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Morgan Stanley Finance LLC (MSFL) is offering Buffered Performance Leveraged Upside Securities (Buffered PLUS) linked to the S&P 500庐 Index, maturing 23 September 2026 (approximately 14 months). The $1,000-denominated notes are unsecured and unsubordinated obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and will not be listed on any exchange.

Return profile

• Upside: Investors receive 150 % of any positive index performance, capped by a maximum payment of $1,115 (111.5 % of principal). The cap is reached if the index is 鈮�7.67 % above the initial level at valuation.
• Par protection: If the index closes down 鈮�5 % from the initial level on the valuation date (18 Sep 2026), principal is returned in full.
• Downside: For index losses >5 %, redemption equals $1,000 脳 (Index Performance Factor) + $50. The minimum payment is $50; investors may lose up to 95 % of principal.

Key terms

• Leverage factor: 150 %
• Buffer amount: 5 %
• Issue price: $1,000; estimated value on pricing date: $970.60
• Sales commission: $17.50; structuring fee: $5.00
• CUSIP / ISIN: 61778NLQ2 / US61778NLQ24
• No periodic coupons; principal-at-risk

Risk highlights

• Credit risk: Payments depend on Morgan Stanley’s ability to pay; MSFL has no independent assets.
• Market risk: Performance measured only on the single valuation date; interim appreciation is not protected.
• Limited upside: Maximum return is 11.5 % over 14 months despite 150 % leverage.
• Liquidity: No exchange listing; secondary market, if any, solely through MS&Co. at negotiated prices likely below initial value.
• Cost drag: Embedded fees and the issuer’s lower internal funding rate reduce the note’s economic value relative to direct index exposure.
• Tax uncertainty: Treated as an 鈥渙pen transaction鈥�; IRS could apply alternative taxation.

Investor suitability

The Buffered PLUS may interest investors who:

• have a moderately bullish view on the S&P 500庐 over the next 14 months,
• seek leveraged upside up to 11.5 % and are comfortable with a narrow 5 % buffer,
• are willing to assume issuer credit risk, liquidity risk, tax complexity and potential 95 % principal loss.

Use of proceeds & conflicts: Proceeds support general corporate purposes and hedging. MS&Co., an affiliate, acts as agent and calculation agent, creating potential conflicts of interest governed by FINRA Rule 5121.

Rubrik, Inc. (RBRK) 鈥� Form 4 Insider Activity

Chief Financial Officer Kiran Kumar Choudary reported two transactions dated 07/09/2025:

• Option exercise & conversion: 2,000 stock options exercised at a $7.99 strike (Code M) and automatically converted from Class B to Class A shares (Code C) at a reported price of $0.
• Open-market sale: 3,500 Class A shares sold at $87.54 (Code S), generating 鈮� $0.31 million in gross proceeds.

Post-transaction, the CFO directly holds 521,595 Class A shares and 70,450 derivative securities. The net reduction of 1,500 shares represents under 0.3 % of his direct equity position, signalling only a marginal change in insider ownership.

Broadcom Inc. (NASDAQ: AVGO) filed a Form 8-K dated 11 July 2025 detailing two related capital-structure actions.

1. Termination of Existing Credit Agreement (Item 1.02)
鈥� The company repaid in full and terminated its August 15 2023 credit agreement, which originally provided a $30.4 billion term-loan facility.
鈥� Immediately before repayment, $6.0 billion of principal was outstanding; the facility would have matured in 2028 and bore interest at a floating rate (alternate base rate or Term SOFR plus a ratings-based margin).

2. New Senior-Notes Offering (Item 8.01)
鈥� On 7 July 2025 Broadcom executed an underwriting agreement to issue $6.0 billion of unsecured senior notes:

• $1.75 billion 4.600% notes due 2030
• $1.75 billion 4.900% notes due 2032
• $2.50 billion 5.200% notes due 2035

Strategic Implications
鈥� The transaction shifts $6 billion of floating-rate bank debt maturing in 2028 to fixed-rate public notes maturing between 2030鈥�2035, extending Broadcom鈥檚 maturity ladder and removing variable-rate exposure.
鈥� No financial statements were included; therefore, changes to leverage, coverage, or liquidity ratios are not quantified within this filing.

Broadcom Inc. (AVGO) 鈥� Form 144 filing overview: A person affiliated with Broadcom has filed a Form 144 to give notice of an intended sale of 49,670 shares of Broadcom common stock. The shares have an aggregate market value of $13.82 million and are expected to be sold on or about 07 July 2025 through Northern Trust Securities, Inc. on the NASDAQ exchange. The filer originally acquired the shares on 14 Aug 1991 as 鈥淔ounded Shares鈥� from H&S Investments I, LP. The notice indicates that the seller has not sold any Broadcom shares during the past three months.
The filing is purely a regulatory notice; it does not disclose any operational or financial performance data for Broadcom. With approximately 4.70 billion shares outstanding (per the filing), the proposed sale represents an immaterial fraction of shares (<0.001%). Form 144 also contains the required representation that the seller is unaware of undisclosed material adverse information. Investors typically view such small-scale Form 144 sales as routine personal liquidity events rather than signals of fundamental change at the issuer.

Broadcom Inc. (AVGO) is raising $6.0 billion through a three-part senior unsecured bond offering. The prospectus supplement details the issuance of: (i) $1.75 billion 4.600% notes due 2030, (ii) $1.75 billion 4.900% notes due 2032 and (iii) $2.50 billion 5.200% notes due 2035. The securities were priced at 99.791%, 99.730% and 99.637% of par, respectively, resulting in total gross proceeds of $5.982 billion and estimated net proceeds of $5.958 billion after underwriting discounts.

Interest will be paid semi-annually on 15 January and 15 July, beginning 15 January 2026. Prior to their respective Par Call Dates (1鈥�3 months before maturity) the notes are redeemable at the greater of par or a make-whole amount; thereafter at 100% of principal. On a Change of Control Triggering Event, holders may require Broadcom to repurchase the notes at 101% plus accrued interest.

The notes rank equally with Broadcom鈥檚 other unsecured, unsubordinated obligations but are effectively subordinated to secured debt and structurally subordinated to all liabilities of subsidiaries (which held $10.92 billion of debt as of 4 May 2025). They carry no subsidiary guarantees and the indenture contains limited covenants鈥攃hiefly a restriction on incurring secured debt against 鈥淧rincipal Property,鈥� of which the company currently has none.

Proceeds are earmarked for 鈥済eneral corporate purposes,鈥� which may include debt repayment. Pro-forma for the transaction, total debt rises from $69.4 billion to $75.4 billion, while cash and equivalents increase from $9.47 billion to $15.43 billion. Joint bookrunners are J.P. Morgan, Morgan Stanley and Wells Fargo; settlement is scheduled for 11 July 2025 (T+4).

• Issue denominations: minimum $2,000, multiples of $1,000.
• Underwriting discounts: 0.35%鈥�0.45% across tranches.
• No financial maintenance covenants; no listing contemplated.

IonQ, Inc. (NYSE: IONQ) has launched a sizeable capital raise via a Rule 424(b)(5) prospectus supplement dated 7 July 2025. The company is offering (i) 14,165,708 new common shares at $55.49 each, (ii) 36,042,530 seven-year Series A warrants with a cash exercise price of $99.88 per share, and (iii) 3,855,557 seven-year pre-funded warrants with a de-minimis $0.0001 exercise price. The supplement also covers 39,898,087 shares issuable upon warrant exercise.

The sole book-runner is J.P. Morgan. Gross proceeds from the equity component are expected to be 鈮�$1.0 billion; after underwriting discounts of $19.999 million (1.999%) and estimated expenses of $1.5 million, net proceeds should total 鈮�$978.5 million (excluding any future warrant exercises). The Series A warrants are offered at no additional consideration; underwriting fees apply only to the shares and pre-funded warrants.

Capitalisation & dilution

• Shares outstanding will rise from 243,068,917 to 283,881,920; full warrant exercise would lift the count to 323,780,007.
• Net tangible book value per share increases from $2.99 to $6.53; investors buying at $55.49 face an immediate $48.96 per-share dilution.

Use of proceeds is broadly defined: working capital, general corporate purposes and potential strategic acquisitions or partnerships. Until deployed, funds may be invested in short- and intermediate-term U.S. government or investment-grade instruments.

Key structural features

• No exchange listing is planned for either warrant series, limiting liquidity.
• Each holder鈥檚 warrant exercises are capped at 4.99% beneficial ownership.
• Series A warrants may become cash-settled at 鈥淏lack-Scholes value鈥� upon certain fundamental transactions.
• The company and insiders are subject to a 60-day lock-up (with customary carve-outs).

Risk disclosure highlights include (1) management鈥檚 broad discretion over proceeds, (2) substantial dilution to new investors, (3) volatility of IONQ shares which may impair warrant value, and (4) absence of a public market for the warrants.

The last reported share price on 3 July 2025 was $44.39, a 20% discount to the offer price, implying the raise is priced at a premium to market. IonQ鈥檚 accumulated deficit as of 31 March 2025 stood at $716 million; the company anticipates continued operating losses as it scales its trapped-ion quantum-computing platform.

Penguin Solutions, Inc. (formerly a Cayman Islands company) has completed a court-sanctioned redomiciliation to Delaware and, as the successor issuer, has filed Post-Effective Amendment No. 1 to 16 previously effective Form S-8 registration statements.

The amendment, filed under Rule 414 of the Securities Act, formally adopts each legacy registration statement covering the company鈥檚 Amended & Restated 2017 Stock Incentive Plan, 2018 Employee Stock Purchase Plan, and 2021 Inducement Plan. All outstanding equity awards originally settled in Cayman ordinary shares will now settle in shares of Penguin Solutions Delaware common stock on a one-for-one basis. No new securities are being registered and no changes were made to aggregate share amounts, exercise prices, or vesting schedules disclosed in the original filings.

The document further:

• Confirms that Penguin Solutions Cayman is now a wholly-owned subsidiary of Penguin Solutions Delaware.
• Incorporates by reference the company鈥檚 most recent Annual Report (FY 2024), subsequent Quarterly Reports (Q1 & Q2 FY 2025), and several Current Reports through 30 June 2025.
• Sets out standard DGCL-based indemnification provisions for directors and officers, and lists the updated certificate of incorporation, bylaws, equity plans, and related legal opinions as exhibits.
• Identifies Penguin Solutions as a large accelerated filer and therefore ineligible for emerging-growth-company accommodations.

In effect, the filing is an administrative step ensuring uninterrupted effectiveness of employee equity plans after the corporate migration to the United States.

Broadcom Inc. (AVGO) director Gayla J. Delly filed a Form 4 indicating an open-market sale of 3,000 common shares on 26 June 2025 at $265.13 per share (transaction code 鈥淪鈥�). After the transaction, Delly鈥檚 direct beneficial ownership totals 33,352 shares, which includes 1,602 restricted stock units. No derivative security activity or additional insider transactions were reported. The filing, signed on 30 June 2025, confirms Delly鈥檚 continuing status as a Section 16 insider.

Broadcom Inc. (AVGO) filed a Form 4 on 27 Jun 2025 reporting a change in ownership by Chief Legal & Corporate Affairs Officer Mark David Brazeal.

• Transaction details: On 25 Jun 2025 Brazeal executed a Code G transaction, indicating a bona-fide gift of 9,450 shares of Broadcom common stock at a price of $0.
• Post-transaction holdings: He now beneficially owns 356,506 shares, including 336,250 restricted stock units.

The gifted shares represent about 2.6 % of Brazeal鈥檚 personal stake and an immaterial fraction of Broadcom鈥檚 total shares outstanding. Because the transfer was a non-sale gift, it carries minimal signalling value for Broadcom鈥檚 near-term fundamentals and is unlikely to influence market perception or valuation.