susquehanna-affiliated entities 鈥� Capital Ventures International, Susquehanna Advisors Group, G1 Execution Services, Susquehanna Fundamental Investments, Susquehanna Portfolio Strategies and Susquehanna Securities 鈥� has filed a Schedule 13G indicating passive ownership of Luminar鈥檚 Class A common stock.

• Event date: 16 Apr 2025 (filed 11 Jul 2025).
• Aggregate beneficial ownership: 2,547,884 shares.
• Percent of class: 6.1 % of the 40,515,215 shares outstanding as of 31 Mar 2025.
• Voting/Dispositive power: Each entity reports sole and shared powers consistent with the group structure. For example, Susquehanna Securities alone holds sole voting and dispositive power over 1,324,776 shares and shares power over the full 2.55 million.
• Derivative exposure: Susquehanna Securities鈥� total includes 1,313,678 stock options, signalling additional optionality on the issuer鈥檚 equity.
• Filing type: Schedule 13G (passive). The certification states the securities were not acquired to influence control of the issuer.

The filing crosses the 5 % reporting threshold, signalling a meaningful institutional presence but, given the Schedule 13G status, no activist intent. The disclosure may improve liquidity perception and broaden the shareholder base, yet it does not in itself alter Luminar鈥檚 operations or strategy.

The Definitive Proxy Statement for First Trust Exchange-Traded Fund VI (the 鈥淭rust鈥�) calls a special shareholder meeting on 12 August 2025 at 2:15 p.m. CT at First Trust Advisors鈥� Wheaton, Illinois offices. Holders of any of the Trust鈥檚 37 exchange-traded funds who were shareholders of record on 9 June 2025 are entitled to vote.

Single proposal: elect or re-elect eight Board nominees鈥攃urrent Trustees James A. Bowen (Interested), Richard E. Erickson, Thomas R. Kadlec, Denise M. Keefe, Robert F. Keith, Niel B. Nielson, Bronwyn Wright, and new Independent nominee Thomas J. Driscoll. Seven already serve; Driscoll, recently retired Deloitte partner, would expand the Board to eight members (one Interested, seven Independent).

The Board states that full shareholder election of all Trustees will allow future vacancies to be filled without convening additional shareholder meetings, thereby reducing administrative expense. Election requires a plurality of votes cast; abstentions, withheld votes and broker non-votes have no effect if a quorum (33鈪�% of voting power) is present.

Shareholders may vote by mail, phone, internet or in person. Proxy solicitation, printing and mailing expenses鈥攅stimated aggregate fee to EQ Fund Solutions of roughly $41,000鈥攚ill be shared equally by each Fund in the Trust and certain affiliated First Trust funds.

The Board unanimously recommends a 鈥淔OR鈥� vote on the proposal. No other substantive matters or financial performance data are included in the filing.

The Definitive Proxy Statement for First Trust Exchange-Traded Fund VI (the 鈥淭rust鈥�) calls a special shareholder meeting on 12 August 2025 at 2:15 p.m. CT at First Trust Advisors鈥� Wheaton, Illinois offices. Holders of any of the Trust鈥檚 37 exchange-traded funds who were shareholders of record on 9 June 2025 are entitled to vote.

Single proposal: elect or re-elect eight Board nominees鈥攃urrent Trustees James A. Bowen (Interested), Richard E. Erickson, Thomas R. Kadlec, Denise M. Keefe, Robert F. Keith, Niel B. Nielson, Bronwyn Wright, and new Independent nominee Thomas J. Driscoll. Seven already serve; Driscoll, recently retired Deloitte partner, would expand the Board to eight members (one Interested, seven Independent).

The Board states that full shareholder election of all Trustees will allow future vacancies to be filled without convening additional shareholder meetings, thereby reducing administrative expense. Election requires a plurality of votes cast; abstentions, withheld votes and broker non-votes have no effect if a quorum (33鈪�% of voting power) is present.

Shareholders may vote by mail, phone, internet or in person. Proxy solicitation, printing and mailing expenses鈥攅stimated aggregate fee to EQ Fund Solutions of roughly $41,000鈥攚ill be shared equally by each Fund in the Trust and certain affiliated First Trust funds.

The Board unanimously recommends a 鈥淔OR鈥� vote on the proposal. No other substantive matters or financial performance data are included in the filing.