Great Lakes Dredge & Dock Corp SEC Filings

BP Prudhoe Bay Royalty Trust (BPT) filed an 8-K detailing two material developments that negatively affect unitholders. First, the Trust confirmed it received no royalty payment for the quarter ended June 30 2025; consequently, no quarterly cash distribution will be made. Because the Trust formally terminated at 11:59 p.m. on December 31 2024, the trustee -- The Bank of New York Mellon Trust Company, N.A. -- is now focused solely on winding-up activities rather than ongoing operations.

Second, the Trust disclosed that it failed to regain compliance with NYSE Rule 802.01C after its unit price averaged below $1.00 for 30 consecutive trading days. As a result, the NYSE suspended trading and initiated delisting proceedings effective June 30 2025. Beginning July 1 2025, the units trade on the OTC Pink market under the temporary symbol “BPPTU.” OTC Pink offers significantly less visibility, lower regulatory oversight and potentially reduced liquidity, all of which may further depress unit prices and complicate trade execution.

The combined cessation of royalty income, trust termination and migration to an over-the-counter venue materially diminish the investment thesis for remaining unitholders. Management does not assure that an active or efficient secondary market will develop on OTC Pink, nor that broker-dealers will continue quoting the security. Investors should also note that the furnished information is not deemed "filed" for Exchange Act liability purposes.

Serve Robotics Inc. (NASDAQ: SERV) – Form 144 notice of proposed insider sale

The filing shows that insider Brian Read plans to dispose of 1,291 common shares on or about 01 Jul 2025 through Raymond James & Associates. At an estimated market value of $13,985.27, the proposed sale represents roughly 0.002% of the company’s 57.12 million shares outstanding, implying an immaterial effect on the public float.

The shares originate from a restricted stock unit (RSU) grant that vested on 29 Jun 2025; full payment is shown as cash. Form 144 is only a notice—execution is not guaranteed—but it signals potential insider activity.

Recent insider selling history included in the filing lists seven transactions by the same individual between 02 May – 09 Jun 2025, totaling 52,295 shares for gross proceeds of approximately $429,386. This pattern may be relevant to investors tracking insider sentiment.

No operational, earnings, or strategic information is provided; the document is strictly a disclosure of intended and recent share sales.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering Callable Contingent Coupon Equity-Linked Securities tied to the common stock of NVIDIA Corporation (NVDA). The $1,000-denominated notes price on 16-Jul-2025, settle on 21-Jul-2025 and, unless earlier redeemed, mature on 22-Jan-2027 (approx. 18-month tenor).

Income feature: On each of 19 scheduled quarterly valuation dates, investors receive a contingent coupon of at least 1.0167 % of principal (≥ 12.20 % p.a.) only if NVDA’s closing price is ≥ 60 % of the initial level (the coupon barrier). Missed coupons are not recaptured.

Principal repayment: If the notes remain outstanding to maturity, investors receive:

• 100 % of principal if NVDA’s final price is ≥ 50 % of the initial level (the final barrier), plus any final coupon if the 60 % test is met.
• Principal is reduced 1-for-1 with NVDA’s decline if the final price is < 50 % of the initial level; losses can reach 100 %.

Issuer call right: Citigroup may redeem the notes in whole on any of 12 quarterly dates from Jan-2026 through Dec-2026. If called, holders receive $1,000 plus the applicable coupon; all future coupons are forgone. Early redemption is likely to occur when the notes are advantageous to investors, capping upside.

Credit & liquidity: Payments rely on the senior unsecured obligations of Citigroup Global Markets Holdings Inc. and its parent guarantee. The notes will not be listed; secondary liquidity depends on the sole underwriter, CGMI, which is not obligated to provide markets. CGMI estimates the initial fair value at ≥ $929 (<~92.9 % of issue price), reflecting selling and hedging costs.

Risk highlights:

• Potential total loss of principal if NVDA drops >50 % by final valuation.
• Coupons are conditional; an extended drop below 60 % barrier would eliminate cash flow.
• Issuer-friendly call limits coupon stream when NVDA performs well.
• Investors do not participate in NVDA upside, nor receive dividends.
• Valuation is sensitive to NVDA volatility, interest rates and Citigroup credit spreads.
• Complex tax treatment; withholding possible for non-U.S. holders.

This structured note suits investors comfortable with single-stock downside risk, issuer credit exposure and limited liquidity in exchange for the potential high contingent yield.

Meta Platforms, Inc. (NASDAQ: META) – 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 ≈ $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’s Chief Executive Officer within a single quarter.
• Upcoming sale represents a small fraction (≈0.006%) of Meta’s 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.