[FWP] Morgan Stanley Free Writing Prospectus
Everi Holdings Inc. (EVRI) filed a Post-Effective Amendment No. 1 to twelve previously effective Form S-8 registration statements on 1 July 2025. The filing removes from registration all shares of common stock that remain unsold under a range of equity incentive plans dating back to 2006, including the Amended & Restated 2014 Equity Incentive Plan and several legacy Global Cash Access and Multimedia Games plans.
The deregistration is the administrative follow-up to a transformative transaction completed the same day. Under a series of agreements executed on 26 July 2024, Everi and International Game Technology PLC’s (IGT) Gaming & Digital business were simultaneously acquired by Voyager Parent, LLC, an entity owned by funds managed by affiliates of Apollo Global Management. Key closing steps included: (1) IGT transferring its Gaming & Digital assets to a newly formed subsidiary, Spinco; (2) Apollo’s Voyager entities purchasing all Spinco units and the shares of IGT Canada Solutions ULC; and (3) Voyager Merger Sub, Inc. merging with and into Everi, leaving Everi as a wholly owned subsidiary of Apollo-backed Voyager Parent (the “Merger”).
Because Everi will be delisted and its securities deregistered under Section 12(b) of the Exchange Act, the company has terminated all offerings under its outstanding registration statements. Upon effectiveness of this amendment, no additional Everi shares can be issued under the listed employee stock and option plans.
For public investors, the filing signals the formal end of Everi’s status as an SEC-reporting company. For employees and plan participants, any awards not previously settled in connection with the transaction will no longer be serviceable with newly registered shares. No financial results, purchase consideration, or pro-forma figures were disclosed in this document.
Everi Holdings Inc. (EVRI) ha presentato il 1° luglio 2025 un Emendamento Post-Efficace n. 1 a dodici dichiarazioni di registrazione Form S-8 precedentemente efficaci. La presentazione rimuove dalla registrazione tutte le azioni ordinarie ancora non vendute nell'ambito di diversi piani di incentivazione azionaria risalenti al 2006, inclusi il Piano di Incentivi Azionari Modificato e Rifirmato del 2014 e vari piani legacy di Global Cash Access e Multimedia Games.
La cancellazione dalla registrazione è un adempimento amministrativo successivo a una transazione trasformativa completata lo stesso giorno. In base a una serie di accordi stipulati il 26 luglio 2024, Everi e il ramo Gaming & Digital di International Game Technology PLC (IGT) sono stati acquisiti simultaneamente da Voyager Parent, LLC, entità controllata da fondi gestiti da affiliati di Apollo Global Management. Le fasi chiave della chiusura includevano: (1) il trasferimento da parte di IGT dei suoi asset Gaming & Digital a una nuova controllata, Spinco; (2) l’acquisto da parte delle entità Voyager di Apollo di tutte le quote di Spinco e delle azioni di IGT Canada Solutions ULC; e (3) la fusione di Voyager Merger Sub, Inc. in Everi, che è così diventata una controllata interamente posseduta da Voyager Parent, sostenuta da Apollo (la “Fusione”).
Poiché Everi sarà delistata e i suoi titoli cancellati dalla registrazione ai sensi della Sezione 12(b) del Exchange Act, la società ha terminato tutte le offerte previste dalle sue dichiarazioni di registrazione in essere. Con l’efficacia di questo emendamento, non potranno più essere emesse azioni Everi aggiuntive nell’ambito dei piani azionari e di opzione per i dipendenti elencati.
Per gli investitori pubblici, la presentazione segna la fine formale dello status di Everi come società che presenta report alla SEC. Per i dipendenti e i partecipanti ai piani, qualsiasi premio non ancora liquidato in relazione alla transazione non potrà più essere soddisfatto con azioni di nuova registrazione. Nel documento non sono stati divulgati risultati finanziari, corrispettivi di acquisto o dati pro-forma.
Everi Holdings Inc. (EVRI) presentó el 1 de julio de 2025 una Enmienda Post-Efectiva N° 1 a doce declaraciones de registro Formulario S-8 previamente vigentes. La presentación elimina de la registración todas las acciones ordinarias que aún no se han vendido bajo varios planes de incentivos accionarios que datan de 2006, incluyendo el Plan de Incentivos Accionarios Enmendado y Reexpresado de 2014 y varios planes heredados de Global Cash Access y Multimedia Games.
La desregistración es un trámite administrativo posterior a una transacción transformadora completada el mismo día. Bajo una serie de acuerdos ejecutados el 26 de julio de 2024, Everi y el negocio de Gaming & Digital de International Game Technology PLC (IGT) fueron adquiridos simultáneamente por Voyager Parent, LLC, una entidad propiedad de fondos gestionados por afiliados de Apollo Global Management. Los pasos clave para el cierre incluyeron: (1) IGT transfiriendo sus activos de Gaming & Digital a una subsidiaria recién formada, Spinco; (2) las entidades Voyager de Apollo comprando todas las unidades de Spinco y las acciones de IGT Canada Solutions ULC; y (3) la fusión de Voyager Merger Sub, Inc. con Everi, dejando a Everi como una subsidiaria de propiedad total de Voyager Parent respaldada por Apollo (la “Fusión”).
Dado que Everi será deslistada y sus valores serán desregistrados bajo la Sección 12(b) del Exchange Act, la compañía ha terminado todas las ofertas bajo sus declaraciones de registro vigentes. Al entrar en vigor esta enmienda, no se podrán emitir acciones adicionales de Everi bajo los planes de acciones y opciones para empleados listados.
Para los inversores públicos, la presentación señala el fin formal del estatus de Everi como compañía que reporta a la SEC. Para los empleados y participantes en los planes, cualquier premio no liquidado previamente en relación con la transacción ya no podrá ser atendido con acciones recién registradas. No se divulgaron resultados financieros, contraprestación de compra ni cifras pro forma en este documento.
Everi Holdings Inc. (EVRI)는 2025년 7월 1일에 이전에 효력이 있었던 12개의 Form S-8 등록 명세서에 대한 사후 효력 수정안 1호를 제출했습니다. 이 제출은 2006년부터 시작된 다양한 주식 인센티브 계획에 따라 아직 판매되지 않은 모든 보통주를 등록에서 제거하며, 여기에는 수정 및 재작성된 2014년 주식 인센티브 계획과 여러 기존 Global Cash Access 및 Multimedia Games 계획이 포함됩니다.
이 등록 말소는 같은 날 완료된 변혁적 거래에 대한 행정적 후속 조치입니다. 2024년 7월 26일에 체결된 일련의 계약에 따라, Everi와 International Game Technology PLC(IGT)의 Gaming & Digital 사업부가 동시에 Apollo Global Management의 계열사가 관리하는 펀드가 소유한 Voyager Parent, LLC에 인수되었습니다. 주요 마감 절차는 다음과 같습니다: (1) IGT가 Gaming & Digital 자산을 새로 설립된 자회사 Spinco에 이전; (2) Apollo의 Voyager 법인들이 Spinco의 모든 지분과 IGT Canada Solutions ULC의 주식을 인수; 그리고 (3) Voyager Merger Sub, Inc.가 Everi와 합병하여 Everi가 Apollo가 지원하는 Voyager Parent의 전액 출자 자회사가 되는 합병 (“Merger”)입니다.
Everi가 상장 폐지되고 증권이 Exchange Act 섹션 12(b)에 따라 등록 말소됨에 따라 회사는 기존 등록 명세서에 따른 모든 공모를 종료했습니다. 이 수정안이 효력 발생함에 따라, 더 이상 나열된 직원 주식 및 옵션 계획에 따라 Everi 주식을 추가로 발행할 수 없습니다.
공공 투자자에게 이 제출은 Everi가 SEC 보고 회사로서의 지위를 공식적으로 종료함을 알립니다. 직원 및 계획 참가자에게는 거래와 관련해 이전에 정산되지 않은 모든 상금이 새로 등록된 주식으로는 더 이상 이행될 수 없습니다. 이 문서에는 재무 결과, 매입 대가 또는 프로포르마 수치가 공개되지 않았습니다.
Everi Holdings Inc. (EVRI) a déposé le 1er juillet 2025 un Amendement Post-Efficace n° 1 à douze déclarations d’enregistrement Formulaire S-8 précédemment effectives. Le dépôt retire de l’enregistrement toutes les actions ordinaires encore invendues dans le cadre de plusieurs plans d’incitation en actions remontant à 2006, y compris le Plan d’Incitation en Actions modifié et refondu de 2014 ainsi que plusieurs anciens plans de Global Cash Access et Multimedia Games.
Cette radiation est un suivi administratif d’une opération transformative réalisée le même jour. Selon une série d’accords conclus le 26 juillet 2024, Everi et l’activité Gaming & Digital d’International Game Technology PLC (IGT) ont été acquis simultanément par Voyager Parent, LLC, une entité détenue par des fonds gérés par des affiliés d’Apollo Global Management. Les étapes clés de la clôture comprenaient : (1) le transfert par IGT de ses actifs Gaming & Digital à une filiale nouvellement créée, Spinco ; (2) l’achat par les entités Voyager d’Apollo de toutes les unités Spinco et des actions d’IGT Canada Solutions ULC ; et (3) la fusion de Voyager Merger Sub, Inc. avec Everi, faisant d’Everi une filiale à 100 % de Voyager Parent soutenue par Apollo (la « Fusion »).
Comme Everi sera radiée de la cote et ses titres désenregistrés conformément à la Section 12(b) du Exchange Act, la société a mis fin à toutes les offres en cours dans le cadre de ses déclarations d’enregistrement. Dès l’entrée en vigueur de cet amendement, aucune action Everi supplémentaire ne pourra être émise dans le cadre des plans d’actions et d’options pour employés listés.
Pour les investisseurs publics, ce dépôt marque la fin officielle du statut d’Everi en tant que société soumise aux rapports auprès de la SEC. Pour les employés et les participants aux plans, toute attribution non réglée précédemment en lien avec la transaction ne pourra plus être exécutée avec des actions nouvellement enregistrées. Aucun résultat financier, prix d’achat ou chiffres pro forma n’a été divulgué dans ce document.
Everi Holdings Inc. (EVRI) reichte am 1. Juli 2025 eine Nachwirksame Änderung Nr. 1 zu zwölf zuvor wirksamen Form S-8-Registrierungserklärungen ein. Die Einreichung entfernt aus der Registrierung alle noch unveräußerten Stammaktien, die im Rahmen verschiedener Aktienanreizpläne seit 2006 ausgegeben wurden, darunter der geänderte und neu gefasste Aktienanreizplan 2014 sowie mehrere ältere Pläne von Global Cash Access und Multimedia Games.
Die Deregistrierung ist die administrative Folge einer transformativen Transaktion, die am selben Tag abgeschlossen wurde. Im Rahmen einer Reihe von Vereinbarungen, die am 26. Juli 2024 unterzeichnet wurden, wurden Everi und das Gaming & Digital-Geschäft von International Game Technology PLC (IGT) gleichzeitig von Voyager Parent, LLC erworben, einer Gesellschaft, die von Fonds verwaltet wird, die mit Apollo Global Management verbunden sind. Wichtige Abschlussmaßnahmen waren: (1) die Übertragung der Gaming & Digital-Vermögenswerte von IGT auf eine neu gegründete Tochtergesellschaft, Spinco; (2) der Erwerb aller Spinco-Anteile und der Anteile an IGT Canada Solutions ULC durch die Voyager-Einheiten von Apollo; und (3) die Verschmelzung von Voyager Merger Sub, Inc. mit Everi, wodurch Everi eine hundertprozentige Tochtergesellschaft von Apollo-unterstütztem Voyager Parent wurde (die „Fusion“).
Da Everi delistet und ihre Wertpapiere gemäß Abschnitt 12(b) des Exchange Act deregistriert werden, hat das Unternehmen alle Angebote unter seinen ausstehenden Registrierungserklärungen eingestellt. Mit Wirksamkeit dieser Änderung können keine weiteren Everi-Aktien im Rahmen der aufgeführten Mitarbeiteraktien- und Optionspläne ausgegeben werden.
Für öffentliche Investoren signalisiert die Einreichung das formelle Ende von Everis Status als SEC-meldendes Unternehmen. Für Mitarbeiter und Planteilnehmer können nicht zuvor im Zusammenhang mit der Transaktion abgewickelte Auszeichnungen nicht mehr mit neu registrierten Aktien bedient werden. In diesem Dokument wurden keine Finanzergebnisse, Kaufpreise oder Pro-forma-Zahlen offengelegt.
- Merger completion: Everi and IGT’s Gaming & Digital business successfully closed their sale to Apollo-backed Voyager, removing deal uncertainty.
- Cost elimination: Deregistration and delisting will cut recurring SEC filing and listing expenses now that Everi is private.
- Loss of public market liquidity: Everi common stock is delisted and no longer trades on public exchanges.
- Cancellation of equity plan capacity: All remaining shares under 12 employee incentive plans are deregistered, limiting ability to issue new equity to staff under those plans.
Insights
TL;DR: Closing of Apollo-led takeover legally finalised; Everi stock deregistered.
The amendment confirms the consummation of the complex, multi-party deal that combines Everi with IGT’s Gaming & Digital assets under Apollo’s ownership. Operationally, Everi’s public-company obligations disappear, eliminating recurring SEC and listing costs. Shareholders have already received their merger consideration (details not provided here), so the remaining act—deregistering unsold plan shares—is a routine clean-up item. From an M&A perspective, completion reduces execution risk and clears the path for Apollo to integrate the two gaming technology franchises privately. I view the filing as modestly positive because it evidences definitive closing and removes residual uncertainties.
TL;DR: Administrative step ends Everi’s public-company reporting life; neutral for most stakeholders.
Form S-8 deregistration is standard when an issuer terminates public listings after a merger. Governance implications include loss of public-market transparency and the shift of fiduciary oversight to Apollo’s private governance framework. Employee equity programmes tied to the cancelled plans cease to issue registered shares; new incentive structures will need private-company documentation. No adverse compliance issues are indicated, and the board executed the filing with proper authorisations, including an updated power of attorney. The impact on outside investors is largely complete, making this filing neutral in current materiality terms.
Everi Holdings Inc. (EVRI) ha presentato il 1° luglio 2025 un Emendamento Post-Efficace n. 1 a dodici dichiarazioni di registrazione Form S-8 precedentemente efficaci. La presentazione rimuove dalla registrazione tutte le azioni ordinarie ancora non vendute nell'ambito di diversi piani di incentivazione azionaria risalenti al 2006, inclusi il Piano di Incentivi Azionari Modificato e Rifirmato del 2014 e vari piani legacy di Global Cash Access e Multimedia Games.
La cancellazione dalla registrazione è un adempimento amministrativo successivo a una transazione trasformativa completata lo stesso giorno. In base a una serie di accordi stipulati il 26 luglio 2024, Everi e il ramo Gaming & Digital di International Game Technology PLC (IGT) sono stati acquisiti simultaneamente da Voyager Parent, LLC, entità controllata da fondi gestiti da affiliati di Apollo Global Management. Le fasi chiave della chiusura includevano: (1) il trasferimento da parte di IGT dei suoi asset Gaming & Digital a una nuova controllata, Spinco; (2) l’acquisto da parte delle entità Voyager di Apollo di tutte le quote di Spinco e delle azioni di IGT Canada Solutions ULC; e (3) la fusione di Voyager Merger Sub, Inc. in Everi, che è così diventata una controllata interamente posseduta da Voyager Parent, sostenuta da Apollo (la “Fusione”).
Poiché Everi sarà delistata e i suoi titoli cancellati dalla registrazione ai sensi della Sezione 12(b) del Exchange Act, la società ha terminato tutte le offerte previste dalle sue dichiarazioni di registrazione in essere. Con l’efficacia di questo emendamento, non potranno più essere emesse azioni Everi aggiuntive nell’ambito dei piani azionari e di opzione per i dipendenti elencati.
Per gli investitori pubblici, la presentazione segna la fine formale dello status di Everi come società che presenta report alla SEC. Per i dipendenti e i partecipanti ai piani, qualsiasi premio non ancora liquidato in relazione alla transazione non potrà più essere soddisfatto con azioni di nuova registrazione. Nel documento non sono stati divulgati risultati finanziari, corrispettivi di acquisto o dati pro-forma.
Everi Holdings Inc. (EVRI) presentó el 1 de julio de 2025 una Enmienda Post-Efectiva N° 1 a doce declaraciones de registro Formulario S-8 previamente vigentes. La presentación elimina de la registración todas las acciones ordinarias que aún no se han vendido bajo varios planes de incentivos accionarios que datan de 2006, incluyendo el Plan de Incentivos Accionarios Enmendado y Reexpresado de 2014 y varios planes heredados de Global Cash Access y Multimedia Games.
La desregistración es un trámite administrativo posterior a una transacción transformadora completada el mismo día. Bajo una serie de acuerdos ejecutados el 26 de julio de 2024, Everi y el negocio de Gaming & Digital de International Game Technology PLC (IGT) fueron adquiridos simultáneamente por Voyager Parent, LLC, una entidad propiedad de fondos gestionados por afiliados de Apollo Global Management. Los pasos clave para el cierre incluyeron: (1) IGT transfiriendo sus activos de Gaming & Digital a una subsidiaria recién formada, Spinco; (2) las entidades Voyager de Apollo comprando todas las unidades de Spinco y las acciones de IGT Canada Solutions ULC; y (3) la fusión de Voyager Merger Sub, Inc. con Everi, dejando a Everi como una subsidiaria de propiedad total de Voyager Parent respaldada por Apollo (la “Fusión”).
Dado que Everi será deslistada y sus valores serán desregistrados bajo la Sección 12(b) del Exchange Act, la compañía ha terminado todas las ofertas bajo sus declaraciones de registro vigentes. Al entrar en vigor esta enmienda, no se podrán emitir acciones adicionales de Everi bajo los planes de acciones y opciones para empleados listados.
Para los inversores públicos, la presentación señala el fin formal del estatus de Everi como compañía que reporta a la SEC. Para los empleados y participantes en los planes, cualquier premio no liquidado previamente en relación con la transacción ya no podrá ser atendido con acciones recién registradas. No se divulgaron resultados financieros, contraprestación de compra ni cifras pro forma en este documento.
Everi Holdings Inc. (EVRI)는 2025년 7월 1일에 이전에 효력이 있었던 12개의 Form S-8 등록 명세서에 대한 사후 효력 수정안 1호를 제출했습니다. 이 제출은 2006년부터 시작된 다양한 주식 인센티브 계획에 따라 아직 판매되지 않은 모든 보통주를 등록에서 제거하며, 여기에는 수정 및 재작성된 2014년 주식 인센티브 계획과 여러 기존 Global Cash Access 및 Multimedia Games 계획이 포함됩니다.
이 등록 말소는 같은 날 완료된 변혁적 거래에 대한 행정적 후속 조치입니다. 2024년 7월 26일에 체결된 일련의 계약에 따라, Everi와 International Game Technology PLC(IGT)의 Gaming & Digital 사업부가 동시에 Apollo Global Management의 계열사가 관리하는 펀드가 소유한 Voyager Parent, LLC에 인수되었습니다. 주요 마감 절차는 다음과 같습니다: (1) IGT가 Gaming & Digital 자산을 새로 설립된 자회사 Spinco에 이전; (2) Apollo의 Voyager 법인들이 Spinco의 모든 지분과 IGT Canada Solutions ULC의 주식을 인수; 그리고 (3) Voyager Merger Sub, Inc.가 Everi와 합병하여 Everi가 Apollo가 지원하는 Voyager Parent의 전액 출자 자회사가 되는 합병 (“Merger”)입니다.
Everi가 상장 폐지되고 증권이 Exchange Act 섹션 12(b)에 따라 등록 말소됨에 따라 회사는 기존 등록 명세서에 따른 모든 공모를 종료했습니다. 이 수정안이 효력 발생함에 따라, 더 이상 나열된 직원 주식 및 옵션 계획에 따라 Everi 주식을 추가로 발행할 수 없습니다.
공공 투자자에게 이 제출은 Everi가 SEC 보고 회사로서의 지위를 공식적으로 종료함을 알립니다. 직원 및 계획 참가자에게는 거래와 관련해 이전에 정산되지 않은 모든 상금이 새로 등록된 주식으로는 더 이상 이행될 수 없습니다. 이 문서에는 재무 결과, 매입 대가 또는 프로포르마 수치가 공개되지 않았습니다.
Everi Holdings Inc. (EVRI) a déposé le 1er juillet 2025 un Amendement Post-Efficace n° 1 à douze déclarations d’enregistrement Formulaire S-8 précédemment effectives. Le dépôt retire de l’enregistrement toutes les actions ordinaires encore invendues dans le cadre de plusieurs plans d’incitation en actions remontant à 2006, y compris le Plan d’Incitation en Actions modifié et refondu de 2014 ainsi que plusieurs anciens plans de Global Cash Access et Multimedia Games.
Cette radiation est un suivi administratif d’une opération transformative réalisée le même jour. Selon une série d’accords conclus le 26 juillet 2024, Everi et l’activité Gaming & Digital d’International Game Technology PLC (IGT) ont été acquis simultanément par Voyager Parent, LLC, une entité détenue par des fonds gérés par des affiliés d’Apollo Global Management. Les étapes clés de la clôture comprenaient : (1) le transfert par IGT de ses actifs Gaming & Digital à une filiale nouvellement créée, Spinco ; (2) l’achat par les entités Voyager d’Apollo de toutes les unités Spinco et des actions d’IGT Canada Solutions ULC ; et (3) la fusion de Voyager Merger Sub, Inc. avec Everi, faisant d’Everi une filiale à 100 % de Voyager Parent soutenue par Apollo (la « Fusion »).
Comme Everi sera radiée de la cote et ses titres désenregistrés conformément à la Section 12(b) du Exchange Act, la société a mis fin à toutes les offres en cours dans le cadre de ses déclarations d’enregistrement. Dès l’entrée en vigueur de cet amendement, aucune action Everi supplémentaire ne pourra être émise dans le cadre des plans d’actions et d’options pour employés listés.
Pour les investisseurs publics, ce dépôt marque la fin officielle du statut d’Everi en tant que société soumise aux rapports auprès de la SEC. Pour les employés et les participants aux plans, toute attribution non réglée précédemment en lien avec la transaction ne pourra plus être exécutée avec des actions nouvellement enregistrées. Aucun résultat financier, prix d’achat ou chiffres pro forma n’a été divulgué dans ce document.
Everi Holdings Inc. (EVRI) reichte am 1. Juli 2025 eine Nachwirksame Änderung Nr. 1 zu zwölf zuvor wirksamen Form S-8-Registrierungserklärungen ein. Die Einreichung entfernt aus der Registrierung alle noch unveräußerten Stammaktien, die im Rahmen verschiedener Aktienanreizpläne seit 2006 ausgegeben wurden, darunter der geänderte und neu gefasste Aktienanreizplan 2014 sowie mehrere ältere Pläne von Global Cash Access und Multimedia Games.
Die Deregistrierung ist die administrative Folge einer transformativen Transaktion, die am selben Tag abgeschlossen wurde. Im Rahmen einer Reihe von Vereinbarungen, die am 26. Juli 2024 unterzeichnet wurden, wurden Everi und das Gaming & Digital-Geschäft von International Game Technology PLC (IGT) gleichzeitig von Voyager Parent, LLC erworben, einer Gesellschaft, die von Fonds verwaltet wird, die mit Apollo Global Management verbunden sind. Wichtige Abschlussmaßnahmen waren: (1) die Übertragung der Gaming & Digital-Vermögenswerte von IGT auf eine neu gegründete Tochtergesellschaft, Spinco; (2) der Erwerb aller Spinco-Anteile und der Anteile an IGT Canada Solutions ULC durch die Voyager-Einheiten von Apollo; und (3) die Verschmelzung von Voyager Merger Sub, Inc. mit Everi, wodurch Everi eine hundertprozentige Tochtergesellschaft von Apollo-unterstütztem Voyager Parent wurde (die „Fusion“).
Da Everi delistet und ihre Wertpapiere gemäß Abschnitt 12(b) des Exchange Act deregistriert werden, hat das Unternehmen alle Angebote unter seinen ausstehenden Registrierungserklärungen eingestellt. Mit Wirksamkeit dieser Änderung können keine weiteren Everi-Aktien im Rahmen der aufgeführten Mitarbeiteraktien- und Optionspläne ausgegeben werden.
Für öffentliche Investoren signalisiert die Einreichung das formelle Ende von Everis Status als SEC-meldendes Unternehmen. Für Mitarbeiter und Planteilnehmer können nicht zuvor im Zusammenhang mit der Transaktion abgewickelte Auszeichnungen nicht mehr mit neu registrierten Aktien bedient werden. In diesem Dokument wurden keine Finanzergebnisse, Kaufpreise oder Pro-forma-Zahlen offengelegt.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,166
Registration Statement Nos. 333-275587; 333-275587-01
Dated July 1, 2025; Filed pursuant to Rule 433
Morgan Stanley
INDU Market-Linked Notes due August 2, 2028
This document provides a summary of the terms of the notes. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement, index supplement and prospectus, and the “Risk Considerations” on the following page, prior to making an investment decision.
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Issuer: |
Morgan Stanley Finance LLC |
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Guarantor: |
Morgan Stanley |
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Underlier: |
Dow Jones Industrial AverageSM (INDU) |
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Participation rate: |
100% |
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Maximum payment at maturity: |
$1,175 to $1,185 per note (117.50% to 118.50% of the stated principal amount) |
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Pricing date: |
July 28, 2025 |
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Observation date: |
July 28, 2028 |
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Maturity date: |
August 2, 2028 |
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CUSIP: |
61778NFH9 |
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Estimated value: |
$958.60 per note, or within $45.00 of that estimate |
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Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225036026/ms9166_424b2-19684.htm |
1All payments are subject to our credit risk
Hypothetical Payment at Maturity1
The payoff diagram and table below illustrate the payment at maturity for a range of hypothetical performances of the underlier over the term of the notes.
|
% Change in Closing Level of the Underlier |
Payment at Maturity per Note |
|
+100.00% |
$1,175.00 |
|
+80.00% |
$1,175.00 |
|
+60.00% |
$1,175.00 |
|
+40.00% |
$1,175.00 |
|
+20.00% |
$1,175.00 |
|
+17.50% |
$1,175.00 |
|
+15.00% |
$1,150.00 |
|
+10.00% |
$1,100.00 |
|
0.00% |
$1,000.00 |
|
-20.00% |
$1,000.00 |
|
-40.00% |
$1,000.00 |
|
-60.00% |
$1,000.00 |
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-584-6837.
Underlier(s)
For more information about the underlier(s), including historical performance information, see the accompanying preliminary pricing supplement.
Risk Considerations
The risks set forth below are discussed in more detail in the “Risk Factors” section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.
Risks Relating to an Investment in the Notes
●The notes may not pay more than the stated principal amount at maturity.
●The notes do not pay interest.
●The appreciation potential of the notes is limited by the maximum payment at maturity.
●The amount payable on the notes is not linked to the value of the underlier at any time other than the observation date.
●The market price of the notes may be influenced by many unpredictable factors.
●The notes 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 notes.
●As a finance subsidiary, MSFL has no independent operations and will have no independent assets.
●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 notes in the original issue price reduce the economic terms of the notes, cause the estimated value of the notes to be less than the original issue price and will adversely affect secondary market prices.
●The estimated value of the notes 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.
●The notes will not be listed on any securities exchange and secondary trading may be limited.
●As discussed in more detail in the accompanying product supplement, investing in the notes is not equivalent to investing in the underlier(s).
●You may be required to recognize taxable income on the notes prior to maturity.
Risks Relating to the Underlier(s)
●Because your return on the notes will depend upon the performance of the underlier(s), the notes are subject to the following risk(s), as discussed in more detail in the accompanying product supplement.
oAdjustments to an underlying index could adversely affect the value of the notes.
Risks Relating to Conflicts of Interest
●The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the notes.
●Hedging and trading activity by our affiliates could potentially adversely affect the value of the notes.
Tax Considerations
You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Additional Information About the Notes–United States federal income tax considerations” concerning the U.S. federal income tax consequences of an investment in the notes, and you should consult your tax adviser.
FAQ
Why did Everi Holdings (EVRI) file a Post-Effective Amendment on Form S-8?
What transaction triggered the deregistration of Everi’s S-8 shares?
Will Everi common stock continue to trade after the merger?
Do the employee stock and option plans remain in effect?
Does the amendment disclose the cash or share consideration paid to Everi shareholders?
