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Exodus Movement, Inc. (EXOD) filed a Form 4 on 7 July 2025 reporting a routine insider transaction by Chief Legal Officer Veronica McGregor.

Key details:

• Transaction date: 1 July 2025
• Type: Code F (shares withheld by issuer to satisfy tax on RSU vesting)
• Shares withheld: 3,026 Class A common shares
• Price used: $28.83 per share (closing price on vesting date)
• Post-transaction holdings: 256,876 Class A shares, comprising 110,792 vested shares plus 146,084 unvested RSUs that vest monthly through 2028

No open-market purchase or sale occurred; the transaction merely covers payroll taxes linked to previously granted RSUs. The filing therefore provides little directional insight into management’s view of EXOD’s valuation and is considered neutral for investors.

PLAYSTUDIOS, Inc. (NASDAQ: MYPS) filed a Form 144 dated 3 July 2025 disclosing that Joel Agena plans to sell up to 20,000 Class A shares through Fidelity Brokerage Services. The proposed transaction is valued at roughly $26,028, equating to about 0.02 % of the company’s 108.6 million shares outstanding. The stock to be sold stems from restricted shares that vested on 15 May 2025 and represents compensation, not a cash purchase. Over the past three months, Agena executed 12 separate sales totaling 245,391 shares for aggregate proceeds of approximately $337,099. Form 144 requires the filer to certify that no undisclosed material information is known, indicating a routine compliance filing rather than a signal of operational change.

Bank of Montreal (BMO) is issuing US$90,000 of Senior Medium-Term Notes, Series K—“Digital Return Barrier Notes� due July 3, 2030. The notes are unsecured, unsubordinated obligations linked to the least-performing of three U.S. equity benchmarks: the NASDAQ-100 Index (NDX), the Russell 2000 Index (RTY) and the Dow Jones Industrial Average (INDU).

Key economic terms

• Digital Return: 61.00% of principal.
• Digital Barrier Level: 100% of each index’s initial level (no decline permitted for the digital payout).
• Barrier Level: 70% of initial level. If the least-performing index closes below this level on the valuation date, principal is lost 1-for-1 with the index decline (up to âˆ�100%).
• Upside Participation: If the least-performing index gains more than 61%, holders receive full participation in that appreciation.
• Tenor: 5-year term, priced June 30 2025, settles July 3 2025, matures July 3 2030.
• Denomination: $1,000; CUSIP 06376EGB2.
• Issue price: 100% of face; agent’s commission 0.50%.
• Estimated initial value: $962.30 per $1,000 note (reflecting structuring and hedging costs).

Risk highlights

• No periodic interest and no principal protection below a 30% index decline.
• Performance tied solely to the worst-performing index; positive moves in the other two indices do not help if one underperforms.
• Credit risk: payments depend on BMO’s ability to pay; the notes are not FDIC or CDIC insured.
• Limited liquidity: the notes are not exchange-listed; any secondary trading is at the agent’s discretion and likely at a discount.
• Tax treatment uncertain; issuer assumes prepaid derivative contract characterization.

Illustrative payouts from the issuer’s table:

• Index up 10% â†� investor receives $1,610 (61% fixed return).
• Index unchanged â†� investor still receives $1,610 (61%).
• Index down 20% (above 70% barrier) â†� investor receives principal ($1,000).
• Index down 40% â†� investor receives $600 (40% loss).

Because the face amount is de minimis relative to BMO’s balance sheet and no new financial information about the bank is provided, the filing is not considered material to BMO equity investors. It is, however, essential for prospective purchasers of the specific structured note.

FormFactor Inc. (FORM) has filed a Form 144 notice indicating an intended insider sale of up to 4,000 common shares through Morgan Stanley Smith Barney on or about 01 Jul 2025. Based on the filing’s stated aggregate market value of $136,106.80, the planned transaction represents roughly 0.005 % of the company’s 77,076,642 shares outstanding, implying minimal ownership dilution or trading-volume impact.

The seller, identified in the past-sales table as Mike Slessor, acquired the shares as performance stock on 19 Jul 2022. The document notes no gift status or non-cash consideration. Within the preceding three months, the same individual sold 8,000 shares in two tranches (01 May 2025 and 02 Jun 2025) for combined gross proceeds of $246,188.80. Adding the upcoming sale would bring the rolling three-month total to 12,000 shares.

The filing contains the standard representation that the seller is not in possession of undisclosed material adverse information and provides no indication of additional planned transactions beyond the stated amount. Given the modest size relative to market float and the routine nature of a Rule 144 filing, immediate financial impact appears limited; however, continued insider selling can sometimes influence investor sentiment.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc. (ticker: C), is offering $1.396 million aggregate principal amount of Callable Contingent Coupon Equity-Linked Securities due 31 Dec 2026. The notes are unsecured senior obligations registered under the shelf prospectus (Reg. Nos. 333-270327 & 333-270327-01) and priced at $1,000 per note.

Key structural features

• Linked Indices (worst-of): Nasdaq-100® (initial 22,534.20), Russell 2000® (2,172.526) and S&P 500® (6,173.07). Performance of the lowest-return index (“worst performing underlyingâ€�) governs coupons, redemption and principal repayment.
• Contingent Coupon: 0.85% of face value per month (10.20% p.a.) payable only if, on the relevant valuation date, the worst performing index closes at or above its 70% coupon-barrier.
• Barriers: Coupon barrier and final barrier both set at 70% of each initial index level (i.e., 30% downside threshold).
• Issuer Call: The issuer may redeem the notes in whole on any of 12 monthly dates from Dec-2025 through Nov-2026; redemption pays $1,000 plus any due coupon.
• Principal Repayment: â€� If, on the final valuation date (28 Dec 2026), the worst performing index â‰� final barrier, investors receive full principal + final coupon. â€� If it is < final barrier, repayment equals $1,000 × (1 + index return), creating linear downside exposure to zero.
• Issue economics: Estimated value at pricing is $990.70 (â‰�99.07% of face), reflecting distribution and hedging costs; no underwriting discount but up to $7.25 combined dealer/marketing fees per note paid out of issuer proceeds.
• Liquidity & Listing: No exchange listing; secondary market solely at dealer’s discretion; bid prices expected below par and below estimated value after a three-month post-issuance adjustment period.

Risk highlights

• Investors face credit risk of Citigroup Global Markets Holdings Inc. & Citigroup Inc.
• Downside participation is uncapped: a â‰�30% decline in any single index at maturity erodes principal dollar-for-dollar; a severe decline can result in total loss of invested capital and coupons.
• Coupon payments are contingent and path-dependent; missing a single barrier on any valuation date eliminates the following month’s coupon.
• Call risk: Early redemption limits coupon accrual and typically occurs when conditions favor the issuer.
• Small issue size and lack of listing limit liquidity; dealer bid may disappear.
• Complex U.S. tax treatment; payments treated as ordinary income, with withholding possible for non-U.S. holders.

The product targets yield-seeking investors comfortable with equity-index downside risk, limited transparency on mark-to-market values and potential illiquidity. For diversified holders of Citigroup common equity, the $1.4 million issuance is immaterial to group earnings and capital.

Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities maturing 2 August 2028. The $1,000-denominated notes are unsecured obligations of MSFL and fully and unconditionally guaranteed by Morgan Stanley. They pay no coupon and will not be listed on any exchange.

Pay-out mechanics

• Upside: If the final level of each underlier—the S&P 500 Index (SPX) and the Russell 2000 Index (RTY)—exceeds its initial level, investors receive principal plus a leveraged upside payment equal to 126-136 % of the worst-performing underlier’s appreciation.
• Par return: If either index is â‰� its initial level but both remain â‰� 75 % of that level (the downside threshold), only principal is returned.
• Loss of principal: If the worst-performing index closes below 75 % of its initial level, repayment is principal × performance factor of that index—i.e., a 1 % loss for every 1 % decline. The entire investment can be lost.

Key indicative terms include a strike/pricing date of 28 July 2025, issue date 31 July 2025, single observation date 28 July 2028, and CUSIP 61778NDJ7. The estimated value on the pricing date is approximately $943.30, ~5.7 % below issue price, reflecting structuring and hedging costs and MS’s internal funding rate.

Risk highlights

• Exposure to the worst-performing of two equity indices eliminates diversification benefit.
• Notes are subject to credit risk of Morgan Stanley; they are not FDIC insured.
• Liquidity is limited; MS&Co. is not obligated to maintain a secondary market and any bid will reflect dealer spreads and credit spreads.
• Tax treatment uncertain; counsel expects open-transaction treatment but the IRS could disagree.

The product suits investors seeking leveraged equity upside with a 25 % buffer who can tolerate full downside participation, illiquidity, and issuer credit risk.

PLAYSTUDIOS, Inc. (Nasdaq: MYPS) â€� Form 144 filing dated 06/27/2025

Officer Joel Agena has filed a Notice of Proposed Sale under Rule 144 covering 20,490 Class A common shares, with an estimated aggregate market value of $27,409.62. The trade is scheduled for approximately 06/27/2025 through broker Fidelity Brokerage Services LLC on Nasdaq. Outstanding Class A shares total 108,626,198, so the planned sale represents roughly 0.02 % of shares outstanding.

The filing indicates that the insider is operating under a Rule 10b5-1 trading plan adopted on 03/12/2025. Over the prior ten days (06/16/2025-06/26/2025), Agena has already executed eight similar block sales totaling 163,921 shares for gross proceeds of about $228,000. Including the newly-noticed block, cumulative sales disclosed in the filing reach 184,411 shares, or roughly 0.17 % of the public float.

No other corporate financial data are provided in this Form 144. The officer also certifies that he is unaware of any undisclosed material adverse information, as required. While the dollar amounts are modest in relation to market capitalization, recurring insider dispositions can influence investor sentiment, particularly in thinly-traded small-cap names. However, the use of a pre-arranged trading plan reduces concerns over opportunistic timing.

PLAYSTUDIOS General Counsel Joel Agena reported significant insider trading activity through a pre-planned Rule 10b5-1 trading plan established on March 12, 2025. Over three consecutive days (June 24-26, 2025), Agena sold a total of 61,470 shares of Class A Common Stock at average prices ranging from $1.35 to $1.37 per share.

Following these transactions, Agena's direct holdings include:

• 156,771 shares of Class A Common Stock
• 291,668 Restricted Stock Units (RSUs) with various vesting schedules through 2028
• 125,000 Performance Stock Units (PSUs) tied to 2025 performance metrics
• 233,043 Stock Options at strike prices between $0.90 and $1.44
• 28,040 Earnout Shares subject to stock price targets of $12.50 and $15.00

The sales were executed according to a previously disclosed trading plan, demonstrating planned portfolio management rather than reactive selling.

PLAYSTUDIOS officer Joel Agena has filed Form 144 indicating a proposed sale of 20,490 Class A shares through Fidelity Brokerage Services, with an aggregate market value of $27,581.02. The sale is planned for June 26, 2025, on NASDAQ.

Key details of the transaction:

• Shares were acquired on May 15, 2023, through restricted stock vesting as compensation
• The filing indicates significant recent selling activity, with Agena disposing of 143,431 shares over the past seven trading days between June 16-25, 2025, for total gross proceeds of approximately $200,894
• The seller is operating under a Rule 10b5-1 trading plan adopted on March 12, 2025
• Current shares outstanding: 108,626,198

The filing includes standard attestation that the seller has no knowledge of material adverse non-public information regarding PLAYSTUDIOS' operations.