[FWP] Citigroup Inc. Free Writing Prospectus
Credo Technology Group Holding Ltd (CRDO) – Form 4 filing dated 07/08/2025
President & CEO William J. Brennan reported a Rule 16 transaction code “F”, indicating shares were withheld by the company on 07/05/2025 to cover tax obligations arising from restricted-stock-unit (RSU) vesting. A total of 6,149 ordinary shares were disposed at an accounting price of $93.61 per share (≈ $575 k in value). Following the transaction, Brennan still owns 439,782 shares directly and 2,211,978 shares indirectly through The Brennan Family Trust, leaving his total beneficial stake at roughly 2.65 million shares.
The filing reflects a routine, non-cash settlement rather than an open-market sale. Ownership concentration by the CEO remains high, signalling continued alignment with common shareholders. No derivative securities were involved and there are no indications of changes in executive roles or other material corporate events.
Credo Technology Group Holding Ltd (CRDO) – Comunicazione Form 4 del 08/07/2025
Il Presidente e CEO William J. Brennan ha segnalato una transazione secondo la Regola 16 con codice “F”, indicando che il 05/07/2025 la società ha trattenuto azioni per coprire le imposte derivanti dalla maturazione di unità azionarie vincolate (RSU). In totale sono state cedute contabilmente 6.149 azioni ordinarie al prezzo di 93,61 $ per azione (circa 575 mila dollari in valore). Dopo questa operazione, Brennan detiene ancora 439.782 azioni direttamente e 2.211.978 azioni indirettamente tramite The Brennan Family Trust, per un totale di circa 2,65 milioni di azioni.
La comunicazione riflette una normale operazione di regolamento non in contanti, non una vendita sul mercato aperto. La concentrazione di proprietà da parte del CEO rimane elevata, indicando un continuo allineamento con gli azionisti comuni. Non sono stati coinvolti strumenti derivati e non ci sono segnali di cambiamenti nei ruoli esecutivi o altri eventi societari rilevanti.
Credo Technology Group Holding Ltd (CRDO) – Presentación del Formulario 4 fechada el 08/07/2025
El Presidente y CEO William J. Brennan reportó una transacción bajo la Regla 16 con código “F”, indicando que el 05/07/2025 la empresa retuvo acciones para cubrir obligaciones fiscales derivadas de la consolidación de unidades de acciones restringidas (RSU). Se dispusieron un total de 6,149 acciones ordinarias a un precio contable de $93.61 por acción (aproximadamente $575 mil en valor). Tras la transacción, Brennan posee 439,782 acciones directamente y 2,211,978 acciones indirectamente a través de The Brennan Family Trust, manteniendo una participación total aproximada de 2.65 millones de acciones.
La presentación refleja una liquidación rutinaria y no en efectivo, no una venta en el mercado abierto. La concentración de propiedad por parte del CEO sigue siendo alta, señalando una continua alineación con los accionistas comunes. No se involucraron valores derivados y no hay indicios de cambios en roles ejecutivos u otros eventos corporativos materiales.
Credo Technology Group Holding Ltd (CRDO) – 2025년 7월 8일자 Form 4 제출
회장 겸 CEO 윌리엄 J. 브레넌은 규칙 16 거래 코드 “F”를 보고했으며, 이는 2025년 7월 5일에 제한주식단위(RSU) 권리 행사에 따른 세금 납부를 위해 회사가 주식을 보유했음을 나타냅니다. 총 6,149 보통주가 주당 $93.61의 회계가격(약 57만 5천 달러 상당)으로 처리되었습니다. 거래 후 브레넌은 직접 439,782주와 The Brennan Family Trust를 통한 간접 보유 2,211,978주를 보유하여 총 약 265만 주의 지분을 유지하고 있습니다.
이번 제출은 공개 시장 매도가 아닌 일상적인 비현금 결제를 반영합니다. CEO의 소유 집중도는 여전히 높아 일반 주주들과의 지속적인 이해관계 일치를 보여줍니다. 파생상품은 포함되지 않았으며, 임원 역할 변경이나 기타 중요한 기업 이벤트 징후도 없습니다.
Credo Technology Group Holding Ltd (CRDO) – Dépôt du formulaire 4 daté du 08/07/2025
Le Président-directeur général William J. Brennan a déclaré une transaction selon la règle 16 avec le code « F », indiquant que le 05/07/2025, la société a retenu des actions pour couvrir les obligations fiscales liées à la consolidation d’unités d’actions restreintes (RSU). Un total de 6 149 actions ordinaires a été cédé au prix comptable de 93,61 $ par action (soit environ 575 000 $ en valeur). Après cette opération, Brennan détient encore 439 782 actions en direct et 2 211 978 actions indirectement via The Brennan Family Trust, portant sa participation totale à environ 2,65 millions d’actions.
Le dépôt reflète un règlement de routine non monétaire plutôt qu’une vente sur le marché ouvert. La concentration de la propriété par le PDG reste élevée, signalant un alignement continu avec les actionnaires ordinaires. Aucun instrument dérivé n’a été impliqué et il n’y a aucun signe de changements dans les rôles exécutifs ou d’autres événements d’entreprise importants.
Credo Technology Group Holding Ltd (CRDO) – Form 4 Einreichung vom 08.07.2025
Präsident und CEO William J. Brennan meldete eine Transaktion nach Regel 16 mit Code „F“, was darauf hinweist, dass am 05.07.2025 Aktien vom Unternehmen einbehalten wurden, um Steuerverpflichtungen aus der Vesting von Restricted Stock Units (RSU) zu begleichen. Insgesamt wurden 6.149 Stammaktien zu einem Buchpreis von 93,61 $ pro Aktie (ca. 575.000 $ Wert) abgegeben. Nach der Transaktion besitzt Brennan weiterhin 439.782 Aktien direkt und 2.211.978 Aktien indirekt über den Brennan Family Trust, womit sein gesamtes wirtschaftliches Interesse bei etwa 2,65 Millionen Aktien liegt.
Die Meldung spiegelt eine routinemäßige, nicht bar abgewickelte Transaktion wider und keinen Verkauf am offenen Markt. Die Eigentumskonzentration des CEO bleibt hoch, was auf eine anhaltende Ausrichtung mit den Stammaktionären hinweist. Es waren keine Derivate involviert und es gibt keine Anzeichen für Änderungen in Führungspositionen oder andere wesentliche Unternehmensereignisse.
- High insider ownership: CEO retains approximately 2.65 million shares after the transaction, demonstrating continued alignment with shareholder interests.
- None.
Insights
TL;DR: Routine tax-withholding sale; CEO still holds ~2.65 m CRDO shares, so investor impact is minimal.
The Form 4 shows an F-code transaction, meaning the shares were surrendered to the issuer to satisfy RSU tax liabilities rather than sold on the open market. Only 6,149 shares (≈0.23 % of Brennan’s total holdings) were affected, leaving his ownership essentially intact. Such administrative movements do not alter supply-demand dynamics, capital structure, or signal a change in sentiment. Accordingly, I view the disclosure as neutral and not financially material.
TL;DR: Governance-neutral filing; maintains strong insider alignment, no red flags.
From a governance standpoint, code F transactions are expected when RSUs vest. Brennan’s remaining 2.65 m-share stake continues to align management interests with shareholders. The disclaimer on the trust indicates appropriate separation of personal and fiduciary holdings. No additional related-party issues or accelerated sales are evident. Therefore, the filing is procedural and non-impactful.
Credo Technology Group Holding Ltd (CRDO) – Comunicazione Form 4 del 08/07/2025
Il Presidente e CEO William J. Brennan ha segnalato una transazione secondo la Regola 16 con codice “F”, indicando che il 05/07/2025 la società ha trattenuto azioni per coprire le imposte derivanti dalla maturazione di unità azionarie vincolate (RSU). In totale sono state cedute contabilmente 6.149 azioni ordinarie al prezzo di 93,61 $ per azione (circa 575 mila dollari in valore). Dopo questa operazione, Brennan detiene ancora 439.782 azioni direttamente e 2.211.978 azioni indirettamente tramite The Brennan Family Trust, per un totale di circa 2,65 milioni di azioni.
La comunicazione riflette una normale operazione di regolamento non in contanti, non una vendita sul mercato aperto. La concentrazione di proprietà da parte del CEO rimane elevata, indicando un continuo allineamento con gli azionisti comuni. Non sono stati coinvolti strumenti derivati e non ci sono segnali di cambiamenti nei ruoli esecutivi o altri eventi societari rilevanti.
Credo Technology Group Holding Ltd (CRDO) – Presentación del Formulario 4 fechada el 08/07/2025
El Presidente y CEO William J. Brennan reportó una transacción bajo la Regla 16 con código “F”, indicando que el 05/07/2025 la empresa retuvo acciones para cubrir obligaciones fiscales derivadas de la consolidación de unidades de acciones restringidas (RSU). Se dispusieron un total de 6,149 acciones ordinarias a un precio contable de $93.61 por acción (aproximadamente $575 mil en valor). Tras la transacción, Brennan posee 439,782 acciones directamente y 2,211,978 acciones indirectamente a través de The Brennan Family Trust, manteniendo una participación total aproximada de 2.65 millones de acciones.
La presentación refleja una liquidación rutinaria y no en efectivo, no una venta en el mercado abierto. La concentración de propiedad por parte del CEO sigue siendo alta, señalando una continua alineación con los accionistas comunes. No se involucraron valores derivados y no hay indicios de cambios en roles ejecutivos u otros eventos corporativos materiales.
Credo Technology Group Holding Ltd (CRDO) – 2025년 7월 8일자 Form 4 제출
회장 겸 CEO 윌리엄 J. 브레넌은 규칙 16 거래 코드 “F”를 보고했으며, 이는 2025년 7월 5일에 제한주식단위(RSU) 권리 행사에 따른 세금 납부를 위해 회사가 주식을 보유했음을 나타냅니다. 총 6,149 보통주가 주당 $93.61의 회계가격(약 57만 5천 달러 상당)으로 처리되었습니다. 거래 후 브레넌은 직접 439,782주와 The Brennan Family Trust를 통한 간접 보유 2,211,978주를 보유하여 총 약 265만 주의 지분을 유지하고 있습니다.
이번 제출은 공개 시장 매도가 아닌 일상적인 비현금 결제를 반영합니다. CEO의 소유 집중도는 여전히 높아 일반 주주들과의 지속적인 이해관계 일치를 보여줍니다. 파생상품은 포함되지 않았으며, 임원 역할 변경이나 기타 중요한 기업 이벤트 징후도 없습니다.
Credo Technology Group Holding Ltd (CRDO) – Dépôt du formulaire 4 daté du 08/07/2025
Le Président-directeur général William J. Brennan a déclaré une transaction selon la règle 16 avec le code « F », indiquant que le 05/07/2025, la société a retenu des actions pour couvrir les obligations fiscales liées à la consolidation d’unités d’actions restreintes (RSU). Un total de 6 149 actions ordinaires a été cédé au prix comptable de 93,61 $ par action (soit environ 575 000 $ en valeur). Après cette opération, Brennan détient encore 439 782 actions en direct et 2 211 978 actions indirectement via The Brennan Family Trust, portant sa participation totale à environ 2,65 millions d’actions.
Le dépôt reflète un règlement de routine non monétaire plutôt qu’une vente sur le marché ouvert. La concentration de la propriété par le PDG reste élevée, signalant un alignement continu avec les actionnaires ordinaires. Aucun instrument dérivé n’a été impliqué et il n’y a aucun signe de changements dans les rôles exécutifs ou d’autres événements d’entreprise importants.
Credo Technology Group Holding Ltd (CRDO) – Form 4 Einreichung vom 08.07.2025
Präsident und CEO William J. Brennan meldete eine Transaktion nach Regel 16 mit Code „F“, was darauf hinweist, dass am 05.07.2025 Aktien vom Unternehmen einbehalten wurden, um Steuerverpflichtungen aus der Vesting von Restricted Stock Units (RSU) zu begleichen. Insgesamt wurden 6.149 Stammaktien zu einem Buchpreis von 93,61 $ pro Aktie (ca. 575.000 $ Wert) abgegeben. Nach der Transaktion besitzt Brennan weiterhin 439.782 Aktien direkt und 2.211.978 Aktien indirekt über den Brennan Family Trust, womit sein gesamtes wirtschaftliches Interesse bei etwa 2,65 Millionen Aktien liegt.
Die Meldung spiegelt eine routinemäßige, nicht bar abgewickelte Transaktion wider und keinen Verkauf am offenen Markt. Die Eigentumskonzentration des CEO bleibt hoch, was auf eine anhaltende Ausrichtung mit den Stammaktionären hinweist. Es waren keine Derivate involviert und es gibt keine Anzeichen für Änderungen in Führungspositionen oder andere wesentliche Unternehmensereignisse.
Citigroup Global Markets Holdings Inc.
Guaranteed by Citigroup Inc.
Hypothetical Payment at Maturity per Security
|
n The Worst Performer |
n The Securities |
|
|
Hypothetical Worst Underlying Return on Valuation Date |
Hypothetical Security Return |
Hypothetical Payment at Maturity |
|
|
50.00% |
8.00% |
$1,080.00 |
|
C |
25.00% |
8.00% |
$1,080.00 |
|
|
8.00% |
8.00% |
$1,080.00 |
|
|
0.00% |
8.00% |
$1,080.00 |
|
B |
-12.50% |
8.00% |
$1,080.00 |
|
|
-20.00% |
8.00% |
$1,080.00 |
|
|
-25.00% |
8.00% |
$1,080.00 |
|
|
-25.01% |
-0.01% |
$999.90 |
|
A |
-50.00% |
-25.00% |
$750.00 |
|
|
-100.00% |
-75.00% |
$250.00 |
1 Year Enhanced Geared Buffered Digital Securities Linked to the Worst of XLV, RLG and RTY
Preliminary Terms
This summary of terms is not complete and should be read with the preliminary pricing supplement below
|
Issuer: |
Citigroup Global Markets Holdings Inc. |
|
Guarantor: |
Citigroup Inc. |
|
Underlyings: |
The Health Care Select Sector SPDR® Fund (ticker: “XLV”), the Russell 1000® Growth Index (ticker: “RLG”) and the Russell 2000® Index (ticker: “RTY”) |
|
Pricing date: |
July 10, 2025 |
|
Valuation date: |
July 16, 2026 |
|
Maturity date: |
July 21, 2026 |
|
Digital return amount: |
8.00% of the stated principal amount |
|
Final buffer value: |
For each underlying, 75.00% of its initial underlying value |
|
Buffer percentage: |
25.00% |
|
CUSIP / ISIN: |
17333LJK2 / US17333LJK26 |
|
Initial underlying value: |
For each underlying, its closing value on the pricing date |
|
Final underlying value: |
For each underlying, its closing value on the valuation date |
|
Underlying return: |
For each underlying, (i) its final underlying value minus initial underlying value, divided by (ii) its initial underlying value |
|
Worst performer: |
The underlying with the lowest underlying return |
|
Payment at maturity: |
•If the final underlying value of the worst performer is greater than or equal to its final buffer value: $1,000 + the digital return amount •If the final underlying value of the worst performer is less than its final buffer value: $1,000 + [$1,000 × the buffer rate × (the underlying return of the worst performer + the buffer percentage)] If the final underlying value of the worst performer is less than its final buffer value, which means that the worst performer has depreciated from its initial underlying value by more than the buffer percentage, you will lose more than 1% of the stated principal amount of your securities at maturity for every 1% by which that depreciation exceeds the buffer percentage. Accordingly, the lower the final underlying value of the worst performer, the less benefit you will receive from the buffer. All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. |
|
Stated principal amount: |
$1,000 per security |
|
Preliminary pricing supplement: |
Preliminary Pricing Supplement dated July 8, 2025 |
* The actual digital return amount will be determined on the pricing date.
Citigroup Global Markets Holdings Inc.
Guaranteed by Citigroup Inc.
|
Additional Information |
|
Citigroup Global Markets Holdings Inc. and Citigroup Inc. have filed registration statements (including the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus in those registration statements (File Nos. 333-270327 and 333-270327-01) and the other documents Citigroup Global Markets Holdings Inc. and Citigroup Inc. have filed with the SEC for more complete information about Citigroup Global Markets Holdings Inc., Citigroup Inc. and this offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request these documents by calling toll-free 1-800-831-9146.
Filed pursuant to Rule 433 |
|
This offering summary does not contain all of the material information an investor should consider before investing in the securities. This offering summary is not for distribution in isolation and must be read together with the accompanying preliminary pricing supplement and the other documents referred to therein, which can be accessed via the link on the first page. |
|
Selected Risk Considerations |
|
•You may lose a significant portion or all of your investment. Your payment at maturity will depend on the final underlying value of the worst performer. If the final underlying value of the worst performer is less than its final buffer value, which means that the worst performer has depreciated from its initial underlying value by more than the buffer percentage, you will lose more than 1% of the stated principal amount of your securities for every 1% by which that depreciation exceeds the buffer percentage. You should understand that any decline in the final underlying value of the worst performer beyond the buffer percentage will result in a magnified loss to your investment based on the buffer rate, which will progressively offset any protection that the buffer percentage would offer. The lower the final underlying value of the worst performer, the less benefit you will receive from the buffer. There is no minimum payment at maturity on the securities, and you may lose up to all of your investment. •Your potential return on the securities at maturity is limited to the digital return, even if the worst performer appreciates by significantly more than the digital return. •The securities do not pay interest. •The securities are subject to heightened risk because they have multiple underlyings. •The return on the securities depends solely on the performance of the worst performer. As a result, the securities are subject to the risks of each of the underlyings and will be negatively affected if any one underlying performs poorly. •You will be subject to risks relating to the relationship between the underlyings. The less correlated the underlyings, the more likely it is that any one of the underlyings will perform poorly over the term of the securities. All that is necessary for the securities to perform poorly is for one of the underlyings to perform poorly. •You will not receive dividends or have any other rights with respect to the underlyings. •Your payment at maturity depends on the closing value of the worst performer on a single day. •The securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. If Citigroup Global Markets Holdings Inc. defaults on its obligations under the securities and Citigroup Inc. defaults on its guarantee obligations, you may not receive anything owed to you under the securities. •The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity. •The estimated value of the securities on the pricing date will be less than the issue price. For more information about the estimated value of the securities, see the accompanying preliminary pricing supplement. •The value of the securities prior to maturity will fluctuate based on many unpredictable factors. •The investment strategy represented by the Russell 1000® Growth Index may not be successful. •The Health Care Select Sector SPDR® Fund is subject to risks associated with the health care sector. •The Russell 2000® Index is subject to risks associated with small capitalization stocks. •The issuer and its affiliates may have conflicts of interest with you. •The U.S. federal tax consequences of an investment in the securities are unclear. |
|
The above summary of selected risks does not describe all of the risks associated with an investment in the securities. You should read the accompanying preliminary pricing supplement and product supplement for a more complete description of risks relating to the securities. |
FAQ
How many CRDO shares did CEO William Brennan dispose in the 07/05/2025 transaction?
What price was used to value the CRDO shares withheld for taxes?
How many CRDO shares does Brennan own after this Form 4 filing?
Was this an open-market sale by the CEO?
Did the filing signal any change in Brennan’s role at Credo Technology?
