[Form 4] Howmet Aerospace Inc. Insider Trading Activity

Rhea-AI Filing Summary

FIGX Capital Acquisition Corp. (Nasdaq: FIGXU) filed an 8-K to report the completion of its initial public offering on 30 June 2025.

• IPO size: 15,065,000 units priced at $10.00 each, including full exercise of the 1,965,000-unit over-allotment option.
• Gross proceeds: $150,165,000.
• Unit structure: each unit contains 1 Class A ordinary share (par value $0.0001) and one-half of one redeemable warrant; a whole warrant is exercisable at $11.50 per share.
• Private placement: 443,470 units sold concurrently for $4,434,700—312,470 units to the sponsor and 131,000 units to Cantor Fitzgerald.
• Trust account funding: the full $150,165,000 (including a deferred underwriting discount of $6,419,000) was placed in a U.S. trust managed by Continental Stock Transfer & Trust.
• An audited balance sheet dated 30 June 2025 is provided as Exhibit 99.1.

The filing confirms FIGX’s transition to a fully funded special-purpose acquisition company (SPAC); the next milestone will be identifying a business combination within the typical 24-month timeframe.

Positive

• IPO closed with full over-allotment, indicating strong investor demand and adding $19.65 M above base deal size.
• $150.2 M placed in trust at $10.00 per unit, providing capital protection and funding for a future acquisition.
• Additional $4.4 M private placement from sponsor and underwriter enhances working capital without diluting public unit holders at a discount.

Negative

• None.

Insights

SPAC Analyst

TL;DR: Successful IPO fully funds FIGX SPAC with $150.2 M, boosting deal-making capacity.

FIGX’s completion of its IPO, including full over-allotment take-up, is a favorable signal of market demand for this sponsor team. The $10.00 trust price preserves investor downside protection while the additional $4.4 M private placement strengthens working-capital flexibility. With a warrant strike of $11.50, dilution is in line with peer SPACs. Investors should next focus on target-selection quality and timeline adherence; however, the financing outcome itself is positive and provides the cash prerequisite for an eventual de-SPAC merger.

Risk & Governance Analyst

TL;DR: Routine SPAC financing; risk shifts to target execution and timeline.

The 8-K discloses no adverse events, only standard IPO closing information. Trust funds are subject to redemption risk if shareholders dissent at merger time, and the $6.4 M deferred fee creates a 4.27 % drag on trust value. No details are given on a business combination strategy, lock-ups, or extension terms. Overall, the event is neutral-to-positive; governance risks remain typical for newly listed SPACs.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Miller Jody

(Last) (First) (Middle)

201 ISABELLA STREET SUITE 200

(Street)

PITTSBURGH PA 15212-5872

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Howmet Aerospace Inc. [ HWM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/02/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/02/2025		A		191	A	$175.95	29,540	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ Margaret Lam, Assistant Secretary (Attorney-in-Fact)	07/07/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did FIGX Capital Acquisition Corp. raise in its June 30 2025 IPO?

FIGX raised $150,165,000 from the sale of 15,065,000 units priced at $10.00 each.

How are FIGXU units structured?

Each unit contains 1 Class A ordinary share and ½ redeemable warrant; a whole warrant can buy one share at $11.50.

Who participated in FIGX’s private placement and for how much?

FIGX Acquisition Partners LLC bought 312,470 units and Cantor Fitzgerald bought 131,000 units, totaling $4,434,700.

Where are the IPO proceeds held?

All $150,165,000 were deposited into a U.S. trust account with Continental Stock Transfer & Trust Company.

What exhibit accompanies the 8-K filing?

Exhibit 99.1 contains FIGX’s audited balance sheet as of 30 June 2025 reflecting the IPO proceeds.

What is the trading symbol for FIGX’s units and where are they listed?

FIGXU units trade on Nasdaq under the symbol FIGXU.