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HNI Corporation (HNI) delivered a stronger second-quarter FY 2025. Net sales climbed 7% year-on-year to $667.1 million, led by 7.4% growth in Workplace Furnishings and 5.3% in Residential Building Products. Gross margin expanded 100 bp to 42.9% and operating margin improved 160 bp to 10.2%, lifting operating income 28% to $68.2 million.

Net income attributable to shareholders rose 34% to $48.2 million ($1.02 diluted EPS, +36%). For 1H 2025, revenue increased 4.6% to $1.27 billion while diluted EPS advanced 18% to $1.31.

Operating cash flow was $43.7 million (-7% YoY). The company spent $79.8 million repurchasing 1.7 million shares and invested $31.2 million in capex. Long-term debt reached $444.4 million (vs. $344.6 million at FY-24) as revolver borrowings rose to $195.6 million; cash ended at $32.0 million. Interest expense decreased to $6.1 million on lower average rates and balances.

During the quarter HNI divested its HNI India unit, booking a $6.4 million pre-tax loss within restructuring and divestiture costs. The board raised the quarterly dividend 3% to $0.34 per share. Management continues to pursue margin-expansion initiatives, Kimball International integration synergies, and factory optimization.

HNI Corporation (HNI) 鈥� Form 4 insider transaction

Director Miguel M. Calado reported the sale of 1,743 HNI common shares on 07/24/2025 at a stated price of $53 per share. The trade was made under a Rule 10b5-1 plan adopted on 03/04/2025, indicating it was pre-scheduled. Following the sale, Calado鈥檚 direct ownership stands at 30,085.415 shares. No derivative security transactions were reported.

The filing shows an approximate reduction of about 5.5 % of Calado鈥檚 direct position (1,743 梅 31,828.415 pre-sale shares). Other than the transaction details, the Form 4 does not include additional financial or strategic disclosures.

HNI Corp. (HNI) 鈥� Form 4 insider activity: President & CEO Jeffrey D. Lorenger executed two small option exercises and corresponding open-market sales on 07/24/2025 under a Rule 10b5-1 plan adopted 11/06/2024.

• Exercised: 200 non-qualified options at an exercise price of $46.62, reducing his option balance to 45,850.
• Sold: 200 common shares at an average price of $53.29.
• Net effect: No change in direct share count; post-transaction direct ownership stands at 344,193.462 shares, plus 7,377.525 shares held indirectly via the Profit Sharing Retirement Plan.

The transactions represent less than 0.1 % of Mr. Lorenger鈥檚 direct holdings and appear routine, with proceeds likely used to cover taxes/costs. No material impact on share count or insider ownership structure is indicated.

Etsy, Inc. (ETSY) has filed a Form 144 dated 24 Jul 2025 disclosing a proposed insider sale. CEO Josh Silverman intends to dispose of 140,000 common shares, to be brokered through UBS Financial Services. At the market price implied in the filing, the lot is valued at $9.1 million, equal to roughly 0.13% of the 104.28 million shares outstanding. The shares come from a same-day cash exercise of employee stock options and may be sold on or after 24 Jul 2025.

The notice also details Silverman鈥檚 recent activity: over the past three months he sold 195,998 shares across three transactions, generating $10.8 million in gross proceeds. Form 144 is only an advance notice鈥攕ales may or may not occur鈥攂ut continued insider selling can create a modest overhang and may be read as a negative signal on near-term management outlook. No operational, earnings or guidance data accompany the filing.

HNI Corp. (HNI) director Miguel Calado has filed Form 144 for the planned sale of 1,743 common shares via Fidelity Brokerage on 24 Jul 2025. The filing lists an aggregate market value of $92,379; with 46,552,671 shares outstanding, the transaction equates to roughly 0.004 % of float, implying negligible dilution or control impact.

The shares were earned as board-fee compensation on 5 May 2015. Calado also sold 2,000 shares for $100,000 on 27 Jun 2025, signaling continued personal portfolio rebalancing. The notice contains no operational or financial guidance and expressly states the filer possesses no undisclosed material adverse information.

Novanta Inc. (NASDAQ: NOVT) entered into a Fourth Amended & Restated Credit Agreement on 27 June 2025 that replaces its 2019 facility scheduled to mature in March 2027. The new agreement provides an aggregate senior secured credit capacity of approximately US$1.0 billion, broken down into:

• 鈧�65.31 million 5-year Euro-denominated term loan
• $75 million 5-year US-dollar term loan
• $850 million 5-year revolving credit facility

The maturity is extended to June 2030, and an uncommitted accordion feature can raise total commitments by an additional $350 million, subject to customary conditions. Interest is set at (i) Base Rate + 0鈥�0.75 ppt or (ii) SOFR/SONIA/EURIBOR + 1.00鈥�1.75 ppt, with pricing tied to the company鈥檚 consolidated leverage ratio. A commitment fee applies to unused revolver capacity.

Key financial covenants tested quarterly include: (1) maximum consolidated leverage ratio of 3.5脳 (step-up to 4.0脳 for four quarters following qualifying acquisitions >= $50 million) and (2) minimum fixed-charge coverage ratio of 1.25脳. The facilities are secured by senior liens on substantially all assets of Novanta and certain subsidiaries and contain customary negative covenants on mergers, asset sales, indebtedness, investments and liens.

Required quarterly principal amortization begins September 2025 for the Euro term loan and September 2026 for the US term loan, with final balloon payments due at maturity. Prepayments from asset sales, casualty events or incremental debt are mandatory, while voluntary prepayments and commitment reductions are permitted without premium.

Outstanding borrowings under the prior facility were $392.4 million as of 28 March 2025. The new structure enhances liquidity headroom, extends tenor, and provides interest-rate optionality, but also secures the debt and maintains leverage limits that investors should monitor.

Inovio Pharmaceuticals, Inc. (Nasdaq: INO) has filed a preliminary prospectus supplement under its effective shelf to raise capital through a combined offering of: (i) shares of common stock or pre-funded warrants (exercise price $0.001) in lieu of common stock, (ii) Series A warrants, and (iii) Series B warrants. Every share (or pre-funded warrant) will be sold together with one Series A warrant and one Series B warrant, although the securities are immediately separable upon issuance.

• Pricing & size: Key economics鈥攏umber of securities, combined public price, underwriting discount, and gross/net proceeds鈥攔emain blank pending final marketing, but the filing authorizes a 30-day overallotment option for additional shares and warrants.
• Warrant profile: 鈥� Series A warrants are exercisable immediately, expire on the earlier of (a) 30 days after FDA accepts a Biologics License Application (BLA) for INO-3107 or (b) 12 months after issuance; 鈥� Series B warrants are exercisable immediately and expire five years after issuance. Neither series will be listed, limiting liquidity.
• Use of proceeds: Management plans to direct funds to (1) advancement of its DNA-medicine clinical pipeline鈥攊ncluding a rolling BLA submission for lead asset INO-3107 in recurrent respiratory papillomatosis expected to begin mid-2025, (2) potential commercial launch preparation for INO-3107 if approved, and (3) general corporate purposes.
• Dilution & risk: The company warns that investors will incur immediate dilution; further dilution could arise from outstanding equity awards (鈮�2.6 m shares), legacy warrants (鈮�10 m at $3.76) and future ATM sales ($57.9 m capacity). Inovio remains a clinical-stage biotech with no product revenue, significant accumulated deficits, and multiple R&D, regulatory, manufacturing and financing risks.
• Corporate status: Inovio is a 鈥渟maller reporting company,鈥� enabling reduced SEC disclosure. Piper Sandler is sole book-running manager.

Because amounts are placeholders, the filing primarily signals intent to strengthen the balance sheet ahead of key regulatory catalysts rather than conveying finalized financial impact.