[424B2] Morgan Stanley Prospectus Supplement
Penguin Solutions, Inc. (ticker: SGH) filed Post-Effective Amendment No. 1 to sixteen previously effective Form S-8 registration statements following completion of its court-approved redomiciliation from the Cayman Islands to the State of Delaware on 30 June 2025. Acting under Rule 414 of the Securities Act, the Delaware successor issuer formally adopts each S-8 as its own, thereby maintaining registration of shares issuable under three employee equity plans: the Amended & Restated 2017 Stock Incentive Plan, 2018 Employee Stock Purchase Plan and 2021 Inducement Plan.
The amendment does not register additional securities; instead it provides that all outstanding awards will settle in Delaware common stock on a one-for-one basis with the former Cayman ordinary shares, preserving both share count and economic rights for plan participants and shareholders. The company continues to qualify as a large accelerated filer and incorporates by reference all historical reports filed by the Cayman entity, plus future Exchange Act filings, ensuring uninterrupted periodic reporting.
The filing also supplies updated governance documents (certificate of incorporation, bylaws) and customary exhibits, restates indemnification provisions for directors and officers under Delaware law, and confirms that directors and officers are covered by D&O insurance. Overall, the amendment is primarily administrative, aligning the company’s equity plans and SEC filings with its new U.S. domicile while leaving capital structure and operating results unchanged.
Penguin Solutions, Inc. (simbolo: SGH) ha presentato l'Emendamento Post-Esecutivo n. 1 a sedici precedenti dichiarazioni di registrazione Form S-8 già efficaci, a seguito del completamento del suo trasferimento di sede dalle Isole Cayman allo Stato del Delaware il 30 giugno 2025, approvato dal tribunale. Agendo ai sensi della Regola 414 del Securities Act, l'emittente successore del Delaware adotta formalmente ciascun S-8 come proprio, mantenendo così la registrazione delle azioni emesse nell'ambito di tre piani azionari per dipendenti: il Piano Incentivi Azionari 2017 modificato e aggiornato, il Piano di Acquisto Azionario per Dipendenti 2018 e il Piano di Incentivazione 2021.
L'emendamento non registra titoli aggiuntivi; invece stabilisce che tutte le assegnazioni in essere saranno regolate in azioni ordinarie del Delaware con un rapporto uno a uno rispetto alle precedenti azioni ordinarie Cayman, preservando sia il numero di azioni sia i diritti economici per i partecipanti ai piani e gli azionisti. La società continua a qualificarsi come large accelerated filer e incorpora per riferimento tutti i rapporti storici presentati dall'entità Cayman, oltre alle future comunicazioni ai sensi dell'Exchange Act, garantendo una rendicontazione periodica ininterrotta.
La documentazione presentata include inoltre gli aggiornamenti ai documenti di governance (certificato di costituzione, statuto) e gli allegati consueti, riformula le disposizioni di indennizzo per amministratori e dirigenti secondo la legge del Delaware e conferma che amministratori e dirigenti sono coperti da assicurazione D&O. Complessivamente, l'emendamento è principalmente di natura amministrativa, allineando i piani azionari e le comunicazioni SEC della società alla sua nuova sede negli Stati Uniti, senza modificare la struttura del capitale né i risultati operativi.
Penguin Solutions, Inc. (símbolo: SGH) presentó la Enmienda Post-Efectiva n. 1 a dieciséis declaraciones de registro Form S-8 previamente vigentes, tras completar su redomiciliación aprobada por el tribunal desde las Islas Caimán al Estado de Delaware el 30 junio 2025. Actuando bajo la Regla 414 de la Ley de Valores, el emisor sucesor en Delaware adopta formalmente cada S-8 como propio, manteniendo así el registro de acciones emitibles bajo tres planes de acciones para empleados: el Plan de Incentivos de Acciones 2017 Enmendado y Restablecido, el Plan de Compra de Acciones para Empleados 2018 y el Plan de Incentivos 2021.
La enmienda no registra valores adicionales; en cambio, establece que todas las adjudicaciones pendientes se liquidarán en acciones ordinarias de Delaware en una proporción uno a uno con las acciones ordinarias anteriores de las Islas Caimán, preservando tanto el número de acciones como los derechos económicos para los participantes del plan y los accionistas. La compañía sigue calificando como large accelerated filer e incorpora por referencia todos los informes históricos presentados por la entidad de las Caimán, además de los futuros informes bajo la Exchange Act, asegurando un reporte periódico ininterrumpido.
La presentación también incluye documentos de gobernanza actualizados (certificado de incorporación, estatutos) y exhibiciones habituales, reitera las disposiciones de indemnización para directores y oficiales según la ley de Delaware, y confirma que directores y oficiales están cubiertos por un seguro D&O. En general, la enmienda es principalmente administrativa, alineando los planes de acciones y los informes ante la SEC con su nueva residencia en EE.UU., sin cambiar la estructura de capital ni los resultados operativos.
펭귄 솔루션즈 주식회사 (티커: SGH)는 2025년 6월 30일 법원의 승인 하에 케이맨 제도에서 델라웨어 주로의 본사 이전을 완료한 후, 이전에 효력이 있었던 16건의 Form S-8 등록서류에 대해 사후 효력 수정안 1호를 제출했습니다. 증권법 제414조에 따라 델라웨어 후속 발행사는 각 S-8을 자사 것으로 공식 채택하여, 2017년 개정 및 재정비된 주식 인센티브 플랜, 2018년 직원 주식 구매 계획, 2021년 유인 계획 등 세 가지 직원 주식 계획 하에 발행 가능한 주식 등록을 유지합니다.
이번 수정안은 추가 증권을 등록하지 않으며, 기존 케이맨 보통주와 1:1 비율로 델라웨어 보통주로 모든 미지급 보상이 정산됨을 명시하여, 주식 수와 경제적 권리를 플랜 참가자 및 주주들에게 그대로 보존합니다. 회사는 계속해서 대형 가속 신고자(large accelerated filer) 자격을 유지하며, 케이맨 법인의 과거 보고서와 향후 증권거래법 보고서를 모두 참조하여 중단 없는 정기 보고를 보장합니다.
이번 제출 서류에는 갱신된 지배구조 문서(설립 증명서, 정관)와 통상적인 부속서류가 포함되며, 델라웨어 법률에 따른 이사 및 임원 면책 조항을 재확인하고, 이사 및 임원이 D&O 보험에 가입되어 있음을 확인합니다. 전반적으로 이 수정안은 주로 행정적 성격으로, 회사의 주식 계획과 SEC 제출 문서를 미국 새 본사에 맞게 조정하면서 자본 구조와 운영 실적에는 변동이 없습니다.
Penguin Solutions, Inc. (symbole : SGH) a déposé l'amendement post-effectif n°1 à seize déclarations d'enregistrement Form S-8 précédemment effectives, suite à l’achèvement de sa redomiciliation des îles Caïmans vers l’État du Delaware le 30 juin 2025, approuvée par la cour. Agissant conformément à la règle 414 du Securities Act, l’émetteur successeur du Delaware adopte formellement chaque formulaire S-8 comme le sien, maintenant ainsi l’enregistrement des actions pouvant être émises dans le cadre de trois plans d’actions pour employés : le Plan d’Incitation à l’Actionnariat 2017 modifié et mis à jour, le Plan d’Achat d’Actions des Employés 2018 et le Plan d’Incitation 2021.
L’amendement n’enregistre pas de titres supplémentaires ; il prévoit plutôt que toutes les attributions en cours seront réglées en actions ordinaires du Delaware à raison d’une action Delaware pour une action ordinaire Caïmans, préservant ainsi le nombre d’actions et les droits économiques des participants au plan et des actionnaires. La société continue de se qualifier comme large accelerated filer et intègre par renvoi tous les rapports historiques déposés par l’entité des Caïmans, ainsi que les futurs dépôts selon l’Exchange Act, assurant un reporting périodique ininterrompu.
Le dépôt fournit également les documents de gouvernance mis à jour (certificat de constitution, statuts) et les annexes habituelles, reformule les dispositions d’indemnisation des administrateurs et dirigeants selon la loi du Delaware, et confirme que les administrateurs et dirigeants sont couverts par une assurance D&O. Globalement, l’amendement est principalement administratif, alignant les plans d’actions de la société et les dépôts auprès de la SEC avec sa nouvelle domiciliation américaine, sans modifier la structure du capital ni les résultats opérationnels.
Penguin Solutions, Inc. (Ticker: SGH) hat am 30. Juni 2025 nach Abschluss seiner gerichtlich genehmigten Umfirmierung von den Kaimaninseln in den Bundesstaat Delaware die Nachregistrierung Nr. 1 zu sechzehn zuvor wirksamen Form S-8-Registrierungserklärungen eingereicht. Gemäß Regel 414 des Securities Act übernimmt der Nachfolgeemittent aus Delaware formell jede S-8 als eigene und erhält damit die Registrierung von Aktien, die im Rahmen von drei Mitarbeiterbeteiligungsplänen ausgegeben werden können: dem geänderten und neu gefassten Aktienanreizplan 2017, dem Mitarbeiter-Aktienkaufplan 2018 und dem Anreizplan 2021.
Die Änderung registriert keine zusätzlichen Wertpapiere; vielmehr wird festgelegt, dass alle ausstehenden Zuteilungen im Verhältnis eins zu eins gegen Stammaktien aus Delaware eingetauscht werden, entsprechend den früheren Stammaktien der Kaimaninseln, wodurch sowohl die Aktienanzahl als auch die wirtschaftlichen Rechte für Planteilnehmer und Aktionäre erhalten bleiben. Das Unternehmen bleibt ein Large Accelerated Filer und bezieht alle historischen Berichte der Kaiman-Gesellschaft sowie zukünftige Einreichungen nach dem Exchange Act durch Verweis ein, um eine unterbrechungsfreie periodische Berichterstattung sicherzustellen.
Die Einreichung enthält außerdem aktualisierte Governance-Dokumente (Gründungsurkunde, Satzung) und übliche Anlagen, stellt die Entschädigungsregelungen für Direktoren und leitende Angestellte nach Delaware-Recht neu dar und bestätigt, dass Direktoren und leitende Angestellte durch eine D&O-Versicherung abgedeckt sind. Insgesamt handelt es sich bei der Änderung hauptsächlich um eine administrative Maßnahme, die die Aktienpläne und SEC-Meldungen an den neuen US-Sitz anpasst, ohne die Kapitalstruktur oder die Betriebsergebnisse zu verändern.
- Redomiciliation completed on 30 June 2025, with seamless transition to Delaware corporate structure.
- One-for-one share exchange preserves shareholder interests and employee equity awards without dilution.
- None.
Insights
Administrative S-8 amendment reflects Delaware redomiciliation; neutral to valuation and dilution.
This Post-Effective Amendment simply designates Penguin Solutions, Inc. as successor issuer to the former Cayman entity and assumes sixteen pre-existing Form S-8 registrations. No incremental shares are registered and all equity awards convert one-for-one into Delaware common stock, preserving shareholder and employee economics. Large accelerated filer status, existing SEC reporting cadence, and indemnification protections are retained. Because the action is procedural and contains no financial results or capital-raising elements, the immediate investment impact is neutral, although Delaware domicile may streamline governance and investor perception going forward.
Penguin Solutions, Inc. (simbolo: SGH) ha presentato l'Emendamento Post-Esecutivo n. 1 a sedici precedenti dichiarazioni di registrazione Form S-8 già efficaci, a seguito del completamento del suo trasferimento di sede dalle Isole Cayman allo Stato del Delaware il 30 giugno 2025, approvato dal tribunale. Agendo ai sensi della Regola 414 del Securities Act, l'emittente successore del Delaware adotta formalmente ciascun S-8 come proprio, mantenendo così la registrazione delle azioni emesse nell'ambito di tre piani azionari per dipendenti: il Piano Incentivi Azionari 2017 modificato e aggiornato, il Piano di Acquisto Azionario per Dipendenti 2018 e il Piano di Incentivazione 2021.
L'emendamento non registra titoli aggiuntivi; invece stabilisce che tutte le assegnazioni in essere saranno regolate in azioni ordinarie del Delaware con un rapporto uno a uno rispetto alle precedenti azioni ordinarie Cayman, preservando sia il numero di azioni sia i diritti economici per i partecipanti ai piani e gli azionisti. La società continua a qualificarsi come large accelerated filer e incorpora per riferimento tutti i rapporti storici presentati dall'entità Cayman, oltre alle future comunicazioni ai sensi dell'Exchange Act, garantendo una rendicontazione periodica ininterrotta.
La documentazione presentata include inoltre gli aggiornamenti ai documenti di governance (certificato di costituzione, statuto) e gli allegati consueti, riformula le disposizioni di indennizzo per amministratori e dirigenti secondo la legge del Delaware e conferma che amministratori e dirigenti sono coperti da assicurazione D&O. Complessivamente, l'emendamento è principalmente di natura amministrativa, allineando i piani azionari e le comunicazioni SEC della società alla sua nuova sede negli Stati Uniti, senza modificare la struttura del capitale né i risultati operativi.
Penguin Solutions, Inc. (símbolo: SGH) presentó la Enmienda Post-Efectiva n. 1 a dieciséis declaraciones de registro Form S-8 previamente vigentes, tras completar su redomiciliación aprobada por el tribunal desde las Islas Caimán al Estado de Delaware el 30 junio 2025. Actuando bajo la Regla 414 de la Ley de Valores, el emisor sucesor en Delaware adopta formalmente cada S-8 como propio, manteniendo así el registro de acciones emitibles bajo tres planes de acciones para empleados: el Plan de Incentivos de Acciones 2017 Enmendado y Restablecido, el Plan de Compra de Acciones para Empleados 2018 y el Plan de Incentivos 2021.
La enmienda no registra valores adicionales; en cambio, establece que todas las adjudicaciones pendientes se liquidarán en acciones ordinarias de Delaware en una proporción uno a uno con las acciones ordinarias anteriores de las Islas Caimán, preservando tanto el número de acciones como los derechos económicos para los participantes del plan y los accionistas. La compañía sigue calificando como large accelerated filer e incorpora por referencia todos los informes históricos presentados por la entidad de las Caimán, además de los futuros informes bajo la Exchange Act, asegurando un reporte periódico ininterrumpido.
La presentación también incluye documentos de gobernanza actualizados (certificado de incorporación, estatutos) y exhibiciones habituales, reitera las disposiciones de indemnización para directores y oficiales según la ley de Delaware, y confirma que directores y oficiales están cubiertos por un seguro D&O. En general, la enmienda es principalmente administrativa, alineando los planes de acciones y los informes ante la SEC con su nueva residencia en EE.UU., sin cambiar la estructura de capital ni los resultados operativos.
펭귄 솔루션즈 주식회사 (티커: SGH)는 2025년 6월 30일 법원의 승인 하에 케이맨 제도에서 델라웨어 주로의 본사 이전을 완료한 후, 이전에 효력이 있었던 16건의 Form S-8 등록서류에 대해 사후 효력 수정안 1호를 제출했습니다. 증권법 제414조에 따라 델라웨어 후속 발행사는 각 S-8을 자사 것으로 공식 채택하여, 2017년 개정 및 재정비된 주식 인센티브 플랜, 2018년 직원 주식 구매 계획, 2021년 유인 계획 등 세 가지 직원 주식 계획 하에 발행 가능한 주식 등록을 유지합니다.
이번 수정안은 추가 증권을 등록하지 않으며, 기존 케이맨 보통주와 1:1 비율로 델라웨어 보통주로 모든 미지급 보상이 정산됨을 명시하여, 주식 수와 경제적 권리를 플랜 참가자 및 주주들에게 그대로 보존합니다. 회사는 계속해서 대형 가속 신고자(large accelerated filer) 자격을 유지하며, 케이맨 법인의 과거 보고서와 향후 증권거래법 보고서를 모두 참조하여 중단 없는 정기 보고를 보장합니다.
이번 제출 서류에는 갱신된 지배구조 문서(설립 증명서, 정관)와 통상적인 부속서류가 포함되며, 델라웨어 법률에 따른 이사 및 임원 면책 조항을 재확인하고, 이사 및 임원이 D&O 보험에 가입되어 있음을 확인합니다. 전반적으로 이 수정안은 주로 행정적 성격으로, 회사의 주식 계획과 SEC 제출 문서를 미국 새 본사에 맞게 조정하면서 자본 구조와 운영 실적에는 변동이 없습니다.
Penguin Solutions, Inc. (symbole : SGH) a déposé l'amendement post-effectif n°1 à seize déclarations d'enregistrement Form S-8 précédemment effectives, suite à l’achèvement de sa redomiciliation des îles Caïmans vers l’État du Delaware le 30 juin 2025, approuvée par la cour. Agissant conformément à la règle 414 du Securities Act, l’émetteur successeur du Delaware adopte formellement chaque formulaire S-8 comme le sien, maintenant ainsi l’enregistrement des actions pouvant être émises dans le cadre de trois plans d’actions pour employés : le Plan d’Incitation à l’Actionnariat 2017 modifié et mis à jour, le Plan d’Achat d’Actions des Employés 2018 et le Plan d’Incitation 2021.
L’amendement n’enregistre pas de titres supplémentaires ; il prévoit plutôt que toutes les attributions en cours seront réglées en actions ordinaires du Delaware à raison d’une action Delaware pour une action ordinaire Caïmans, préservant ainsi le nombre d’actions et les droits économiques des participants au plan et des actionnaires. La société continue de se qualifier comme large accelerated filer et intègre par renvoi tous les rapports historiques déposés par l’entité des Caïmans, ainsi que les futurs dépôts selon l’Exchange Act, assurant un reporting périodique ininterrompu.
Le dépôt fournit également les documents de gouvernance mis à jour (certificat de constitution, statuts) et les annexes habituelles, reformule les dispositions d’indemnisation des administrateurs et dirigeants selon la loi du Delaware, et confirme que les administrateurs et dirigeants sont couverts par une assurance D&O. Globalement, l’amendement est principalement administratif, alignant les plans d’actions de la société et les dépôts auprès de la SEC avec sa nouvelle domiciliation américaine, sans modifier la structure du capital ni les résultats opérationnels.
Penguin Solutions, Inc. (Ticker: SGH) hat am 30. Juni 2025 nach Abschluss seiner gerichtlich genehmigten Umfirmierung von den Kaimaninseln in den Bundesstaat Delaware die Nachregistrierung Nr. 1 zu sechzehn zuvor wirksamen Form S-8-Registrierungserklärungen eingereicht. Gemäß Regel 414 des Securities Act übernimmt der Nachfolgeemittent aus Delaware formell jede S-8 als eigene und erhält damit die Registrierung von Aktien, die im Rahmen von drei Mitarbeiterbeteiligungsplänen ausgegeben werden können: dem geänderten und neu gefassten Aktienanreizplan 2017, dem Mitarbeiter-Aktienkaufplan 2018 und dem Anreizplan 2021.
Die Änderung registriert keine zusätzlichen Wertpapiere; vielmehr wird festgelegt, dass alle ausstehenden Zuteilungen im Verhältnis eins zu eins gegen Stammaktien aus Delaware eingetauscht werden, entsprechend den früheren Stammaktien der Kaimaninseln, wodurch sowohl die Aktienanzahl als auch die wirtschaftlichen Rechte für Planteilnehmer und Aktionäre erhalten bleiben. Das Unternehmen bleibt ein Large Accelerated Filer und bezieht alle historischen Berichte der Kaiman-Gesellschaft sowie zukünftige Einreichungen nach dem Exchange Act durch Verweis ein, um eine unterbrechungsfreie periodische Berichterstattung sicherzustellen.
Die Einreichung enthält außerdem aktualisierte Governance-Dokumente (Gründungsurkunde, Satzung) und übliche Anlagen, stellt die Entschädigungsregelungen für Direktoren und leitende Angestellte nach Delaware-Recht neu dar und bestätigt, dass Direktoren und leitende Angestellte durch eine D&O-Versicherung abgedeckt sind. Insgesamt handelt es sich bei der Änderung hauptsächlich um eine administrative Maßnahme, die die Aktienpläne und SEC-Meldungen an den neuen US-Sitz anpasst, ohne die Kapitalstruktur oder die Betriebsergebnisse zu verändern.
Preliminary Pricing Supplement No. 9,174
Registration Statement Nos. 333-275587; 333-275587-01
Dated June 30, 2025
Filed pursuant to Rule 424(b)(2)
Morgan Stanley Finance LLC
Structured Investments
Dual Directional Trigger PLUS due February 3, 2028
Based on the Performance of the iShares® MSCI EAFE ETF
Trigger Performance Leveraged Upside SecuritiesSM
Fully and Unconditionally Guaranteed by Morgan Stanley
Principal at Risk Securities
￭The Dual Directional Trigger PLUS (the “securities”) are unsecured obligations of Morgan Stanley Finance LLC (“MSFL”) and are fully and unconditionally guaranteed by Morgan Stanley. The securities will pay no interest, do not guarantee any return of principal at maturity and have the terms described in the accompanying product supplement, index supplement and prospectus, as supplemented or modified by this document.
￭Payment at maturity. At maturity, if the final level is greater than the initial level, investors will receive the stated principal amount plus the leveraged upside payment, subject to the maximum payment at maturity. If the final level is equal to or less than the initial level but is greater than or equal to the downside threshold level, investors will receive at maturity the stated principal amount plus a positive return equal to (i) the absolute value of the percentage decline in the level of the underlier multiplied by (ii) the absolute return participation rate. If, however, the final level is less than the downside threshold level, investors will lose 1% for every 1% decline in the level of the underlier over the term of the securities. Under these circumstances, the payment at maturity will be significantly less than the stated principal amount and could be zero.
￭The securities are for investors who seek a return based on the performance of the underlier and who are willing to risk their principal and forgo current income and returns above the maximum payment at maturity in exchange for the upside leverage feature as well as the absolute return participation feature and the limited protection against loss of principal, each of which applies only to a certain range of negative performance of the underlier over the term of the securities. Investors in the securities must be willing to accept the risk of losing their entire initial investment. The securities are notes issued as part of MSFL’s Series A Global Medium-Term Notes program.
￭All payments are subject to our credit risk. If we default on our obligations, you could lose some or all of your investment. These securities are not secured obligations and you will not have any security interest in, or otherwise have any access to, any underlying reference asset or assets.
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TERMS |
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Issuer: |
Morgan Stanley Finance LLC |
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Guarantor: |
Morgan Stanley |
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Stated principal amount: |
$1,000 per security |
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Issue price: |
$1,000 per security (see “Commissions and issue price” below) |
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Aggregate principal amount: |
$ |
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Underlier: |
iShares® MSCI EAFE ETF (the “underlying fund”) |
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Strike date: |
July 31, 2025 |
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Pricing date: |
July 31, 2025 |
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Original issue date: |
August 5, 2025 |
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Observation date: |
January 31, 2028, subject to postponement for non-trading days and certain market disruption events |
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Maturity date: |
February 3, 2028 |
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Terms continued on the following page |
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Agent: |
Morgan Stanley & Co. LLC (“MS & Co.”), an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley. See “Supplemental information regarding plan of distribution; conflicts of interest.” |
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Estimated value on the pricing date: |
Approximately $972.10 per security, or within $35.00 of that estimate. See “Estimated Value of the Securities” on page 3. |
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Commissions and issue price: |
Price to public |
Agent’s commissions and fees(1)(2) |
Proceeds to us(3) |
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Per security |
$1,000 |
$ |
$ |
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Total |
$ |
$ |
$ |
(1)The securities will be sold only to investors purchasing the securities in fee-based advisory accounts.
(2)MS & Co. expects to sell all of the securities that it purchases from us to an unaffiliated dealer at a price of $ per security, for further sale to certain fee-based advisory accounts at the price to public of $1,000 per security. MS & Co. will not receive a sales commission with respect to the securities. See “Supplemental information regarding plan of distribution; conflicts of interest.” For additional information, see “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement.
(3)See “Use of Proceeds and Hedging” in the accompanying product supplement.
The securities involve risks not associated with an investment in ordinary debt securities. See “Risk Factors” beginning on page 5.
The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities, or determined if this document or the accompanying product supplement, index supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The securities are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality, nor are they obligations of, or guaranteed by, a bank.
You should read this document together with the related product supplement, index supplement and prospectus, each of which can be accessed via the hyperlinks below. When you read the accompanying index supplement, please note that all references in such supplement to the prospectus dated November 16, 2023, or to any sections therein, should refer instead to the accompanying prospectus dated April 12, 2024 or to the corresponding sections of such prospectus, as applicable. Please also see “Additional Terms of the Securities” and “Additional Information About the Securities” at the end of this document.
References to “we,” “us” and “our” refer to Morgan Stanley or MSFL, or Morgan Stanley and MSFL collectively, as the context requires.
Product Supplement for Principal at Risk Securities dated February 7, 2025 Index Supplement dated November 16, 2023 Prospectus dated April 12, 2024
Morgan Stanley Finance LLC
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Dual Directional Trigger PLUS Principal at Risk Securities |
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Terms continued from the previous page |
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Payment at maturity per security: |
•If the final level is greater than the initial level: (stated principal amount + leveraged upside payment), subject to the maximum payment at maturity •If the final level is equal to or less than the initial level but is greater than or equal to the downside threshold level: stated principal amount + (stated principal amount × absolute underlier return × absolute return participation rate) Under these circumstances, the payment at maturity will effectively be limited to a positive return of 25%. •If the final level is less than the downside threshold level: stated principal amount × performance factor Under these circumstances, the payment at maturity will be significantly less than the stated principal amount and could be zero. |
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Final level: |
The closing level of the underlier on the observation date |
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Initial level: |
$ , which is the closing level of the underlier on the strike date |
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Leveraged upside payment: |
stated principal amount × leverage factor × underlier percent change |
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Maximum payment at maturity: |
$1,205 per security (120.50% of the stated principal amount) |
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Leverage factor: |
200% |
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Underlier percent change: |
(final level – initial level) / initial level |
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Downside threshold level: |
$ , which is 75% of the initial level |
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Absolute underlier return: |
The absolute value of the underlier percent change. For example, a -5.00% underlier percent change will result in a +5.00% absolute underlier return. |
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Absolute return participation rate: |
100% |
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Performance factor: |
final level / initial level |
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Closing level: |
“Closing level” and “adjustment factor” have the meanings set forth under “General Terms of the Securities—Some Definitions” in the accompanying product supplement. |
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CUSIP: |
61778NFP1 |
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ISIN: |
US61778NFP15 |
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Listing: |
The securities will not be listed on any securities exchange. |
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Estimated Value of the Securities
The original issue price of each security is $1,000. This price includes costs associated with issuing, selling, structuring and hedging the securities, which are borne by you, and, consequently, the estimated value of the securities on the pricing date will be less than $1,000. Our estimate of the value of the securities as determined on the pricing date will be within the range specified on the cover hereof and will be set forth on the cover of the final pricing supplement.
What goes into the estimated value on the pricing date?
In valuing the securities on the pricing date, we take into account that the securities comprise both a debt component and a performance-based component linked to the underlier. The estimated value of the securities is determined using our own pricing and valuation models, market inputs and assumptions relating to the underlier, instruments based on the underlier, volatility and other factors including current and expected interest rates, as well as an interest rate related to our secondary market credit spread, which is the implied interest rate at which our conventional fixed rate debt trades in the secondary market.
What determines the economic terms of the securities?
In determining the economic terms of the securities, we use an internal funding rate, which is likely to be lower than our secondary market credit spreads and therefore advantageous to us. If the issuing, selling, structuring and hedging costs borne by you were lower or if the internal funding rate were higher, one or more of the economic terms of the securities would be more favorable to you.
What is the relationship between the estimated value on the pricing date and the secondary market price of the securities?
The price at which MS & Co. purchases the securities in the secondary market, absent changes in market conditions, including those related to the underlier, may vary from, and be lower than, the estimated value on the pricing date, because the secondary market price takes into account our secondary market credit spread as well as the bid-offer spread that MS & Co. would charge in a secondary market transaction of this type and other factors. However, because the costs associated with issuing, selling, structuring and hedging the securities are not fully deducted upon issuance, to the extent that MS & Co. may buy or sell the securities in the secondary market during the amortization period specified herein, absent changes in market conditions, including those related to the underlier, and to our secondary market credit spreads, it would do so based on values higher than the estimated value. We expect that those higher values will also be reflected in your brokerage account statements.
MS & Co. may, but is not obligated to, make a market in the securities, and, if it once chooses to make a market, may cease doing so at any time.
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Hypothetical Examples
Hypothetical Payoff Diagram
The payoff diagram below illustrates the payment at maturity for a range of hypothetical performances of the underlier over the term of the securities, based on the following terms:
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Stated principal amount: |
$1,000 per security |
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Leverage factor: |
200% |
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Maximum payment at maturity: |
$1,205 per security (120.50% of the stated principal amount) |
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Absolute return participation rate: |
100% |
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Downside threshold level: |
75% of the initial level |
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Minimum payment at maturity: |
None |
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Hypothetical Payoff Diagram |
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￭Upside Scenario. If the final level is greater than the initial level, investors will receive the stated principal amount plus 200% of the appreciation of the underlier over the term of the securities, subject to the maximum payment at maturity.
oIf the underlier appreciates 5%, investors will receive $1,100 per security, or 110% of the stated principal amount.
oIf the underlier appreciates 150%, investors will receive only the maximum payment at maturity of $1,205 per security, or 120.50% of the stated principal amount.
￭Absolute Return Participation Scenario. If the final level is equal to or less than the initial level but is greater than or equal to the downside threshold level, investors will receive the stated principal amount plus a positive return equal to (i) the absolute value of the percentage decline in the level of the underlier multiplied by (ii) the absolute return participation rate. Under these circumstances, the payment at maturity will effectively be limited to a positive return of 25% per security.
oIf the underlier depreciates 10%, investors will receive $1,100 per security, or 110% of the stated principal amount.
￭Downside Scenario. If the final level is less than the downside threshold level, investors will receive an amount that is significantly less than the stated principal amount, based on a 1% loss of principal for each 1% decline in the level of the underlier. There is no minimum payment at maturity, and investors could lose their entire initial investment in the securities.
oIf the underlier depreciates 85%, investors will lose 85% of their principal and receive only $150 per security at maturity, or 15% of the stated principal amount.
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Risk Factors
This section describes the material risks relating to the securities. For further discussion of these and other risks, you should read the section entitled “Risk Factors” in the accompanying product supplement and prospectus. We also urge you to consult with your investment, legal, tax, accounting and other advisers in connection with your investment in the securities.
Risks Relating to an Investment in the Securities
￭The securities do not guarantee the return of any principal and do not pay interest. The terms of the securities differ from those of ordinary debt securities in that they do not guarantee the repayment of any principal and do not pay interest. If the final level is less than the downside threshold level, the payout at maturity will be an amount in cash that is significantly less than the stated principal amount of each security, and you will lose an amount proportionate to the full decline in the level of the underlier over the term of the securities. There is no minimum payment at maturity on the securities, and, accordingly, you could lose your entire initial investment in the securities.
￭The appreciation potential of the securities is limited by the maximum payment at maturity. Where the final level is greater than the initial level, the appreciation potential of the securities is limited by the maximum payment at maturity. Although the leverage factor provides enhanced exposure to any increase in the final level over the initial level, if the underlier appreciates over the term of the securities, under no circumstances will the payment at maturity exceed the maximum payment at maturity.
￭Any positive return on the securities that is based on the depreciation of the underlier is effectively capped. Any positive return on the securities that is based on the depreciation of the underlier will be capped, because the absolute return participation feature is operative only if the level of the underlier has not declined below the downside threshold level on the observation date. Any decline in the level of the underlier beyond the downside threshold level will result in a significant loss, rather than a positive return, on your initial investment in the securities.
￭The amount payable on the securities is not linked to the value of the underlier at any time other than the observation date. The final level will be based on the closing level of the underlier on the observation date, subject to postponement for non-trading days and certain market disruption events. Even if the value of the underlier appreciates prior to the observation date but then drops by the observation date, the payment at maturity may be significantly less than it would have been had the payment at maturity been linked to the value of the underlier prior to such drop. Although the actual value of the underlier on the stated maturity date or at other times during the term of the securities may be higher than the closing level of the underlier on the observation date, the payment at maturity will be based solely on the closing level of the underlier on the observation date.
￭The market price of the securities may be influenced by many unpredictable factors. Several factors, many of which are beyond our control, will influence the value of the securities in the secondary market and the price at which MS & Co. may be willing to purchase or sell the securities in the secondary market. We expect that generally the value of the underlier at any time will affect the value of the securities more than any other single factor. Other factors that may influence the value of the securities include:
othe volatility (frequency and magnitude of changes in value) of the underlier;
ointerest and yield rates in the market;
odividend rates on the underlier;
ogeopolitical conditions and economic, financial, political, regulatory or judicial events that affect the underlier or equity markets generally;
othe availability of comparable instruments;
othe occurrence of certain events affecting the underlier that may or may not require an adjustment to the adjustment factor;
othe composition of the underlier and changes in the component securities of the underlier;
othe time remaining until the securities mature; and
oany actual or anticipated changes in our credit ratings or credit spreads.
Some or all of these factors will influence the price that you will receive if you sell your securities prior to maturity. Generally, the longer the time remaining to maturity, the more the market price of the securities will be affected by the other factors described above. For example, you may have to sell your securities at a substantial discount from the stated principal amount if, at the time of sale, the closing level of the underlier is at, below or not sufficiently above the downside threshold level, or if market interest rates rise.
You can review the historical closing levels of the underlier in the section of this document called “Historical Information.” You cannot predict the future performance of the underlier based on its historical performance. The value of the underlier may be, and
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has recently been, volatile, and we can give you no assurance that the volatility will lessen. There can be no assurance that the final level will be greater than or equal to the downside threshold level so that you do not suffer a significant loss on your initial investment in the securities.
￭The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities. You are dependent on our ability to pay all amounts due on the securities, and, therefore, you are subject to our credit risk. The securities are not guaranteed by any other entity. If we default on our obligations under the securities, your investment would be at risk and you could lose some or all of your investment. As a result, the market value of the securities prior to maturity will be affected by changes in the market’s view of our creditworthiness. Any actual or anticipated decline in our credit ratings or increase in the credit spreads charged by the market for taking our credit risk is likely to adversely affect the market value of the securities.
￭As a finance subsidiary, MSFL has no independent operations and will have no independent assets. As a finance subsidiary, MSFL has no independent operations beyond the issuance and administration of its securities and will have no independent assets available for distributions to holders of MSFL securities if they make claims in respect of such securities in a bankruptcy, resolution or similar proceeding. Accordingly, any recoveries by such holders will be limited to those available under the related guarantee by Morgan Stanley and that guarantee will rank pari passu with all other unsecured, unsubordinated obligations of Morgan Stanley. Holders will have recourse only to a single claim against Morgan Stanley and its assets under the guarantee. Holders of securities issued by MSFL should accordingly assume that in any such proceedings they would not have any priority over and should be treated pari passu with the claims of other unsecured, unsubordinated creditors of Morgan Stanley, including holders of Morgan Stanley-issued securities.
￭The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices. Assuming no change in market conditions or any other relevant factors, the prices, if any, at which dealers, including MS & Co., may be willing to purchase the securities in secondary market transactions will likely be significantly lower than the original issue price, because secondary market prices will exclude the issuing, selling, structuring and hedging-related costs that are included in the original issue price and borne by you and because the secondary market prices will reflect our secondary market credit spreads and the bid-offer spread that any dealer would charge in a secondary market transaction of this type as well as other factors.
The inclusion of the costs of issuing, selling, structuring and hedging the securities in the original issue price and the lower rate we are willing to pay as issuer make the economic terms of the securities less favorable to you than they otherwise would be.
However, because the costs associated with issuing, selling, structuring and hedging the securities are not fully deducted upon issuance, to the extent that MS & Co. may buy or sell the securities in the secondary market during the amortization period specified herein, absent changes in market conditions, including those related to the underlier, and to our secondary market credit spreads, it would do so based on values higher than the estimated value, and we expect that those higher values will also be reflected in your brokerage account statements.
￭The estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price. These pricing and valuation models are proprietary and rely in part on subjective views of certain market inputs and certain assumptions about future events, which may prove to be incorrect. As a result, because there is no market-standard way to value these types of securities, our models may yield a higher estimated value of the securities than those generated by others, including other dealers in the market, if they attempted to value the securities. In addition, the estimated value on the pricing date does not represent a minimum or maximum price at which dealers, including MS & Co., would be willing to purchase your securities in the secondary market (if any exists) at any time. The value of your securities at any time after the date of this document will vary based on many factors that cannot be predicted with accuracy, including our creditworthiness and changes in market conditions. See also “The market price of the securities may be influenced by many unpredictable factors” above.
￭The securities will not be listed on any securities exchange and secondary trading may be limited. The securities will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the securities. MS & Co. may, but is not obligated to, make a market in the securities and, if it once chooses to make a market, may cease doing so at any time. When it does make a market, it will generally do so for transactions of routine secondary market size at prices based on its estimate of the current value of the securities, taking into account its bid/offer spread, our credit spreads, market volatility, the notional size of the proposed sale, the cost of unwinding any related hedging positions, the time remaining to maturity and the likelihood that it will be able to resell the securities. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities easily. Since other broker-dealers may not participate significantly in the secondary market for the securities, the price at which you may be able to trade your securities is likely to depend on the price, if any, at which MS & Co. is willing to transact. If, at any time, MS & Co. were to cease making a market in the securities, it is likely that there would be no secondary market for the securities. Accordingly, you should be willing to hold your securities to maturity.
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￭As discussed in more detail in the accompanying product supplement, investing in the securities is not equivalent to investing in the underlier(s).
￭The U.S. federal income tax consequences of an investment in the securities are uncertain. There is no direct legal authority regarding the proper U.S. federal income tax treatment of the securities, and significant aspects of the tax treatment of the securities are uncertain. Moreover, the securities may be subject to the “constructive ownership” regime, in which case certain adverse tax consequences may apply upon your disposition of a security. You should review carefully the section entitled “United States Federal Income Tax Considerations” herein, in combination with the section entitled “United States Federal Income Tax Considerations” in the accompanying product supplement, and consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the securities.
Risks Relating to the Underlier(s)
￭Because your return on the securities will depend upon the performance of the underlier(s), the securities are subject to the following risk(s), as discussed in more detail in the accompanying product supplement.
oAdjustments to an underlying fund or the index tracked by such underlying fund could adversely affect the value of the securities.
oThe performance and market price of an underlying fund, particularly during periods of market volatility, may not correlate with the performance of its share underlying index, the performance of the component securities of its share underlying index or the net asset value per share of such underlying fund.
oThe anti-dilution adjustments the calculation agent is required to make do not cover every event that could affect an underlying fund.
oThere are risks associated with investments in securities linked to the value of foreign equity securities.
oSecurities linked to certain underliers are subject to currency exchange risk.
Risks Relating to Conflicts of Interest
In engaging in certain activities described below and as discussed in more detail in the accompanying product supplement, our affiliates may take actions that may adversely affect the value of and your return on the securities, and in so doing they will have no obligation to consider your interests as an investor in the securities.
￭The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities. As calculation agent, MS & Co. will make any determinations necessary to calculate any payment(s) on the securities. Moreover, certain determinations made by MS & Co., in its capacity as calculation agent, may require it to exercise discretion and make subjective judgments, which may adversely affect your return on the securities. In addition, MS & Co. has determined the estimated value of the securities on the pricing date.
￭Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.
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Historical Information
iShares® MSCI EAFE ETF Overview
Bloomberg Ticker Symbol: EFA UP
The iShares® MSCI EAFE ETF is an exchange-traded fund that seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of its share underlying index, which is the MSCI EAFE® Index. The underlying fund manager with respect to the iShares® MSCI EAFE ETF is iShares Trust, which is a registered investment company. It is possible that the underlier may not fully replicate the performance of its share underlying index due to the temporary unavailability of certain securities in the secondary market or due to other extraordinary circumstances. Information provided to or filed with the Securities and Exchange Commission by the underlying fund manager pursuant to the Securities Act of 1933 and the Investment Company Act of 1940 can be located by reference to Securities and Exchange Commission file numbers 333-92935 and 811-09729, respectively, through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding the underlier may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the underlier is accurate or complete.
The closing level of the underlier on June 27, 2025 was $89.34. The following graph sets forth the daily closing levels of the underlier for the period noted below. We obtained the historical information presented in this document from Bloomberg Financial Markets, without independent verification. The underlier has at times experienced periods of high volatility. You should not take the historical closing levels of the underlier as an indication of its future performance, and no assurance can be given as to the closing level of the underlier at any time.
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Underlier Daily Closing Levels January 1, 2020 to June 27, 2025 |
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This document relates only to the securities referenced hereby and does not relate to the underlier. We have derived all disclosures contained in this document regarding the underlier from the publicly available documents described above. In connection with this offering of securities, neither we nor the agent has participated in the preparation of such documents or made any due diligence inquiry with respect to the underlier. Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the underlier is accurate or complete. Furthermore, we cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the underlier (and therefore the closing level of the underlier on the strike date) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the underlier could affect the value received with respect to the securities and therefore the value of the securities.
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Neither we nor any of our affiliates makes any representation to you as to the performance of the underlier.
We and/or our affiliates may presently or from time to time engage in business with the underlying fund manager. In the course of such business, we and/or our affiliates may acquire non-public information with respect to the underlier, and neither we nor any of our affiliates undertakes to disclose any such information to you. In addition, one or more of our affiliates may publish research reports with respect to the underlier. The statements in the preceding two sentences are not intended to affect the rights of investors in the securities under the securities laws. You should undertake an independent investigation of the underlier as in your judgment is appropriate to make an informed decision with respect to an investment linked to the underlier.
The securities are not sponsored, endorsed, sold, or promoted by the underlying fund manager. The underlying fund manager makes no representations or warranties to the owners of the securities or any member of the public regarding the advisability of investing in the securities. The underlying fund manager has no obligation or liability in connection with the operation, marketing, trading or sale of the securities.
MSCI EAFE® Index. The MSCI EAFE® Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. The share underlying index publisher with respect to the MSCI EAFE® Index is MSCI Inc., or any successor thereof. The MSCI EAFE® Index captures large and mid cap representation across countries that MSCI Inc. identifies as “Developed Market” countries, excluding the United States and Canada. For additional information about the MSCI EAFE® Index, see the information set forth under “MSCI Global Investable Market Indices—MSCI EAFE® Index” and “—MSCI Global Investable Market Indices Methodology” in the accompanying index supplement.
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Additional Terms of the Securities
Please read this information in conjunction with the terms on the cover of this document.
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Additional Terms: |
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If the terms described herein are inconsistent with those described in the accompanying product supplement, index supplement or prospectus, the terms described herein shall control. |
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Denominations: |
$1,000 per security and integral multiples thereof |
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Dual Directional Trigger PLUS: |
The accompanying product supplement refers to these Dual Directional Trigger PLUS as the “securities.” |
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Amortization period: |
The 6-month period following the issue date |
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Trustee: |
The Bank of New York Mellon |
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Calculation agent: |
Morgan Stanley & Co. LLC (“MS & Co.”) |
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Additional Information About the Securities
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Additional Information: |
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Minimum ticketing size: |
$1,000 / 1 security |
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United States federal income tax considerations: |
You should review carefully the section in the accompanying product supplement entitled “United States Federal Income Tax Considerations.” The following discussion, when read in combination with that section, constitutes the full opinion of our counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the securities. Generally, this discussion assumes that you purchased the securities for cash in the original issuance at the stated issue price and does not address other circumstances specific to you, including consequences that may arise due to any other investments relating to an underlier. You should consult your tax adviser regarding the effect any such circumstances may have on the U.S. federal income tax consequences of your ownership of a security. In the opinion of our counsel, which is based on current market conditions, it is reasonable to treat the securities for U.S. federal income tax purposes as prepaid financial contracts that are “open transactions,” as described in the section entitled “United States Federal Income Tax Considerations—Tax Consequences to U.S. Holders—Securities Treated as Prepaid Financial Contracts that are Open Transactions” in the accompanying product supplement. There is uncertainty regarding this treatment, and the IRS or a court might not agree with it. Moreover, because this treatment of the securities and our counsel’s opinion are based on market conditions as of the date of this preliminary pricing supplement, each is subject to confirmation on the pricing date. A different tax treatment could be adverse to you. Generally, if this treatment is respected, subject to the potential application of the “constructive ownership” regime discussed below, (i) you should not recognize taxable income or loss prior to the taxable disposition of your securities (including upon maturity or an earlier redemption, if applicable) and (ii) the gain or loss on your securities should be treated as capital gain or loss. Even if the treatment of the securities as prepaid financial contracts is respected, purchasing a security could be treated as entering into a “constructive ownership transaction” within the meaning of Section 1260 of the Internal Revenue Code (“Section 1260”), as described in the sections entitled “United States Federal Income Tax Considerations—Tax Consequences to U.S. Holders—Securities Treated as Prepaid Financial Contracts that are Open Transactions—Possible Application of Section 1260 of the Code” in the accompanying product supplement. Due to the lack of direct legal authority, our counsel is unable to opine as to whether or how Section 1260 applies to the securities. We do not plan to request a ruling from the IRS regarding the treatment of the securities. An alternative characterization of the securities could materially and adversely affect the tax consequences of ownership and disposition of the securities, including the timing and character of income recognized. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of “prepaid forward contracts” and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect. Non-U.S. Holders. As discussed under “United States Federal Income Tax Considerations—Tax Consequences to Non-U.S. Holders—Dividend Equivalents under Section 871(m) of the Code” in the accompanying product supplement, Section 871(m) of the Internal Revenue Code and Treasury regulations promulgated thereunder (“Section 871(m)”) generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities. The Treasury regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2027 that do not have a “delta” of one. Based on certain determinations made by us, we expect that Section 871(m) will not apply to the securities with regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS may disagree with this determination. If necessary, further information regarding the potential application of Section 871(m) will be provided in the final pricing supplement for the securities. We will not be required to pay any additional amounts with respect to U.S. federal withholding taxes. You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments and the potential application of the “constructive ownership” regime, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction. |
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Additional considerations: |
Client accounts over which Morgan Stanley, Morgan Stanley Wealth Management or any of their respective subsidiaries have investment discretion are not permitted to purchase the securities, either directly or indirectly. |
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Supplemental information regarding plan of distribution; conflicts of interest: |
MS & Co. expects to sell all of the securities that it purchases from us to an unaffiliated dealer at a price of $ per security, for further sale to certain fee-based advisory accounts at the price to public of $1,000 per security. MS & Co. will not receive a sales commission with respect to the securities. MS & Co. is an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley, and it and other affiliates of ours expect to make a profit by selling, structuring and, when applicable, hedging the securities. MS & Co. will conduct this offering in compliance with the requirements of FINRA Rule 5121 of the Financial Industry Regulatory Authority, Inc., which is commonly referred to as FINRA, regarding a FINRA member firm’s distribution of the securities of an affiliate and related conflicts of interest. MS & Co. or any of our other affiliates may not make sales in this offering to any discretionary account. See “Plan of Distribution (Conflicts of Interest)” and “Use of Proceeds and Hedging” in the accompanying product supplement. |
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Where you can find more information: |
Morgan Stanley and MSFL have filed a registration statement (including a prospectus, as supplemented by the product supplement and the index supplement) with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. You should read the prospectus in that registration statement, the product supplement, the index supplement and any other documents relating to this offering that MSFL and Morgan Stanley have filed with the SEC for more complete information about Morgan Stanley and this offering. When you read the accompanying index supplement, please note that all references in such supplement to the prospectus dated November 16, 2023, or to any sections therein, should refer instead to the accompanying prospectus dated April 12, 2024 or to the corresponding sections of such prospectus, as applicable. You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, MSFL, Morgan Stanley, any underwriter or any dealer participating in the offering will arrange to send you the prospectus, the index supplement and the product supplement if you so request by calling toll-free 1-(800)-584-6837. Terms used but not defined in this document are defined in the product supplement, in the index supplement or in the prospectus. Each of the product supplement, the index supplement and the prospectus can be accessed via the hyperlinks set forth on the cover of this document. “Performance Leveraged Upside SecuritiesSM” and “PLUSSM” are our service marks. |
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FAQ
Why did SGH file a Post-Effective Amendment to its Form S-8 registrations?
Does the amendment register additional Penguin Solutions shares?
What happens to outstanding equity awards under SGH’s stock plans?
When was the redomiciliation of Penguin Solutions completed?
Which SEC filings are incorporated by reference in this amendment?
