[FWP] Citigroup Inc. Free Writing Prospectus
Form 4 filing summary – Kaltura, Inc. (KLTR)
Chief Financial Officer John N. Doherty reported an automatic sale of 14,828 shares of Kaltura common stock on 07/02/2025. The shares were sold solely to cover taxes and fees triggered by the settlement of previously granted restricted stock units (RSUs), as noted in Footnote 1. The weighted-average sale price was $1.97, with individual transactions executed between $1.93 and $2.01 per share.
Following the sale, Doherty’s direct ownership stands at 1,479,874 shares. No derivative securities transactions were reported, and no other changes in beneficial ownership were disclosed.
The transaction is coded “S” (sale) but the explanatory footnote clarifies its administrative, tax-withholding nature, suggesting limited implication for the executive’s long-term stake.
Riepilogo deposito Modulo 4 – Kaltura, Inc. (KLTR)
Il Chief Financial Officer John N. Doherty ha comunicato una vendita automatica di 14.828 azioni ordinarie di Kaltura in data 02/07/2025. Le azioni sono state vendute esclusivamente per coprire tasse e commissioni derivanti dal regolamento di unità azionarie vincolate (RSU) precedentemente assegnate, come indicato nella Nota 1. Il prezzo medio ponderato di vendita è stato di 1,97 $, con singole transazioni eseguite tra 1,93 $ e 2,01 $ per azione.
Dopo la vendita, la proprietà diretta di Doherty ammonta a 1.479.874 azioni. Non sono state segnalate operazioni su strumenti derivati né altri cambiamenti nella proprietà beneficiaria.
La transazione è codificata come “S” (vendita), ma la nota esplicativa chiarisce che si tratta di un'operazione amministrativa di ritenuta fiscale, suggerendo un impatto limitato sulla partecipazione a lungo termine dell’amministratore.
Resumen de presentación del Formulario 4 – Kaltura, Inc. (KLTR)
El Director Financiero John N. Doherty reportó una venta automática de 14.828 acciones ordinarias de Kaltura el 02/07/2025. Las acciones se vendieron únicamente para cubrir impuestos y tarifas derivados del ajuste de unidades restringidas de acciones (RSU) previamente concedidas, según se indica en la Nota 1. El precio promedio ponderado de venta fue de 1,97 $, con transacciones individuales ejecutadas entre 1,93 $ y 2,01 $ por acción.
Tras la venta, la propiedad directa de Doherty es de 1.479.874 acciones. No se reportaron transacciones con valores derivados ni otros cambios en la propiedad beneficiaria.
La transacción está codificada como “S” (venta), pero la nota explicativa aclara que se trata de una operación administrativa de retención fiscal, lo que sugiere un impacto limitado en la participación a largo plazo del ejecutivo.
양식 4 제출 요약 – Kaltura, Inc. (KLTR)
최고재무책임자 John N. Doherty는 2025년 7월 2일에 Kaltura 보통주 14,828주 자동 매도를 보고했습니다. 해당 주식은 이전에 부여된 제한 주식 단위(RSU)의 정산으로 인해 발생한 세금 및 수수료를 충당하기 위해서만 매도되었으며, 이는 각주 1에 명시되어 있습니다. 가중평균 매도 가격은 $1.97였으며, 개별 거래는 주당 $1.93에서 $2.01 사이에서 이루어졌습니다.
매도 후 Doherty의 직접 소유 주식은 1,479,874주입니다. 파생 증권 거래는 보고되지 않았으며, 기타 실질 소유권 변경도 없었습니다.
거래는 “S”(매도)로 코드화되어 있으나 설명 각주에서는 행정적, 세금 원천징수 성격임을 명확히 하여 경영진의 장기 지분에 미치는 영향이 제한적임을 시사합니다.
Résumé du dépôt du formulaire 4 – Kaltura, Inc. (KLTR)
Le directeur financier John N. Doherty a déclaré une vente automatique de 14 828 actions ordinaires de Kaltura le 02/07/2025. Les actions ont été vendues uniquement pour couvrir les taxes et frais déclenchés par le règlement des unités d’actions restreintes (RSU) précédemment attribuées, comme indiqué dans la note 1. Le prix moyen pondéré de vente était de 1,97 $, avec des transactions individuelles exécutées entre 1,93 $ et 2,01 $ par action.
Après la vente, la détention directe de Doherty s’élève à 1 479 874 actions. Aucune transaction sur des titres dérivés n’a été signalée et aucun autre changement dans la propriété bénéficiaire n’a été divulgué.
La transaction est codée « S » (vente), mais la note explicative précise qu’il s’agit d’une opération administrative liée à la retenue fiscale, ce qui suggère un impact limité sur la participation à long terme de l’exécutif.
Zusammenfassung der Formular 4-Einreichung – Kaltura, Inc. (KLTR)
Finanzvorstand John N. Doherty meldete am 02.07.2025 einen automatischen Verkauf von 14.828 Aktien der Kaltura-Stammaktien. Die Aktien wurden ausschließlich verkauft, um Steuern und Gebühren abzudecken, die durch die Abrechnung zuvor gewährter Restricted Stock Units (RSUs) ausgelöst wurden, wie in Fußnote 1 angegeben. Der gewichtete Durchschnittspreis lag bei 1,97 $, mit einzelnen Transaktionen zwischen 1,93 $ und 2,01 $ pro Aktie.
Nach dem Verkauf hält Doherty direkt 1.479.874 Aktien. Es wurden keine Transaktionen mit Derivaten gemeldet und keine weiteren Änderungen im wirtschaftlichen Eigentum offengelegt.
Die Transaktion ist mit „S“ (Verkauf) codiert, aber die erläuternde Fußnote macht deutlich, dass es sich um eine administrative, steuerliche Abzugsmaßnahme handelt, was auf eine begrenzte Auswirkung auf den langfristigen Anteil des Geschäftsführers hindeutet.
- CFO retains a substantial holding of 1,479,874 shares, maintaining strong equity alignment with shareholders.
- Sale expressly tied to tax withholding, reducing concerns about discretionary divestiture.
- Insider sale activity, even if routine, can trigger short-term negative sentiment among investors focused on trading dynamics.
Insights
TL;DR: Small, tax-related insider sale; neutral impact on KLTR.
The CFO disposed of only 14,828 shares (<1% of his 1.48 million-share stake) to satisfy withholding obligations arising from RSU vesting. Such “automatic sales” are routine and do not typically signal a bearish view. The large remaining holding indicates continued alignment with shareholders. Given the modest dollar value (≈ $29k) and explanatory footnote, I classify the filing as neutral for valuation or sentiment purposes.
TL;DR: Governance-clean, Rule 10b5-1 compliant sale; insignificant.
The filing contains the required Rule 10b5-1 checkbox and a clear explanation that the sale was to cover tax and fee obligations. This transparency, coupled with the minimal proportion of shares sold, supports sound governance practices. No red flags emerge regarding insider confidence or potential conflicts. I view the disclosure as non-impactful from a governance risk perspective.
Riepilogo deposito Modulo 4 – Kaltura, Inc. (KLTR)
Il Chief Financial Officer John N. Doherty ha comunicato una vendita automatica di 14.828 azioni ordinarie di Kaltura in data 02/07/2025. Le azioni sono state vendute esclusivamente per coprire tasse e commissioni derivanti dal regolamento di unità azionarie vincolate (RSU) precedentemente assegnate, come indicato nella Nota 1. Il prezzo medio ponderato di vendita è stato di 1,97 $, con singole transazioni eseguite tra 1,93 $ e 2,01 $ per azione.
Dopo la vendita, la proprietà diretta di Doherty ammonta a 1.479.874 azioni. Non sono state segnalate operazioni su strumenti derivati né altri cambiamenti nella proprietà beneficiaria.
La transazione è codificata come “S” (vendita), ma la nota esplicativa chiarisce che si tratta di un'operazione amministrativa di ritenuta fiscale, suggerendo un impatto limitato sulla partecipazione a lungo termine dell’amministratore.
Resumen de presentación del Formulario 4 – Kaltura, Inc. (KLTR)
El Director Financiero John N. Doherty reportó una venta automática de 14.828 acciones ordinarias de Kaltura el 02/07/2025. Las acciones se vendieron únicamente para cubrir impuestos y tarifas derivados del ajuste de unidades restringidas de acciones (RSU) previamente concedidas, según se indica en la Nota 1. El precio promedio ponderado de venta fue de 1,97 $, con transacciones individuales ejecutadas entre 1,93 $ y 2,01 $ por acción.
Tras la venta, la propiedad directa de Doherty es de 1.479.874 acciones. No se reportaron transacciones con valores derivados ni otros cambios en la propiedad beneficiaria.
La transacción está codificada como “S” (venta), pero la nota explicativa aclara que se trata de una operación administrativa de retención fiscal, lo que sugiere un impacto limitado en la participación a largo plazo del ejecutivo.
양식 4 제출 요약 – Kaltura, Inc. (KLTR)
최고재무책임자 John N. Doherty는 2025년 7월 2일에 Kaltura 보통주 14,828주 자동 매도를 보고했습니다. 해당 주식은 이전에 부여된 제한 주식 단위(RSU)의 정산으로 인해 발생한 세금 및 수수료를 충당하기 위해서만 매도되었으며, 이는 각주 1에 명시되어 있습니다. 가중평균 매도 가격은 $1.97였으며, 개별 거래는 주당 $1.93에서 $2.01 사이에서 이루어졌습니다.
매도 후 Doherty의 직접 소유 주식은 1,479,874주입니다. 파생 증권 거래는 보고되지 않았으며, 기타 실질 소유권 변경도 없었습니다.
거래는 “S”(매도)로 코드화되어 있으나 설명 각주에서는 행정적, 세금 원천징수 성격임을 명확히 하여 경영진의 장기 지분에 미치는 영향이 제한적임을 시사합니다.
Résumé du dépôt du formulaire 4 – Kaltura, Inc. (KLTR)
Le directeur financier John N. Doherty a déclaré une vente automatique de 14 828 actions ordinaires de Kaltura le 02/07/2025. Les actions ont été vendues uniquement pour couvrir les taxes et frais déclenchés par le règlement des unités d’actions restreintes (RSU) précédemment attribuées, comme indiqué dans la note 1. Le prix moyen pondéré de vente était de 1,97 $, avec des transactions individuelles exécutées entre 1,93 $ et 2,01 $ par action.
Après la vente, la détention directe de Doherty s’élève à 1 479 874 actions. Aucune transaction sur des titres dérivés n’a été signalée et aucun autre changement dans la propriété bénéficiaire n’a été divulgué.
La transaction est codée « S » (vente), mais la note explicative précise qu’il s’agit d’une opération administrative liée à la retenue fiscale, ce qui suggère un impact limité sur la participation à long terme de l’exécutif.
Zusammenfassung der Formular 4-Einreichung – Kaltura, Inc. (KLTR)
Finanzvorstand John N. Doherty meldete am 02.07.2025 einen automatischen Verkauf von 14.828 Aktien der Kaltura-Stammaktien. Die Aktien wurden ausschließlich verkauft, um Steuern und Gebühren abzudecken, die durch die Abrechnung zuvor gewährter Restricted Stock Units (RSUs) ausgelöst wurden, wie in Fußnote 1 angegeben. Der gewichtete Durchschnittspreis lag bei 1,97 $, mit einzelnen Transaktionen zwischen 1,93 $ und 2,01 $ pro Aktie.
Nach dem Verkauf hält Doherty direkt 1.479.874 Aktien. Es wurden keine Transaktionen mit Derivaten gemeldet und keine weiteren Änderungen im wirtschaftlichen Eigentum offengelegt.
Die Transaktion ist mit „S“ (Verkauf) codiert, aber die erläuternde Fußnote macht deutlich, dass es sich um eine administrative, steuerliche Abzugsmaßnahme handelt, was auf eine begrenzte Auswirkung auf den langfristigen Anteil des Geschäftsführers hindeutet.
Citigroup Global Markets Holdings Inc.
Guaranteed by Citigroup Inc.
Hypothetical Interim Payment per Security**
|
Valuation Date on which the Closing Value of the Worst Performer Equals or Exceeds Initial Underlying Value |
Premium |
Hypothetical Redemption |
|
July 21, 2026 |
10.10% |
$1,101.00 |
|
July 19, 2027 |
20.20% |
$1,202.00 |
|
July 18, 2028 |
30.30% |
$1,303.00 |
|
July 18, 2029 |
40.40% |
$1,404.00 |
If the closing value of the worst performer is not greater than or equal to the initial underlying value on any interim valuation date, then the securities will not be automatically redeemed prior to maturity and you will not receive a premium following that valuation date.
** The hypotheticals assume that the premium applicable to each valuation date will be set at the lowest value indicated in this offering summary.
Hypothetical Payment at Maturity per Security***
Assumes the securities have not been automatically redeemed prior to maturity.
|
Hypothetical Worst Underlying Return on Final Valuation Date |
Hypothetical Payment at Maturity |
|
100.00% |
$1,505.00 |
|
50.00% |
$1,505.00 |
|
25.00% |
$1,505.00 |
|
0.00% |
$1,505.00 |
|
-0.01% |
$1,000.00 |
|
-10.00% |
$1,000.00 |
|
-10.01% |
$899.90 |
|
-25.00% |
$750.00 |
|
-50.00% |
$500.00 |
|
-75.00% |
$250.00 |
|
-100.00% |
$0.00 |
*** The hypothetical assumes that the premium on the final valuation date will be set at the lowest value indicated in this offering summary.
5 Year Autocallable Securities Linked to the Worst of SX5E and UKX
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 EURO STOXX 50® Index (ticker: “SX5E”) and the FTSE® 100 Index (ticker: “UKX”) |
|
Pricing date: |
July 18, 2025 |
|
Valuation dates: |
Annually, beginning approximately one year after issuance |
|
Final valuation date: |
July 18, 2030 |
|
Maturity date: |
July 23, 2030 |
|
Final barrier value: |
For each underlying, 90.00% of its initial underlying value |
|
Automatic early redemption: |
If on any valuation date prior to the final valuation date the closing value of the worst performer is greater than or equal to its initial underlying value, the securities will be automatically called for an amount equal to the principal plus the applicable premium |
|
Premium: |
At least 10.10% per annum* |
|
CUSIP / ISIN: |
17333LHF5 / US17333LHF58 |
|
Initial underlying value: |
For each underlying, its closing value on the pricing date |
|
Final underlying value: |
For each underlying, its closing value on the final valuation date |
|
Underlying return: |
For each underlying on any valuation date, (i) its current closing value minus initial underlying value, divided by (ii) its initial underlying value |
|
Worst performer: |
On any valuation date, the underlying with the lowest underlying return |
|
Payment at maturity (if not autocalled): |
•If the final underlying value of the worst performer on the final valuation date is greater than or equal to its initial underlying value: $1,000 + the premium applicable to the final valuation date •If the final underlying value of the worst performer on the final valuation date is less than its initial underlying value but greater than or equal to its final barrier value: $1,000 •If the final underlying value of the worst performer is less than its final barrier value: $1,000 + ($1,000 × the underlying return of the worst performer on the final valuation date) If the securities are not automatically redeemed prior to maturity and the final underlying value of the worst performer on the final valuation date is less than its final barrier value, you will receive significantly less than the stated principal amount of your securities, and possibly nothing, at maturity. 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 3, 2025 |
* The actual premium 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. Unlike conventional debt securities, the securities do not provide for the repayment of the stated principal amount at maturity in all circumstances. If the securities are not automatically redeemed prior to maturity, your payment at maturity will depend on the final underlying value of the worst performer on the final valuation date. If the final underlying value of the worst performer on the final valuation date is less than its final barrier value, you will lose 1% of the stated principal amount of your securities for every 1% by which the worst performer on the final valuation date has declined from its initial underlying value. 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 is limited. •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. •The securities may be automatically redeemed prior to maturity. •The securities offer downside exposure, but no upside exposure, to the underlyings. •The securities are particularly sensitive to the volatility of the closing values of the underlyings on or near the valuation dates. •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 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 Kaltura (KLTR) shares did the CFO sell?
What was the sale price for the KLTR shares?
Why were the KLTR shares sold by the CFO?
How many KLTR shares does the CFO still own after the sale?
Does the Form 4 indicate any derivative transactions?
