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Ardelyx (ARDX) has filed an 8-K detailing three material events.

Item 2.02 鈥� Results of Operations: Q2-25 financial results were released separately as Exhibit 99.1; the filing itself contains no revenue, EPS or guidance figures.

Item 5.02 鈥� Executive Transition: CFO/COO Justin Renz will leave the role on the earlier of 31 Dec 2025 or 30 days after a new CFO begins. Under an August 1, 2025 Transition Agreement he will (i) remain on current salary, benefits and 2025 bonus eligibility (individual component fixed at 100%) through the separation date and (ii) receive change-in-control severance and a 12-month post-separation option exercise window, subject to customary release and compliance conditions.

Item 5.03 鈥� Governance Changes: The Board adopted Second Amended & Restated Bylaws effective August 1. Key revisions tighten shareholder proposal procedures (record-holder requirement, 67% solicitation threshold, nominee cap), update quorum language, drop physical shareholder-list production, introduce a forum-selection clause and make other technical edits.

No other business, transactions or financial statements were reported.

Williams Companies (WMB) Form 4 highlights: SVP & General Counsel Terrance Lane Wilson reported the sale of 2,000 common shares on 08/01/2025 at $59.68 per share under a Rule 10b5-1 trading plan established on 06/14/2025. The transaction reduces his direct holdings to 313,645 shares, a decline of roughly 0.6% of his previously reported position.

The filing discloses no derivative activity and contains a single disposition code 鈥淪,鈥� indicating an open-market sale. No changes to board roles, compensation, or company guidance are mentioned. Because the officer retains a substantial stake, the move appears to be routine portfolio diversification rather than a signal of deteriorating fundamentals.

Williams Companies, Inc. (WMB) 鈥� Form 144 filing: Terrance L. Wilson has notified the SEC of an intent to sell up to 2,000 common shares via Fidelity Brokerage on the NYSE, with an aggregate market value of $119,360. The shares were acquired on 24 Feb 2024 through restricted-stock vesting. The proposed sale window begins 1 Aug 2025.

Williams has 1,221,006,379 shares outstanding; the planned sale equals roughly 0.0002 % of the float, indicating minimal dilution risk. Rule 144 disclosure shows Wilson previously sold 6,000 shares over the past three months (May鈥揓uly 2025) for $364,280 in gross proceeds, suggesting a steady liquidation pattern.

No relationship to the issuer or Rule 10b5-1 plan details are provided. While the filing flags continued insider selling, the volume is immaterial to corporate fundamentals. Investors may view the activity as a sentiment data point rather than a driver of valuation.

Form 4 snapshot: On 07/09/2025, Williams Companies (WMB) Senior Vice President Todd J. Rinke reported the receipt of new equity awards.

• Common-stock award: 6,050 shares granted (transaction code 鈥淎鈥�) at a reference value of $57.85.
• Derivative grant: 5,643 restricted stock units (RSUs) awarded. Time-based units convert 1-for-1 into common stock; performance-based units vest after a three-year performance period with a 0-200 % payout range and expire 07/09/2028.
• Post-grant ownership: 22,233 directly held common shares and 5,643 RSUs.

No shares were sold and the filing reflects routine executive compensation, not an open-market purchase. The larger share position modestly strengthens management鈥搒hareholder alignment but has limited immediate financial impact on WMB.

Citigroup Global Markets Holdings Inc. is offering Autocallable Equity-Linked Securities due July 14, 2026 that are linked to the worst performer among the S&P 500, Russell 2000 and Nasdaq-100 indices. The $1,000-denominated notes are senior unsecured obligations of the issuer and are fully, unconditionally guaranteed by Citigroup Inc.

Income profile. Unless the securities are redeemed early, investors will receive a fixed monthly coupon equal to 鈮� 1.0375 % of principal (鈮� 鈮� 12.45 % p.a.) on the 14th calendar day of each month, beginning August 2025. Coupon payments continue only while the notes remain outstanding; once an autocall occurs, no further coupons are paid.

Automatic early redemption. On any of nine scheduled potential autocall dates鈥攆rom 9 Oct 2025 through 10 Jun 2026鈥攖he notes will be redeemed at par plus the current coupon if the worst performing index closes at or above its initial level. Autocall can occur as early as three months after issuance, capping total return.

Maturity settlement. If not previously called, investors receive on 14 Jul 2026:

• Par ($1,000) plus final coupon if the worst performer is 鈮� its initial value, or if it is below its initial value but no knock-in event has occurred.
• Par reduced by the full negative index return (down to zero) if the worst performer is below its initial value and at any time during the observation period one index closed <70 % of its initial level (the 70 % knock-in barrier).

Key reference levels set on 7 Jul 2025: S&P 500 6,229.98; Russell 2000 2,214.226; Nasdaq-100 22,685.57. Their respective knock-in values are 4,360.986; 1,549.958; and 15,879.899.

Pricing metrics. Issue price is $1,000 with an estimated initial value of 鈮� $944 (5.6 % discount to par) based on Citi鈥檚 internal models. CGMI acts as sole underwriter, earning up to $2.00 per note. The notes will not be listed; secondary liquidity, if any, will be provided solely by CGMI.

Risk highlights.

• Principal is at risk: once the 70 % barrier is breached, investors are fully exposed to index declines at maturity and could lose the entire $1,000 principal.
• Multiple underlyings: performance depends exclusively on the single worst index; gains in other indices offer no benefit.
• Volatility & correlation sensitivity: higher volatility and lower inter-index correlation raise knock-in probability, justifying the elevated coupon.
• Credit exposure: payments rely on the credit of Citigroup Global Markets Holdings Inc. and the Citigroup Inc. guarantee.
• Liquidity: no exchange listing and a discretionary secondary market mean investors should be prepared to hold to maturity.
• Tax treatment uncertain: Citi intends to treat each coupon as a combination of interest and option premium; the IRS could challenge this view.

Williams Companies (WMB) 鈥� Form 4 insider filing: President & CEO Chad J. Zamarin reported two equity transactions dated 07/01/2025.

• Common stock acquisition: 17,030 shares were awarded (transaction code A) at a reference price of $58.72, lifting Zamarin鈥檚 direct ownership to 659,291 shares.
• Performance-based RSU grant: 23,607 restricted stock units (RSUs) were granted. These RSUs vest on 07/01/2028 subject to three-year performance metrics, with a payout scale of 0-200% of target.

The filing signals continued equity-based compensation and increased share exposure for the company鈥檚 top executive, further aligning management incentives with shareholder interests. No shares were sold in the reported period.

Williams Companies, Inc. (WMB) 鈥� Form 4 insider transaction

Senior Vice President & General Counsel Terrance Lane Wilson reported an open-market sale of 2,000 shares of common stock on July 1, 2025 at a price of $62.70 per share (Transaction code S).

The transaction was executed under a pre-arranged Rule 10b5-1 sales plan adopted on June 14, 2024. Following the sale, Wilson continues to hold 315,645 shares directly. No derivative security activity was reported.

The filing reflects a routine, low-volume disposition representing well under 1 % of the insider鈥檚 total stake, limiting the market significance of the trade.

UBS AG is offering one-year Capped Buffer Securities linked to the price return of the S&P 500庐 Index (SPX) maturing on or about 6 August 2026. The notes are unsecured, unsubordinated obligations of UBS AG London Branch and expose investors to both market risk on SPX and issuer credit risk. Key economic terms will be fixed on the 31 July 2025 trade date:

• Principal: $1,000 per Security
• Maximum Gain: at least 13.45%, capping total repayment at 鈮� $1,134.50
• Buffer / Downside Threshold: 10% buffer; loss begins if SPX declines more than 10% from the initial level (threshold = 90% of initial)
• Payment at Maturity:
  • Positive SPX return 鈫� principal 脳 (1 + lesser of SPX return or max gain)
  • 0% 鈮� SPX return 鈮� 鈥�10% 鈫� full principal repayment
  • SPX return < 鈥�10% 鈫� principal 脳 [1 + (SPX return + 10%)] resulting in loss beyond buffer
• Estimated Initial Value: $961.30 鈥� $991.30, below the $1,000 issue price due to dealer discount ( $5) and structuring costs.
• Settlement: T+3 (5 Aug 2025); 漏 SPX close on 3 Aug 2026 determines payout.

Investor considerations. The Securities do not pay periodic interest, are not listed on any exchange, and UBS Securities LLC is under no obligation to make a secondary market. Investors forgo SPX dividends and face the risk of significant loss if SPX falls more than 10%. Because the product is debt of UBS AG, any payment is subject to the bank鈥檚 creditworthiness; Swiss regulator FINMA resolution powers could impose write-down or conversion of the notes.

Key risks flagged by UBS include potential loss of almost the entire principal, limited upside due to the cap, liquidity constraints, price discrepancies versus internal valuation, and uncertain U.S. tax treatment (intended to be prepaid derivatives).

Use of proceeds & distribution. UBS Securities LLC purchases the notes at a $5 discount and may re-allow the full amount to third-party dealers; this creates a FINRA Rule 5121 conflict. Proceeds go to general corporate purposes.

Suitability profile. The offering targets investors who understand structured products, can tolerate equity downside beyond 10%, seek capped exposure over ~12 months, and are comfortable with UBS credit risk.