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Vertical Aerospace Ltd. (NYSE: EVTL) has launched a high-dilution equity raise via a registered offering of 12 million ordinary shares at $5.00 each, representing a c.28% discount to the prior close ($6.95). Gross proceeds will total $60 million; net cash to the company is estimated at $57 million (or $65.7 million if the 15% over-allotment option for 1.8 million shares is exercised). The company鈥檚 share count will rise to 96.7 million (98.5 million on full option exercise), an immediate dilution of ~14% to existing holders.

Use of proceeds: funds are earmarked for continued R&D on the VX4 eVTOL programme, expansion of testing & certification capacity, and general working capital. Management states that the cash infusion, together with existing resources, extends liquidity runway only to 鈥�the middle of 2026,鈥� underlining ongoing funding needs.

Capital structure & dilution overhang: the prospectus highlights sizeable potential future dilution鈥�39.4 million shares from 10%/12% PIK Convertible Senior Secured Notes, 22.4 million warrants, 1.6 million options, and 31k RSUs. Pro-forma equity turns from a 拢39.1 million deficit to a modest 拢5.1 million surplus, but total leverage remains high with 拢122.1 million of FVTPL liabilities (primarily the convertibles).

Business update: Vertical reports 拢62 million cash at 30 Jun 2025 and recent technical milestones: wing-borne flight of the second VX4 prototype (May 2025) and an expanded Bristow partnership including up to 100 conditional aircraft pre-orders. Nevertheless, all pre-orders are non-binding, certification is targeted only for 2028, and management continues to flag 鈥渟ubstantial doubt鈥� about going-concern status.

Key risks disclosed: limited operating history, need for additional capital, certification uncertainty, supplier dependence, PFIC exposure for U.S. investors, and heavy future dilution. Executive and director lock-up period is only 60 days.

Investment view: The transaction shores up near-term liquidity and modestly repairs negative equity, but at the cost of meaningful dilution and at a deep price concession. With cash coverage still limited to 12鈥�18 months and large convertible & warrant overhangs, the raise is helpful yet not transformational.

The Schedule 13G filed on 3 July 2025 reveals that Mitchell P. Kopin, Daniel B. Asher and Intracoastal Capital LLC collectively own 153,219 Bone Biologics Corporation (BBLG) common shares, equal to 9.99 % of the class. The position consists of 148,500 issued shares and 4,791 shares underlying Intracoastal Warrant 2; all voting and dispositive power is shared among the three reporting persons.

The stake originates from a Securities Purchase Agreement signed on 27 June 2025, under which the Company issued 60,000 shares and seven separate warrants to Intracoastal. Each warrant carries an ownership 鈥渂locker鈥� that prevents exercise if the group鈥檚 beneficial ownership would exceed 9.99 % (or 4.99 % for several smaller warrants). Because of these blockers the group remains below the 10 % threshold required for Section 16 reporting.

Without the blocker provisions, the reporting group could control up to 821,294 shares immediately after the SPA and 719,794 shares as of 3 July 2025鈥攎ore than 1.3脳 the 545,260 shares outstanding on 20 June 2025鈥攊ndicating significant potential dilution for existing holders if the warrants become exercisable.

The certification section states the securities were not acquired to influence control of the issuer. Nonetheless, investors should monitor (1) the pace of warrant exercises, (2) any amendments to blocker thresholds, and (3) future Schedule 13D/G updates that could signal a change in intent or ownership.

Tevogen Bio Holdings Inc. (Nasdaq: TVGN) has filed a Rule 424(b)(5) prospectus supplement establishing a US$50 million at-the-market (ATM) equity program through A.G.P./Alliance Global Partners. Under the July 3 2025 Sales Agreement, A.G.P. will act as sales agent on a best-efforts basis and receive a 3.0% commission on gross proceeds. No minimum drawdown is required and proceeds will not be placed in escrow.

The facility allows Tevogen to issue primary common shares (par $0.0001) from time to time at prevailing market prices. At the July 2 2025 closing price of US$1.25, management illustrates a scenario in which up to 40.0 million new shares could be issued, increasing basic shares outstanding from 184.4 million to 224.4 million (鈮�22% dilution).

Use of proceeds is intentionally broad: working capital, R&D (including ExacTcell鈩� and Tevogen.AI initiatives), capital expenditures, debt repayment, M&A, and other general corporate purposes. The company retains full discretion over timing and sizing of individual placements.

Balance-sheet impact & dilution. As of March 31 2025 Tevogen reported negative net tangible book value (NTBV) of US$(7.7)m, or US$(0.04) per share. Assuming the full US$50 million raise at US$1.25 per share (less 3% fees and estimated US$70k expenses) NTBV would improve to approximately US$40.7 million, or US$0.18 per share, implying immediate dilution of US$1.07 per share to new investors. Additional dilution is possible from: (i) 500k Series A and 4.54 m Series C preferred conversions; (ii) 1.14 m vested RSUs; and (iii) future financings.

Key risks disclosed include: substantial additional capital needs ahead of clinical and AI initiatives; potential constraints imposed by outstanding preferred stock and loan agreements; broad management discretion over proceeds; market overhang from continuous ATM issuance; and the possibility that financing may not be available on acceptable terms, jeopardising ongoing operations.

Strategic context. The facility provides funding flexibility without the execution risk or discount typically associated with overnight offerings, yet continuous issuance could pressure the share price given average trading volumes and the relatively low US$1.25 stock price. Operational execution in advancing TVGN 489 and other pipeline assets remains critical to justify ongoing dilution.

Bitcoin Depot Inc. (Nasdaq: BTM) has filed a shelf registration statement on Form 424B5 allowing it to issue up to $100 million in securities, including Class A common stock, preferred stock, warrants and/or units, in one or more offerings. Specific terms, pricing and underwriters will be disclosed in future prospectus supplements.

Capital structure & potential dilution: The company currently has 22,555,710 Class A shares outstanding, 41,193,024 Class M shares (10 votes per share) controlled by the CEO, and 43,848,750 warrants exercisable at $11.50 until June 30 2033. Any issuance under the shelf could materially increase the public float and dilute existing holders, though proceeds will fund 鈥済eneral corporate purposes.鈥�

Business snapshot: Bitcoin Depot operates the largest Bitcoin ATM (BTM) network in North America with 8,483 kiosks and BDCheckout access in 10,926 retail locations as of March 31 2025. Q1 2025 revenue was $164.2 million, up from $138.5 million in Q1 2024, yet the company notes a 9.7 % revenue decline on a trailing-twelve-month basis despite a 15.7 % rise in Bitcoin prices, underscoring limited correlation between revenue and crypto price movements.

Key relationships & competitive position: The firm is the exclusive BTM provider for approximately 900 U.S. and Canadian Circle K stores and also licenses its BitAccess processing software to third-party operators, generating recurring software revenue.

Risk highlights (summarised from filing):

• High dilution risk from additional equity or equity-linked issuances.
• Complex, multi-class share structure with super-voting Class M and Class V shares.
• Regulatory, competitive and litigation uncertainties outlined under 鈥淩isk Factors.鈥�

Bitcoin Depot Inc. (Nasdaq: BTM) has filed a shelf registration statement on Form 424B5 allowing it to issue up to $100 million in securities, including Class A common stock, preferred stock, warrants and/or units, in one or more offerings. Specific terms, pricing and underwriters will be disclosed in future prospectus supplements.

Capital structure & potential dilution: The company currently has 22,555,710 Class A shares outstanding, 41,193,024 Class M shares (10 votes per share) controlled by the CEO, and 43,848,750 warrants exercisable at $11.50 until June 30 2033. Any issuance under the shelf could materially increase the public float and dilute existing holders, though proceeds will fund 鈥済eneral corporate purposes.鈥�

Business snapshot: Bitcoin Depot operates the largest Bitcoin ATM (BTM) network in North America with 8,483 kiosks and BDCheckout access in 10,926 retail locations as of March 31 2025. Q1 2025 revenue was $164.2 million, up from $138.5 million in Q1 2024, yet the company notes a 9.7 % revenue decline on a trailing-twelve-month basis despite a 15.7 % rise in Bitcoin prices, underscoring limited correlation between revenue and crypto price movements.

Key relationships & competitive position: The firm is the exclusive BTM provider for approximately 900 U.S. and Canadian Circle K stores and also licenses its BitAccess processing software to third-party operators, generating recurring software revenue.

Risk highlights (summarised from filing):

• High dilution risk from additional equity or equity-linked issuances.
• Complex, multi-class share structure with super-voting Class M and Class V shares.
• Regulatory, competitive and litigation uncertainties outlined under 鈥淩isk Factors.鈥�

Trinity Capital Inc. (Nasdaq: TRIN) filed a Form 8-K disclosing that on June 26, 2025 it executed an Underwriting Agreement with Keefe, Bruyette & Woods, Inc. and Morgan Stanley & Co. LLC, acting for several underwriters, to issue and sell $125 million aggregate principal amount of 6.750% senior unsecured notes due 2030 (the 鈥淣otes鈥�).

The Notes are being offered under the company鈥檚 effective shelf registration statement on Form N-2 (File No. 333-275970) and related prospectus supplements dated June 26, 2025. Closing is scheduled for July 3, 2025.

The agreement contains customary representations, warranties, covenants, indemnification and contribution provisions. Exhibit 1.1 provides the full Underwriting Agreement; Exhibit 104 contains the Inline XBRL cover-page data.

No other material events were reported. The filing does not constitute an offer or solicitation where prohibited by law.

Trinity Capital Inc. (Nasdaq: TRIN) filed a Form 8-K disclosing that on June 26, 2025 it executed an Underwriting Agreement with Keefe, Bruyette & Woods, Inc. and Morgan Stanley & Co. LLC, acting for several underwriters, to issue and sell $125 million aggregate principal amount of 6.750% senior unsecured notes due 2030 (the 鈥淣otes鈥�).

The Notes are being offered under the company鈥檚 effective shelf registration statement on Form N-2 (File No. 333-275970) and related prospectus supplements dated June 26, 2025. Closing is scheduled for July 3, 2025.

The agreement contains customary representations, warranties, covenants, indemnification and contribution provisions. Exhibit 1.1 provides the full Underwriting Agreement; Exhibit 104 contains the Inline XBRL cover-page data.

No other material events were reported. The filing does not constitute an offer or solicitation where prohibited by law.

Aon plc (AON) 鈥� Form 4 insider transaction

On 06/26/2025, non-employee director Sarah G. Smith reported routine equity compensation activity:

• 637 Class A Ordinary Shares granted to the director (Transaction Code A).
• 152.876 shares automatically withheld by the issuer to cover taxes at $353.55 per share (Transaction Code F).
• After the transactions, Smith directly owns 1,523.970 shares; she also has an indirect holding of 13 shares through a trust.

The grant represents the annual equity award to Aon鈥檚 non-employee directors. The filing does not disclose any sales into the open market or changes in derivative positions. No earnings, guidance, or operational information is included.

The Allspring Income Opportunities Fund (EAD) has released its Definitive Proxy Statement for the Annual Meeting scheduled on 4 August 2025, 1:00 p.m. ET at 101 Seaport Blvd., Boston, with an option to participate telephonically. Shareholders of record at the close of business on 10 June 2025 are entitled to vote.

The proxy seeks approval for two items:

• Proposal 1: Election of three Class III Independent Trustees鈥擳imothy J. Penny (Chair), James G. Polisson, and Pamela Wheelock鈥攖o serve until 2028 (Mr. Penny expected to retire 31 Dec 2026).
• Other Business: Any matters that may properly come before the meeting.

Key governance details:

• The Board is comprised entirely of Independent Trustees (8 total) and operates with staggered three-class terms (promoting continuity and stability).
• Major Board committees include Audit (7 meetings in FY-2025) and Nominating & Governance (5 meetings).
• Quorum: 33鈪� % of outstanding shares; election requires plurality of votes cast.
• Shares outstanding: 59,092,336 common shares as of 10 June 2025.
• 5 %+ holders: First Trust (9.25 %) and Morgan Stanley/Parametric (5.1 %). Officers & Trustees own <1 %.
• Trustee compensation for FY-2025 ranges from $3,722 to $4,525 per trustee; Chair Penny received $4,525.

Procedural highlights: shareholders may vote by mail, telephone, Internet, or in person/telephonically. The Fund will bear solicitation costs (~$4,588 to Computershare). KPMG LLP remains the independent auditor, with FY-2025 audit fees of $67,250.

Board recommendation: vote FOR each trustee nominee.