AG真人官方

Luther King Capital Management Corp. (LKCM) and its founder, J. Luther King, Jr., have filed Amendment No. 6 to Schedule 13G for scPharmaceuticals Inc. (SCPH) dated 30 Jun 2025. The filing discloses continued beneficial ownership above the 5 % threshold:

• LKCM reports 3,541,170 common shares with sole voting and dispositive power, representing 6.7 % of SCPH鈥檚 outstanding stock.
• J. Luther King, Jr. individually reports 3,669,170 common shares (sole voting/dispositive power) for a 7.0 % stake.

The amendment confirms that the shares are held in the ordinary course of business and not for the purpose of influencing control of the issuer. Both reporting persons classify as an 鈥淚nvestment Adviser鈥� (LKCM) and 鈥淚ndividual鈥� (King) under Rule 13d-1(b). No joint filing or group status is claimed, and there are no shared voting or dispositive powers.

Implications for investors: 1) LKCM remains one of SCPH鈥檚 larger institutional holders, potentially signaling confidence in the company鈥檚 prospects. 2) Because the ownership level is stable at ~7 %, the amendment itself does not suggest an imminent change in strategic direction or control. 3) Any future movement above or below the 5 % threshold would trigger additional filings, providing transparency on LKCM鈥檚 trading activity.

Form 4 Overview 鈥� ACRES Commercial AG真人官方ty Corp. (ACR)

On 14 July 2025, Eagle Point Credit Management LLC ("EPCM") and Eagle Point DIF GP I LLC (together, the 鈥淩eporting Persons鈥�) filed a Form 4 disclosing a Rule S (sale) transaction that occurred on 10 July 2025. The Reporting Persons are listed as 10 % owners and directors of ACR.

• Security sold: 7.875 % Series D Preferred Stock
• Shares sold: 6,160
• Weighted-average sale price: $22.21 (sales executed between $22.20 鈥� $22.24)
• Proceeds (approx.): $136,514

After the transaction, the Reporting Persons continue to hold the following ACR securities (all indirect ownership through managed funds/accounts):

• 7.875 % Series D Preferred: 835,092 shares
• Common Stock: 1,177,060 shares
• 8.625 % Series C Preferred: 393,646 shares

The filing states that EPCM manages the relevant private funds/accounts, while DIF GP acts as general partner to certain of those funds. Both entities expressly disclaim beneficial ownership beyond their 鈥渋ndirect pecuniary interest.鈥�

Implications for investors: The sale represents less than 1 % of the Reporting Persons鈥� Series D preferred position and does not materially change their aggregate exposure to ACR. Nonetheless, any insider activity by a 10 % owner can be a sentiment indicator and may warrant monitoring for further sales or pattern changes.

On 07/10/2025, Box Inc. (BOX) Vice President, Chief Accounting Officer & Controller Eli Berkovitch filed a Form 4 reporting the sale of 3,000 Class A common shares at $33.342 per share. After the sale, Berkovitch directly owns 133,867 shares. No derivative security transactions were disclosed. The remaining equity position includes restricted stock units that will vest subject to continued service. The transaction represents roughly 2.2 % of Berkovitch鈥檚 reported holdings and appears routine in size, leaving his overall stake in the company largely intact.

Bank of Nova Scotia (BNS) is marketing Contingent Income Auto-Callable Securities linked to the common stock of Uber Technologies, Inc. (ticker: UBER UN). Each unlisted note has a $1,000 face amount, prices on 18-Jul-2025 and matures (unless called) on 21-Jul-2028. The securities offer a contingent quarterly coupon of $26.90 (10.76% p.a.) that is paid only when the closing price of Uber shares on an observation date is at or above the 60% downside threshold. A memory feature allows skipped coupons to be recovered on later dates that meet the threshold.

The notes are auto-callable: if Uber鈥檚 closing price on any quarterly determination date (other than the final one) is at or above the 100% call threshold, investors receive the stated principal plus the applicable coupon and the deal terminates early. At maturity, if the final share price is below the 60% threshold, principal is reduced in direct proportion to Uber鈥檚 share decline, exposing investors to a loss of up to 100% of principal.

Key terms

• Issuer: The Bank of Nova Scotia, Senior Note Program Series A
• Coupon: 10.76% p.a. contingent, with memory
• Downside threshold: 60% of initial share price
• Call threshold: 100% of initial share price (observed quarterly)
• Issue price vs. estimated value: $1,000 vs. $938.74鈥�$968.74
• Upfront selling commission: $22.50 per note
• Listing: None; liquidity depends on dealer market making

Principal risks highlighted by BNS include

• Full principal risk below the 60% threshold
• Possibility of zero coupons if Uber trades weakly throughout the term
• Credit exposure to BNS as senior unsecured debt
• Limited secondary market and price concessions versus estimated value
• Uncertain tax treatment for U.S. and Canadian investors

The product suits investors seeking enhanced income and willing to take single-stock, equity-linked downside and issuer credit risk in exchange for capped returns and no equity upside.

Local Bounti Corporation (LOCL) has filed a Form 144 disclosing a planned disposition of restricted stock under Rule 144 of the Securities Act.

Seller: KEBS Trust
Planned sale: 3,500 common shares
Broker: Morgan Stanley Smith Barney, New York
Approximate sale date: 10 July 2025 (on the NYSE)
Aggregate market value: $9,261.35
Shares outstanding: 10,914,704
This transaction equals roughly 0.03 % of the company鈥檚 outstanding stock, indicating minimal dilution risk.

The shares were originally received as a gift from an affiliate on 28 December 2022. KEBS Trust has already executed several open-market sales in the past three months:

• 09 Jul 2025 鈥� 200 shares 鈥� $602.00
• 22 May 2025 鈥� 1,179 shares 鈥� $2,458.33
• 21 May 2025 鈥� 600 shares 鈥� $1,262.52
• 20 May 2025 鈥� 800 shares 鈥� $1,736.72
• 19 May 2025 鈥� 1,000 shares 鈥� $2,226.60
• 16 May 2025 鈥� 1,421 shares 鈥� $3,326.13

Total prior 3-month sales: 5,200 shares for gross proceeds of about $11,612. The signatory affirms no undisclosed adverse information and acknowledges SEC anti-fraud provisions.

United Therapeutics Corp. (UTHR) has received a Form 144 filing indicating a planned sale of 11,000 common shares through Morgan Stanley Smith Barney on or after 07/10/2025. The proposed transaction is valued at $3.30 million, based on the filing鈥檚 quoted market value. The company has 45.11 million shares outstanding, so the contemplated sale represents roughly 0.024 % of total shares.

The filer, identified as Paul Mahon, has been an active seller. Over the past three months, the same account reported seven Rule 144 sales totaling 66,000 shares for gross proceeds of about $19.38 million. Individual sale blocks were generally 11,000 shares, executed between 04/17/2025 and 06/26/2025 at prices that generated proceeds of $3.08鈥�$3.31 million per block.

While Rule 144 notices do not guarantee a sale will occur, they provide advance public disclosure of an insider or affiliate鈥檚 intent to transact. The filing also certifies that the seller is not in possession of undisclosed material adverse information and, if applicable, is operating under a Rule 10b5-1 plan.

Key take-aways for investors:

• Continuation of a steady liquidation pattern鈥攁n additional 11,000 shares planned after 66,000 shares already sold in the prior quarter.
• The cumulative 77,000 shares (0.17 % of shares outstanding) may point to portfolio diversification rather than a large strategic exit.
• No financial performance data or corporate developments are disclosed in the Form 144; the filing is limited to proposed share sales.

JPMorgan Chase Financial Company LLC is offering $736,000 of three-year "Review Notes" that are linked, individually (not as a basket), to the Dow Jones Industrial Average, the Nasdaq-100 Index and the Russell 2000 Index. The notes are fully and unconditionally guaranteed by JPMorgan Chase & Co. They price at 100% of face value ($1,000 minimum denominations) and settle on or about 9 July 2025.

Key economic terms

• Automatic call feature: If the closing level of each index on any Review Date is 鈮� its Call Value (100% of initial), the notes are automatically redeemed for par plus a fixed Call Premium of 12.25%, 24.50% or 36.75% on the first (13 Jul 2026), second (6 Jul 2027) or final (3 Jul 2028) Review Date, respectively.
• Barrier protection: If not called, principal is protected only so long as the final level of every index is 鈮� 70% of its initial level. Should any index finish below that 70% Barrier, investors are exposed to the full downside of the worst-performing index (e.g., a 鈭�50% index return delivers only $500 per $1,000 note).
• Upside cap: Returns are limited to the fixed Call Premiums; investors do not participate in any additional index appreciation.
• No periodic coupons or dividends: the instrument is zero-coupon; investors forgo index dividends.
• Credit exposure: Payments rely on the unsecured obligations of JPMorgan Financial (issuer) and JPMorgan Chase & Co. (guarantor).
• Issue economics: Estimated value set on pricing date is $948.20 per $1,000 note, implying initial embedded costs of ~5.2% (selling commission $29.50 + structuring/hedging costs).
• Liquidity: The notes will not be listed; secondary trading, if any, will be through JPMS and likely at prices below issue price.

Illustrative payouts show: (1) early call in year 1 yields $1,122.50 per note; (2) call on final Review Date yields $1,367.50; (3) no call & indices 鈮� Barrier returns par; (4) no call & worst index at 50% of initial returns $500.

Principal risks highlighted by the issuer include:

• Potential loss of up to 100% of principal if any index breaches the Barrier at maturity.
• Limited upside relative to direct equity exposure.
• Issuer/guarantor credit risk.
• Secondary-market illiquidity and pricing below issue price.
• Estimated value below issue price due to embedded costs and internal funding rate.

Investor profile: Suited to investors comfortable with structured credit exposure to JPMorgan, who seek fixed upside of 12.25鈥�36.75% if indices stay flat or rise, while accepting the risk of significant capital loss if one index falls more than 30% by July 2028.

Box, Inc. (NYSE: BOX) filed an 8-K to report the results of its 2025 Annual Meeting held on 27 June 2025. Shareholders approved several governance and compensation proposals that collectively expand the company鈥檚 equity authorization and update its charter.

• Equity Incentive Plan: The Amended & Restated 2015 Equity Incentive Plan was expanded by 5 million Class A shares (Proposal 3). The measure passed with 75.5 million votes FOR versus 52.5 million AGAINST, reflecting a comparatively narrow 59.0 % approval among votes cast (excluding abstentions and broker non-votes).
• Employee Stock Purchase Plan: The ESPP share pool was increased by 6 million shares (Proposal 4). This proposal passed more comfortably, receiving 124.0 million FOR and 4.1 million AGAINST votes (93.2 % support).
• Officer Exculpation Amendment: Shareholders approved an amendment to the Certificate of Incorporation to extend Delaware-enabled officer liability protections (Proposal 5) with 111.4 million FOR and 16.7 million AGAINST votes. The filing became effective upon submission to the Delaware Secretary of State on 27 June 2025.
• Director Elections: Incumbent Class II directors Dan Levin and Bethany Mayer were re-elected; Mayer received notably higher support (90 % FOR) than Levin (67 % FOR).
• Say-on-Pay: Executive compensation received 95.5 % shareholder approval (125.1 million FOR).
• Auditor Ratification: Ernst & Young LLP was reappointed with 130.9 million FOR (96.9 % support).
• Quorum: 83.75 % of eligible voting power was represented (136.8 million votes).

The additional 11 million shares authorized for equity compensation represent potential dilution of approximately 7.9 % of the company鈥檚 139.4 million basic shares outstanding at 31 January 2025, assuming full issuance. Governance-wise, the officer exculpation amendment aligns Box鈥檚 charter with recent changes to Delaware law but may weaken future shareholder recourse. All other items were routine.

Meta Platforms, Inc. (NASDAQ: META) 鈥� Form 144 filing discloses that Mark Zuckerberg intends to sell an additional 13,793 Class A common shares on or about 01 July 2025. The broker named for the transaction is Charles Schwab & Co., Inc. and the filing lists an aggregate market value of $9.98 million for the proposed sale. The shares were originally acquired via an option exercise on 17 May 2012 and will be sold on the NASDAQ exchange.

The form also details 13 prior sales executed by Mr. Zuckerberg between 06 June 2025 and 30 June 2025. During this period he disposed of approximately 124,846 shares for total gross proceeds of 鈮� $89.0 million. Individual transactions ranged from 500 to 13,793 shares, with proceeds per trade between roughly $0.35 million and $10.21 million.

Key takeaways:

• Continued insider selling pattern by Meta鈥檚 Chief Executive Officer within a single quarter.
• Upcoming sale represents a small fraction (鈮�0.006%) of Meta鈥檚 reported 2.17 billion shares outstanding, but may signal ongoing liquidity diversification.
• Sale is being filed under Rule 144, indicating shares are not subject to a lock-up and that the insider affirms no undisclosed material information.