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GS Finance Corp., a subsidiary of The Goldman Sachs Group, Inc., is issuing $592,000 of Autocallable Equity-Linked Notes due July 15, 2030 under its Series F medium-term note program. The notes are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. and will be sold at 100% of face value on the original issue date of July 10 2025.

Structure: the zero-coupon notes provide two potential payment scenarios:

• Automatic call 鈥� If, on the single call observation date (July 7 2027), the closing price of each reference stock (UNH, CRWD, AMZN, PLTR, NVDA) is 鈮� 80% of its initial price, the notes are redeemed early for $1,450 per $1,000 face amount (45.0% gross return, 鈮�18% IRR).
• Maturity payment 鈥� If not called, holders receive on July 15 2030:
• Face amount 脳 [1 + 100% 脳 lesser-performing stock return] if each final price > initial price.
• Face amount ($1,000) if any final price 鈮� initial price.

Reference stock initial prices: UNH $303.71; CRWD $505.46; AMZN $223.47; PLTR $139.12; NVDA $158.24 (all recorded on trade date 07-07-25).

Economics & fees: underwriting discount 1.125%; net proceeds 98.875%. The estimated value at pricing is $938 per $1,000, reflecting model value minus fees and hedging spread. GS &Co.鈥檚 bid/ask adjustment ($62) amortises to zero by 10-07-25, after which secondary quotes align with the model value.

Risk / return profile:

• Principal preservation 鈥� No loss of principal provided GS and guarantor remain solvent.
• Upside capped 鈥� 45% maximum via automatic call; otherwise uncapped but only if all five stocks rise.
• Worst-of basket 鈥� Maturity upside linked to single worst performer; any lagging stock nullifies growth.
• Credit risk 鈥� Payments depend on GS Finance Corp. and The Goldman Sachs Group, Inc.
• Liquidity 鈥� No listing; market-making discretionary; investors may face wide spreads.
• Valuation discount 鈥� Issue price exceeds model value by 6.2%, creating negative carry if sold early.

Key dates: Trade 07-07-25 | Issue 07-10-25 | Call observation 07-07-27 | Call payment 07-14-27 | Determination 07-08-30 | Maturity 07-15-30.

Investors seeking equity exposure with principal protection and potential for a 45% pre-maturity return may find the notes attractive, but must weigh valuation discount, concentration in five high-beta technology / healthcare names, call risk, and Goldman Sachs credit exposure.

Form 144 Overview: Krystal Biotech, Inc. (ticker KRYS) has filed a Form 144 indicating the proposed sale of 25,000 common shares through Morgan Stanley Smith Barney on or about 9 July 2025 on Nasdaq.

Key details

• Aggregate market value: US$3,583,375.
• Outstanding shares: 28,898,680.
• Percentage of float: roughly 0.09 % of shares outstanding.
• Seller鈥檚 position: Shares were acquired on 31 Mar 2017 as founders shares; no prior sales reported in the past three months.

The filing is a routine notice required under Rule 144 when an affiliate or insider intends to dispose of restricted or control securities. At <0.1 % of the company鈥檚 outstanding stock, the transaction is immaterial in scale and unlikely to meaningfully impact liquidity or corporate control. Nonetheless, insider sales can attract investor attention because they may be interpreted鈥攔ightly or wrongly鈥攁s signals about management鈥檚 outlook. The seller affirms they possess no undisclosed material adverse information, and no 10b5-1 trading plan adoption date is disclosed.

Investment view: This appears to be a low-impact, discretionary sale by an insider. Investors typically monitor cumulative insider activity and sale frequency rather than isolated filings of this size. No information in the document suggests operational, financial, or strategic changes at Krystal Biotech.

Goldman Sachs Group, Inc. (GS) has filed a preliminary prospectus supplement (Form 424B2) for a new tranche of senior unsecured Fixed-Rate Notes due July 31, 2035 under its Medium-Term Notes, Series N program.

Key commercial terms include:

• Principal: to be set on the July 29, 2025 trade date (minimum denominations of $1,000).
• Coupon: 5.00% per annum, calculated on a 30/360 (ISDA) basis and paid annually every 31 July, beginning 31 July 2026.
• Maturity: 10 years, with repayment of principal on 31 July 2035; no issuer call option.
• Issue price / underwriting discount: initially 100% of face value, subject to concessions and lower prices for fee-based advisory accounts; specific percentages will be fixed on the trade date.
• Listing: the notes will not be listed on any exchange or quotation system, and secondary liquidity will rely on dealer market-making.
• Settlement: DTC-cleared, book-entry only; expected original issue date is 31 July 2025 (T+2).
• Defeasance: both full and covenant defeasance provisions apply under the senior indenture.

The filing emphasises that investors should review Goldman Sachs鈥� Q2 2025 earnings release, which is expected on or about 16 July 2025, before committing to the notes. Purchasers may withdraw orders up to the trade date, and the entire issuance may be cancelled if GS鈥� credit spread widens materially in the interim, at the issuer鈥檚 sole discretion.

Distribution: Goldman Sachs & Co. LLC is sole book-runner and, as an affiliate, the offering is subject to FINRA Rule 5121 (conflicts of interest). The securities cannot be offered to retail investors in the EEA or UK under PRIIPs regulations, and are subject to similar selling restrictions in Hong Kong, Singapore, Japan, and Switzerland.

Tax considerations: Standard U.S. federal income tax treatment applies鈥攁nnual coupon is ordinary income; gain/loss on disposition is capital in nature; FATCA withholding rules apply.

Investor takeaways: These senior notes provide a fixed 5% yield for 10 years from a large, investment-grade financial issuer. However, the preliminary document leaves key variables鈥攖otal size, final pricing concessions and net proceeds鈥攂lank pending finalisation on the trade date, and the absence of listing may limit liquidity.

Form 4 filing 鈥� Insider transaction at Gevo (GEVO)

Executive Vice President L. Lynn Smull reported the disposition of 3,928.83 shares of Gevo common stock on 01 Jul 2025 at an average price of $1.33 per share. The shares were held in and sold through the company鈥檚 401(k) plan; a footnote clarifies that 20.63 of those shares were liquidated between 11 Jun 2025 and 07 Jul 2025 to cover plan administrative fees.

After the transaction, Smull鈥檚 indirect 401(k) position stands at 18,098.05 shares. A separate line in the filing indicates 1,171,550 shares of direct ownership, suggesting the officer maintains a substantial equity stake. No derivative securities were reported, and the filing does not reference the use of a Rule 10b5-1 trading plan.

The sale represents a very small fraction of Smull鈥檚 total holdings and is unlikely to have a material effect on Gevo鈥檚 share float or signal a strategic outlook change. The form appears timely and complete, satisfying Section 16 reporting obligations.

Schedule 13D filing overview

On 06/30/2025 Atlantis Holding Corp. and Icon Energy Corp.鈥檚 Chairwoman & CEO, Ismini Panagiotidi, disclosed beneficial ownership of 7,685,546 common shares of Icon Energy (鈥淚CON鈥�), representing 77.9 % of the outstanding class.

The position consists of (i) 5,000 common shares held directly and (ii) 7,680,546 shares issuable upon conversion of 17,249 Series A Cumulative Convertible Perpetual Preferred Shares. The Series A shares are convertible, in whole (not in part), between 16 Jul 2025 and 15 Jul 2032 at the lower of US $240 or the 5-day VWAP immediately before notice.

The preferred stock was issued under a 11 Jun 2024 exchange whereby ICON acquired Maui Shipping Co.; a further 2,249 Series A shares were issued in-kind for dividends on 30 Jun 2025. Atlantis is incorporated in the Marshall Islands; Ms. Panagiotidi controls Atlantis and Pavimar Shipping, which manages vessels operated by ICON.

The filing states the stake is held for investment purposes and that there are currently no definitive plans for additional transactions affecting ICON鈥檚 capital, governance or operations, though regular discussions with management and directors occur.

Key investor takeaways: (1) ICON is effectively insider-controlled, limiting minority influence; (2) up to 7.68 million new shares could be issued after July 2025, creating potential dilution risk; (3) conversion price linkage to VWAP may mitigate extreme pricing but favors the holder if shares trade below US $240.

Blaize Holdings, Inc. (Nasdaq: BZAI) filed Prospectus Supplement No. 4 and an accompanying Current Report that together disclose a three-year, non-exclusive Sales Partner Referral Agreement executed on 30 June 2025 between wholly-owned subsidiary Blaize, Inc. and Burkhan LLC, an affiliate of Burkhan Capital.

Key commercial terms:

• Initial approved customer: BurTech Systems Tech LLC (BST), also affiliated with Burkhan.
• Potential purchase volume: BST will buy up to $56.5 million of Blaize products & services (GSP hardware, SDK, AI Studio, professional services) for resale to an unaffiliated end-user during Q2 2025-2026.
• Financing structure: BST fronts the purchase price; the end-user reimburses BST plus a 2.5 % financing fee.
• Commissions: Burkhan LLC earns up to 10 % of gross revenue on each qualifying purchase, paid 50 % cash / 50 % cash or Blaize common stock (VWAP-based), contingent on Blaize achieving a specified gross-margin threshold. Payments occur as Blaize receives cash.
• Termination: Either party may terminate for convenience with 30 days鈥� notice or for breach with 5 days鈥� notice.
• Governance: The Audit Committee approved the related-party transaction; confidentiality, non-circumvention and FCPA compliance clauses included.

Capital markets details:

• Up to 29.7 million new shares may become issuable upon warrant exercise under the underlying S-1.
• The referral agreement permits unregistered issuance of common stock to Burkhan LLC, relying on Section 4(a)(2) exemption, potentially dilutive but capped by Nasdaq Rule 5635(d).
• Closing prices on 7 July 2025: $2.83 per common share and $0.3534 per warrant.

Investment takeaways: If fully executed, the BST order would be material relative to Blaize鈥檚 historical scale, providing multi-year revenue visibility. However, purchase volumes remain up to $56.5 million and are subject to customer acceptance, contract margins, and early termination rights. Additionally, commissions (cash plus potential equity) reduce net profitability and may create dilution. The related-party nature warrants ongoing governance scrutiny.

Torrid Holdings Inc. (CURV) 鈥� Form 4 filing dated 7 July 2025 details Senior Vice President & Chief Accounting Officer Chinwe Abaelu鈥檚 latest equity activity.

• Transaction: 746 common shares were withheld (Code F) on 06 Jul 2025 to cover payroll taxes arising from the vesting of previously granted restricted stock.
• Price: $2.90 per share, implying a tax-related value of roughly $2,163.
• Post-transaction ownership: 136,687 common shares held directly.
• Additional holdings disclosure: figure includes 1,000 shares purchased under the 2021 Employee Stock Purchase Plan for the 1 Jan 鈥� 30 Jun 2025 period at 85 % of the 30 Jun closing price.
• Role: Officer status confirmed; filing made individually.

This event represents a non-discretionary, tax-related share disposition. The officer鈥檚 net ownership remains substantial, and the concurrent ESPP purchase indicates ongoing equity participation rather than a market-driven sale. Overall investment significance is limited.

Goldman Sachs (GS) is marketing an autocallable, contingent-coupon structured note linked to the worst-performing of Super Micro Computer (SMCI) and MicroStrategy (MSTR) common shares. The $1,000-denominated securities are expected to price on 18-Jul-2025, settle on 23-Jul-2025 and mature on 21-Jul-2028, unless automatically called earlier.

Income potential: Investors earn a quarterly contingent coupon of 鈮� 8.9625% of face (35.85% p.a.) when the lowest underlying closes at or above 60 % of its starting price on the relevant calculation day. A 鈥渕emory鈥� feature pays any previously missed coupons once the trigger is satisfied.

Early redemption: Beginning January 2026, if the worst-performing share closes at or above its starting price on any quarterly calculation day, the notes are automatically called at par plus that quarter鈥檚 coupon (and any deferred coupons).

Principal risk: If the note is not called and, on the final calculation day, the worst-performing share is below 60 % of its starting price, investors receive $1,000 脳 performance factor, exposing them to full downside beyond the 40 % buffer. Investors therefore face a potential loss of more than 40 % and up to 100 % of principal.

Credit & valuation: The notes are senior unsecured obligations of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The preliminary estimated value is $925-$955 per $1,000, reflecting an initial value shortfall and embedded fees (underwriting discount up to 2.325 % plus additional selling concessions).

• Underlying selection: SMCI and MSTR are historically volatile equities, increasing the probability of coupon suspension and principal loss.
• Liquidity: No exchange listing is planned; secondary trading, if any, will be limited and may be at prices below the estimated value.

Investors seeking high income and willing to accept significant equity and credit risk may find the structure attractive; however, the combination of high volatility underlyings, sizeable fees, and downside exposure demands careful risk assessment.

Product overview: GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F, structured as Market Linked Securities that are Auto-Callable with a Contingent Coupon (memory feature) and Contingent Downside Principal at Risk. The notes are linked to the lowest performing of Super Micro Computer, Inc. (SMCI) and MicroStrategy Incorporated Class A (MSTR) common shares, mature on 21 Jul 2028 and may be called quarterly from Jan 2026 through Apr 2028.

Key economic terms:

• Face amount: $1,000 per note; original offering price 100%.
• Contingent coupon: at least $89.625 quarterly (鈮�35.85% p.a.) paid only if the lowest-performing stock鈥檚 closing price 鈮� 60% of its starting price on the relevant calculation day. Unpaid coupons accumulate and are paid once the trigger is met (memory feature).
• Automatic call: triggered if, on any calculation day, the lowest-performing stock closes 鈮� its starting price; investor receives face value plus the final coupon and any accrued coupons.
• Downside protection: limited. If not called and on the final calculation day the lowest-performing stock closes < 60% of its starting price, repayment = face 脳 performance factor, exposing investors to >40% and up to 100% capital loss.
• Estimated value at pricing: $925 鈥� $955 per $1,000 (92.5-95.5% of offer), reflecting underwriting discount (2.325%) and dealer fees (up to 0.30%).
• Issuer/guarantor credit: senior unsecured obligations of GS Finance Corp.; payments guaranteed by The Goldman Sachs Group, Inc.
• No listing; intended to be held to maturity. Secondary market making is discretionary.

Risk highlights: coupons and principal are contingent; investors could receive no coupons and lose most or all principal. Product embeds equity risk concentrated in two highly volatile stocks, credit risk of GS entities, liquidity risk, complex tax treatment and an initial price/value differential. Investors do not receive dividends or participate in any upside beyond coupons.

Investor profile: suitable only for sophisticated investors seeking high potential income, comfortable with equity volatility, issuer credit exposure, complex payoff mechanics and possible illiquidity.