Milestone Pharmaceuticals SEC Filings

Milestone Pharmaceuticals Inc. (MIST) – Form 4 insider transaction

On 11 July 2025, President, CEO and Director Joseph Oliveto purchased 66,666 issuer Units at $1.50 per Unit. Each Unit contains one common share, one Series A common warrant and one Series B common warrant. Consequently:

• Common shares acquired: 66,666 (A-coded). Mr. Oliveto now directly owns 347,221 common shares.
• Series A warrants: 66,666 warrants, exercise price $1.50, fully vested, expire 11 July 2026.
• Series B warrants: 66,666 warrants, exercise price $1.875, fully vested, expire 11 July 2030.

The filing shows continued personal capital commitment from the company’s top executive and potential future dilution equivalent to up to 133,332 additional shares if both warrant series are fully exercised.

Milestone Pharmaceuticals Inc. (MIST) – Form 4 insider transaction

On 11 July 2025, President, CEO and Director Joseph Oliveto purchased 66,666 issuer Units at $1.50 per Unit. Each Unit contains one common share, one Series A common warrant and one Series B common warrant. Consequently:

• Common shares acquired: 66,666 (A-coded). Mr. Oliveto now directly owns 347,221 common shares.
• Series A warrants: 66,666 warrants, exercise price $1.50, fully vested, expire 11 July 2026.
• Series B warrants: 66,666 warrants, exercise price $1.875, fully vested, expire 11 July 2030.

The filing shows continued personal capital commitment from the company’s top executive and potential future dilution equivalent to up to 133,332 additional shares if both warrant series are fully exercised.

Milestone Pharmaceuticals Inc. (MIST) – Form 4 insider transaction

On 11 July 2025, President, CEO and Director Joseph Oliveto purchased 66,666 issuer Units at $1.50 per Unit. Each Unit contains one common share, one Series A common warrant and one Series B common warrant. Consequently:

• Common shares acquired: 66,666 (A-coded). Mr. Oliveto now directly owns 347,221 common shares.
• Series A warrants: 66,666 warrants, exercise price $1.50, fully vested, expire 11 July 2026.
• Series B warrants: 66,666 warrants, exercise price $1.875, fully vested, expire 11 July 2030.

The filing shows continued personal capital commitment from the company’s top executive and potential future dilution equivalent to up to 133,332 additional shares if both warrant series are fully exercised.

Milestone Pharmaceuticals Inc. (MIST) – Form 4 insider transaction

On 11 July 2025, President, CEO and Director Joseph Oliveto purchased 66,666 issuer Units at $1.50 per Unit. Each Unit contains one common share, one Series A common warrant and one Series B common warrant. Consequently:

• Common shares acquired: 66,666 (A-coded). Mr. Oliveto now directly owns 347,221 common shares.
• Series A warrants: 66,666 warrants, exercise price $1.50, fully vested, expire 11 July 2026.
• Series B warrants: 66,666 warrants, exercise price $1.875, fully vested, expire 11 July 2030.

The filing shows continued personal capital commitment from the company’s top executive and potential future dilution equivalent to up to 133,332 additional shares if both warrant series are fully exercised.

Block, Inc. (ticker: XYZ) filed a Form 144 to notify the SEC of an intended sale of 2,800 shares of its common stock. The shares are to be sold through Morgan Stanley Smith Barney LLC on the NYSE around 15 July 2025. At the stated aggregate market value of $190,568, the proposed sale equals roughly 0.0005 % of the company’s 615.0 million shares outstanding, indicating a very limited dilution effect.

The securities being sold were originally received as restricted-stock grants on three separate dates—02/20/2024 (1,442 shares), 11/20/2023 (961 shares) and 01/03/2023 (397 shares). No cash was paid at acquisition, implying the grants were part of equity-based compensation.

Over the last three months, the same reporting person executed nine open-market sales totaling 22,918 shares for gross proceeds of approximately $1.45 million. Even when combined with the new notice, total insider sales remain immaterial relative to Block’s share count and typical daily trading volume.

Form 144 requires the insider to certify that they possess no undisclosed material adverse information and, if relying on a Rule 10b5-1 plan, to disclose the plan-adoption date. No such plan date is provided in the filing.

Block, Inc. (ticker: XYZ) filed a Form 144 to notify the SEC of an intended sale of 2,800 shares of its common stock. The shares are to be sold through Morgan Stanley Smith Barney LLC on the NYSE around 15 July 2025. At the stated aggregate market value of $190,568, the proposed sale equals roughly 0.0005 % of the company’s 615.0 million shares outstanding, indicating a very limited dilution effect.

The securities being sold were originally received as restricted-stock grants on three separate dates—02/20/2024 (1,442 shares), 11/20/2023 (961 shares) and 01/03/2023 (397 shares). No cash was paid at acquisition, implying the grants were part of equity-based compensation.

Over the last three months, the same reporting person executed nine open-market sales totaling 22,918 shares for gross proceeds of approximately $1.45 million. Even when combined with the new notice, total insider sales remain immaterial relative to Block’s share count and typical daily trading volume.

Form 144 requires the insider to certify that they possess no undisclosed material adverse information and, if relying on a Rule 10b5-1 plan, to disclose the plan-adoption date. No such plan date is provided in the filing.

Milestone Pharmaceuticals Inc. (NASDAQ: MIST) filed an 8-K announcing a capital raise through an underwritten public offering. On 11 July 2025, the company signed an Underwriting Agreement with TD Securities (USA) LLC, Piper Sandler & Co. and Wells Fargo Securities, LLC to sell new equity and warrants.

• Securities offered: 31,500,000 common shares plus equal numbers of Series A and Series B common warrants, all priced at US$1.50 per share-and-warrant unit.
• Pre-funded alternative: 3,502,335 pre-funded warrants (exercise price US$0.001) in lieu of common shares for certain investors, each accompanied by Series A and Series B warrants, priced at US$1.499 per package.
• Net proceeds: approximately US$48.7 million to the company after underwriting fees and estimated expenses.
• Series A warrant terms: exercise price US$1.50 (or US$1.499 if paired with pre-funded warrant), immediately exercisable, one-year expiry.
• Series B warrant terms: exercise price US$1.875 (or US$1.874 for pre-funded), immediately exercisable, five-year expiry; subject to mandatory cash exercise if the 10-day VWAP reaches ≥ US$3.50.
• Beneficial-ownership cap: Holders generally limited to 9.99 % ownership (electable down to 4.99 % or up to 19.99 % with 61-day notice).
• Closing: Offering expected to settle on or about 14 July 2025, subject to customary conditions.

The warrants contain customary anti-dilution adjustments and Black-Scholes cash redemption rights upon a fundamental transaction. All securities were issued under the company’s effective shelf registration statement (Form S-3 No. 333-283162).

Investment take-away: The transaction strengthens Milestone’s cash position by nearly US$49 million but introduces significant potential dilution—over 69 million shares could be issued upon full warrant exercise (excluding Series B mandatory exercise triggers). Existing shareholders must weigh near-term balance-sheet improvement against longer-term equity overhang.

Milestone Pharmaceuticals Inc. (Nasdaq: MIST) has launched a high-dilution capital raise via a Rule 424(b)(5) prospectus supplement. The company is offering 31,500,000 common shares and, for investors that elect, 3,502,335 pre-funded warrants, each unit paired with one Series A and one Series B common warrant. The combined public offering price is $1.50 per common share unit and $1.499 per pre-funded warrant unit, implying only a modest 3.8 % discount to the prior $1.56 closing price (11 July 2025).

The package delivers:

• Gross proceeds: $52.5 million
• Underwriting fees: $3.15 million (6.0%)
• Estimated net proceeds: ≈ $48.7 million after offering expenses
• New share count: 84,964,273 basic shares post-offering (up 59%)

Warrants provide additional leverage. Series A warrants (exercise $1.50) expire in one year; Series B warrants (exercise $1.875) run five years and include a forced-exercise feature once the stock trades ≥ $3.50 for 10 consecutive days. If fully exercised for cash, the warrants could yield a further $118.1 million.

Use of proceeds. Management will direct funds to commercial readiness and continued clinical development of etripamil (CARDAMYST), its intranasal calcium-channel blocker for paroxysmal supraventricular tachycardia (PSVT) and AFib-RVR, plus general corporate purposes. Cash, equivalents and short-term investments were $56.0 million at 31 Mar 2025 and a preliminary $43.4 million at 30 Jun 2025; the raise extends liquidity into 2026.

Regulatory status. The FDA issued a Complete Response Letter in March 2025, citing CMC issues. Milestone submitted a response that was accepted 11 Jul 2025, setting a new PDUFA action date of 13 Dec 2025. Approval before 31 Dec 2025 would also trigger a $75 million royalty monetisation from RTW Investments (deadline recently extended).

Dilution & capital structure. The offering increases outstanding shares by ~31.5 million (plus up to 35 million additional warrant shares), on top of 53.5 million existing. Outstanding options (7.8 million), legacy pre-funded warrants (12.9 million) and convertible notes (up to 15.7 million shares) add further potential dilution. Pro-forma tangible book value turns positive at $0.47/sh, but immediate dilution to new buyers is $1.03/sh.

Key risks. The raise is contingent on no guarantees of FDA approval; warrants create overhang; absence of warrant listing limits liquidity; the company remains pre-revenue and subject to clinical, regulatory and execution risks detailed under “Risk Factors”.

GoPro, Inc. (NASDAQ: GPRO) filed an 8-K to disclose that on July 10, 2025 an Administrative Law Judge (ALJ) in U.S. ITC Investigation No. 337-TA-1400 issued a Notice of Initial Determination finding a violation of Section 337 by Insta360 (Arashi Vision Inc. and affiliates). The ALJ also issued a Recommended Determination on Remedy and Bond. GoPro attached the Notice as Exhibit 99.1 and a related press release as Exhibit 99.2.

The Item 7.01 disclosure states the Notice is now part of the public record and will be considered by the full International Trade Commission in a forthcoming Final Determination. GoPro cautions that outcomes remain subject to ITC review, potential presidential review, and additional litigation steps. No financial metrics or earnings data were provided.

• Immediate impact: Positive indication for GoPro’s patent-enforcement strategy but non-binding until affirmed by the full ITC.
• Next milestones: Final ITC decision, potential remedy (e.g., exclusion order), and 60-day presidential review period.
• Risk factors: Final decision could differ; timelines and remedies are uncertain, all noted in the forward-looking-statement disclaimer.