[FWP] Morgan Stanley Free Writing Prospectus
Regulus Therapeutics Inc. ("Regulus") has filed a Post-Effective Amendment No. 1 to 20 previously effective Form S-8 registration statements. The amendment formally terminates the registration of all remaining, unsold shares of Regulus common stock that had been set aside for issuance under a variety of equity incentive, inducement and employee stock-purchase plans dating from 2009 through 2025. The affected plans include the 2009 and 2012 Equity Incentive Plans, multiple Employee Stock Purchase Plans (2012 & 2022), the 2019 Equity Incentive Plan and the 2021 Inducement Plan, among others.
The filing follows the consummation of Regulus’ merger with Novartis AG on 25 June 2025, executed under the 29 April 2025 Agreement and Plan of Merger. Redwood Merger Sub Inc., a wholly-owned Novartis subsidiary, was merged into Regulus, with Regulus surviving as a wholly-owned subsidiary of Novartis. Consequently, Regulus has ceased all public offerings of its securities, making the S-8 registrations unnecessary.
Key implications for investors:
- Any options or rights that remained unexercised under the listed equity plans will no longer be eligible for issuance of new Regulus common shares under the Securities Act.
- The deregistration is an administrative step that typically follows completion of an acquisition; it does not disclose merger consideration, exchange ratios, or post-merger integration plans.
- The filing confirms that Regulus is no longer an independent, Exchange-Act reporting company; future disclosures will occur through Novartis, if material.
No financial statements, earnings data, or forward-looking statements are included in the document.
Regulus Therapeutics Inc. (“Regulus”) ha presentato un Emendamento Post-Efficacia n. 1 a 20 dichiarazioni di registrazione Form S-8 precedentemente efficaci. L’emendamento formalizza la cessazione della registrazione di tutte le azioni ordinarie di Regulus non ancora vendute, destinate all’emissione nell’ambito di vari piani di incentivo azionario, indennizzo e acquisto azionario dipendenti, risalenti al periodo dal 2009 al 2025. I piani interessati includono i Piani di Incentivo Azionario 2009 e 2012, diversi Piani di Acquisto Azionario Dipendenti (2012 e 2022), il Piano di Incentivo Azionario 2019 e il Piano di Indennizzo 2021, tra gli altri.
La presentazione segue la finalizzazione della fusione di Regulus con Novartis AG avvenuta il 25 giugno 2025, eseguita secondo l’Accordo e Piano di Fusione del 29 aprile 2025. Redwood Merger Sub Inc., una controllata interamente posseduta da Novartis, è stata fusa in Regulus, che è sopravvissuta come controllata interamente posseduta da Novartis. Di conseguenza, Regulus ha interrotto tutte le offerte pubbliche dei suoi titoli, rendendo superflue le registrazioni S-8.
Principali implicazioni per gli investitori:
- Qualsiasi opzione o diritto non esercitato previsto dai piani azionari elencati non sarà più idoneo all’emissione di nuove azioni ordinarie Regulus ai sensi del Securities Act.
- La cancellazione della registrazione è un passaggio amministrativo che di norma segue il completamento di un’acquisizione; non fornisce informazioni sul corrispettivo della fusione, sui rapporti di cambio o sui piani di integrazione post-fusione.
- La presentazione conferma che Regulus non è più una società indipendente soggetta a obblighi di comunicazione ai sensi dell’Exchange Act; le future comunicazioni saranno effettuate tramite Novartis, se rilevanti.
Il documento non contiene bilanci, dati sugli utili o dichiarazioni previsionali.
Regulus Therapeutics Inc. (“Regulus”) ha presentado una Enmienda Post-Efectiva Nº 1 a 20 declaraciones de registro Formulario S-8 previamente efectivas. La enmienda formaliza la terminación del registro de todas las acciones ordinarias restantes no vendidas de Regulus que se habían reservado para su emisión bajo diversos planes de incentivos de capital, inducción y compra de acciones para empleados desde 2009 hasta 2025. Los planes afectados incluyen los Planes de Incentivos de Capital de 2009 y 2012, varios Planes de Compra de Acciones para Empleados (2012 y 2022), el Plan de Incentivos de Capital 2019 y el Plan de Inducción 2021, entre otros.
La presentación sigue a la finalización de la fusión de Regulus con Novartis AG el 25 de junio de 2025, ejecutada conforme al Acuerdo y Plan de Fusión del 29 de abril de 2025. Redwood Merger Sub Inc., una subsidiaria propiedad total de Novartis, se fusionó con Regulus, que sobrevivió como subsidiaria propiedad total de Novartis. En consecuencia, Regulus ha cesado todas las ofertas públicas de sus valores, haciendo innecesarias las registraciones S-8.
Implicaciones clave para los inversores:
- Cualquier opción o derecho no ejercido bajo los planes de capital listados ya no será elegible para la emisión de nuevas acciones ordinarias de Regulus bajo la Ley de Valores.
- La desregistración es un paso administrativo que típicamente sigue a la finalización de una adquisición; no revela la contraprestación de la fusión, las proporciones de intercambio o los planes de integración post-fusión.
- La presentación confirma que Regulus ya no es una compañía independiente que reporta bajo la Exchange Act; las divulgaciones futuras se realizarán a través de Novartis, si son materiales.
El documento no incluye estados financieros, datos de ganancias ni declaraciones prospectivas.
Regulus Therapeutics Inc. (“Regulus”)는 이전에 효력이 있었던 20건의 Form S-8 등록서류에 대한 사후 효력 수정안 1호(Post-Effective Amendment No. 1)를 제출했습니다. 이 수정안은 2009년부터 2025년까지의 다양한 주식 인센티브, 유인 및 직원 주식 구매 계획에 따라 발행을 위해 배정된 모든 미판매 Regulus 보통주의 등록을 공식적으로 종료합니다. 해당 계획에는 2009년 및 2012년 주식 인센티브 계획, 여러 직원 주식 구매 계획(2012년 및 2022년), 2019년 주식 인센티브 계획, 2021년 유인 계획 등이 포함됩니다.
이 제출은 2025년 6월 25일에 체결된 2025년 4월 29일 합병 계약 및 계획에 따라 Regulus와 Novartis AG의 합병이 완료된 것을 따른 것입니다. Novartis의 전액 출자 자회사인 Redwood Merger Sub Inc.가 Regulus에 합병되었으며, Regulus는 Novartis의 전액 출자 자회사로 존속하게 되었습니다. 결과적으로 Regulus는 모든 공모를 중단하여 S-8 등록이 불필요하게 되었습니다.
투자자에게 중요한 영향:
- 나열된 주식 계획에 따른 미행사 옵션 또는 권리는 더 이상 증권법에 따라 새로운 Regulus 보통주 발행 대상이 되지 않습니다.
- 등록 말소는 일반적으로 인수 완료 후 이루어지는 행정 절차이며, 합병 대가, 교환 비율 또는 합병 후 통합 계획에 대한 정보를 제공하지 않습니다.
- 이번 제출은 Regulus가 더 이상 독립적인 Exchange Act 보고 회사가 아님을 확인하며, 향후 중요한 공시는 Novartis를 통해 이루어질 것입니다.
문서에는 재무제표, 수익 데이터 또는 미래 전망 진술이 포함되어 있지 않습니다.
Regulus Therapeutics Inc. (« Regulus ») a déposé un Amendement Post-Efficace n° 1 concernant 20 déclarations d’enregistrement Formulaire S-8 précédemment en vigueur. L’amendement met formellement fin à l’enregistrement de toutes les actions ordinaires restantes non vendues de Regulus qui avaient été réservées pour émission dans le cadre de divers plans d’incitation en actions, d’induction et d’achat d’actions par les employés datant de 2009 à 2025. Les plans concernés incluent les Plans d’Incitation en Actions de 2009 et 2012, plusieurs Plans d’Achat d’Actions pour Employés (2012 et 2022), le Plan d’Incitation en Actions de 2019 et le Plan d’Induction de 2021, entre autres.
Le dépôt fait suite à la finalisation de la fusion de Regulus avec Novartis AG le 25 juin 2025, réalisée conformément à l’Accord et Plan de Fusion du 29 avril 2025. Redwood Merger Sub Inc., une filiale en propriété exclusive de Novartis, a été fusionnée avec Regulus, Regulus survivant en tant que filiale en propriété exclusive de Novartis. Par conséquent, Regulus a cessé toutes les offres publiques de ses titres, rendant les enregistrements S-8 inutiles.
Principales implications pour les investisseurs :
- Toutes les options ou droits non exercés dans le cadre des plans d’actions listés ne seront plus éligibles à l’émission de nouvelles actions ordinaires Regulus en vertu du Securities Act.
- La radiation de l’enregistrement est une démarche administrative qui suit généralement la finalisation d’une acquisition ; elle ne divulgue pas la contrepartie de la fusion, les ratios d’échange ou les plans d’intégration post-fusion.
- Le dépôt confirme que Regulus n’est plus une société indépendante soumise aux obligations de déclaration en vertu de l’Exchange Act ; les divulgations futures se feront via Novartis, si elles sont significatives.
Le document ne contient pas d’états financiers, de données sur les résultats ou de déclarations prospectives.
Regulus Therapeutics Inc. („Regulus“) hat eine Post-Effective Amendment Nr. 1 zu 20 zuvor wirksamen Form S-8-Registrierungserklärungen eingereicht. Die Änderung beendet formell die Registrierung von allen verbleibenden, unveräußerten Aktien von Regulus Stammaktien, die für die Ausgabe im Rahmen verschiedener Aktienanreiz-, Anreiz- und Mitarbeiteraktienkaufpläne von 2009 bis 2025 vorgesehen waren. Betroffene Pläne umfassen die Aktienanreizpläne 2009 und 2012, mehrere Mitarbeiteraktienkaufpläne (2012 & 2022), den Aktienanreizplan 2019 und den Anreizplan 2021, unter anderem.
Die Einreichung folgt dem Abschluss der Fusion von Regulus mit Novartis AG am 25. Juni 2025, durchgeführt gemäß dem Fusionsvertrag und -plan vom 29. April 2025. Redwood Merger Sub Inc., eine hundertprozentige Tochtergesellschaft von Novartis, wurde mit Regulus verschmolzen, wobei Regulus als hundertprozentige Tochtergesellschaft von Novartis fortbesteht. Folglich hat Regulus alle öffentlichen Wertpapierangebote eingestellt, wodurch die S-8-Registrierungen überflüssig wurden.
Wesentliche Auswirkungen für Investoren:
- Alle nicht ausgeübten Optionen oder Rechte aus den aufgeführten Aktienplänen sind nicht mehr berechtigt, neue Regulus-Stammaktien gemäß dem Securities Act auszugeben.
- Die Deregistrierung ist ein administrativer Schritt, der typischerweise nach Abschluss einer Übernahme erfolgt; sie enthält keine Angaben zur Fusionsgegenleistung, Umtauschverhältnissen oder Integrationsplänen nach der Fusion.
- Die Einreichung bestätigt, dass Regulus kein unabhängiges, börsenrechtlich berichtspflichtiges Unternehmen mehr ist; zukünftige Offenlegungen erfolgen über Novartis, sofern relevant.
Das Dokument enthält keine Finanzberichte, Gewinnzahlen oder zukunftsgerichtete Aussagen.
- None.
- None.
Insights
TL;DR: Filing cancels unsold S-8 shares because Novartis closed its acquisition of Regulus; routine but confirms deal completion.
This Post-Effective Amendment is a standard housekeeping move after a cash-or-stock acquisition. By deregistering every unsold share linked to historical equity plans, Regulus eliminates any possibility of new issuances that could conflict with the merger terms. The document’s chief value to investors is its formal confirmation that the merger closed on 25 June 2025 and that Regulus now operates wholly within Novartis. While the filing itself carries no valuation data, it signals that legacy RGLS equity programs are terminated and that any option holders should look to the merger agreement for settlement details. Overall, the action is material because it finalises the corporate transition, but its informational content is limited.
TL;DR: Administrative step ends Regulus’ public-company reporting and equity plan obligations after change of control.
From a governance standpoint, the filing extinguishes outstanding registration obligations under the Securities Act, reducing compliance overhead for the now-private subsidiary. It also protects Novartis from inadvertent share issuances that could dilute the post-merger capital structure. The amendment lists every affected plan and registration number, creating a clear audit trail. Absence of financial or compensation settlement details limits its practical value for minority stakeholders who have already tendered or had shares converted. Impact is therefore procedural but important for legal completeness.
Regulus Therapeutics Inc. (“Regulus”) ha presentato un Emendamento Post-Efficacia n. 1 a 20 dichiarazioni di registrazione Form S-8 precedentemente efficaci. L’emendamento formalizza la cessazione della registrazione di tutte le azioni ordinarie di Regulus non ancora vendute, destinate all’emissione nell’ambito di vari piani di incentivo azionario, indennizzo e acquisto azionario dipendenti, risalenti al periodo dal 2009 al 2025. I piani interessati includono i Piani di Incentivo Azionario 2009 e 2012, diversi Piani di Acquisto Azionario Dipendenti (2012 e 2022), il Piano di Incentivo Azionario 2019 e il Piano di Indennizzo 2021, tra gli altri.
La presentazione segue la finalizzazione della fusione di Regulus con Novartis AG avvenuta il 25 giugno 2025, eseguita secondo l’Accordo e Piano di Fusione del 29 aprile 2025. Redwood Merger Sub Inc., una controllata interamente posseduta da Novartis, è stata fusa in Regulus, che è sopravvissuta come controllata interamente posseduta da Novartis. Di conseguenza, Regulus ha interrotto tutte le offerte pubbliche dei suoi titoli, rendendo superflue le registrazioni S-8.
Principali implicazioni per gli investitori:
- Qualsiasi opzione o diritto non esercitato previsto dai piani azionari elencati non sarà più idoneo all’emissione di nuove azioni ordinarie Regulus ai sensi del Securities Act.
- La cancellazione della registrazione è un passaggio amministrativo che di norma segue il completamento di un’acquisizione; non fornisce informazioni sul corrispettivo della fusione, sui rapporti di cambio o sui piani di integrazione post-fusione.
- La presentazione conferma che Regulus non è più una società indipendente soggetta a obblighi di comunicazione ai sensi dell’Exchange Act; le future comunicazioni saranno effettuate tramite Novartis, se rilevanti.
Il documento non contiene bilanci, dati sugli utili o dichiarazioni previsionali.
Regulus Therapeutics Inc. (“Regulus”) ha presentado una Enmienda Post-Efectiva Nº 1 a 20 declaraciones de registro Formulario S-8 previamente efectivas. La enmienda formaliza la terminación del registro de todas las acciones ordinarias restantes no vendidas de Regulus que se habían reservado para su emisión bajo diversos planes de incentivos de capital, inducción y compra de acciones para empleados desde 2009 hasta 2025. Los planes afectados incluyen los Planes de Incentivos de Capital de 2009 y 2012, varios Planes de Compra de Acciones para Empleados (2012 y 2022), el Plan de Incentivos de Capital 2019 y el Plan de Inducción 2021, entre otros.
La presentación sigue a la finalización de la fusión de Regulus con Novartis AG el 25 de junio de 2025, ejecutada conforme al Acuerdo y Plan de Fusión del 29 de abril de 2025. Redwood Merger Sub Inc., una subsidiaria propiedad total de Novartis, se fusionó con Regulus, que sobrevivió como subsidiaria propiedad total de Novartis. En consecuencia, Regulus ha cesado todas las ofertas públicas de sus valores, haciendo innecesarias las registraciones S-8.
Implicaciones clave para los inversores:
- Cualquier opción o derecho no ejercido bajo los planes de capital listados ya no será elegible para la emisión de nuevas acciones ordinarias de Regulus bajo la Ley de Valores.
- La desregistración es un paso administrativo que típicamente sigue a la finalización de una adquisición; no revela la contraprestación de la fusión, las proporciones de intercambio o los planes de integración post-fusión.
- La presentación confirma que Regulus ya no es una compañía independiente que reporta bajo la Exchange Act; las divulgaciones futuras se realizarán a través de Novartis, si son materiales.
El documento no incluye estados financieros, datos de ganancias ni declaraciones prospectivas.
Regulus Therapeutics Inc. (“Regulus”)는 이전에 효력이 있었던 20건의 Form S-8 등록서류에 대한 사후 효력 수정안 1호(Post-Effective Amendment No. 1)를 제출했습니다. 이 수정안은 2009년부터 2025년까지의 다양한 주식 인센티브, 유인 및 직원 주식 구매 계획에 따라 발행을 위해 배정된 모든 미판매 Regulus 보통주의 등록을 공식적으로 종료합니다. 해당 계획에는 2009년 및 2012년 주식 인센티브 계획, 여러 직원 주식 구매 계획(2012년 및 2022년), 2019년 주식 인센티브 계획, 2021년 유인 계획 등이 포함됩니다.
이 제출은 2025년 6월 25일에 체결된 2025년 4월 29일 합병 계약 및 계획에 따라 Regulus와 Novartis AG의 합병이 완료된 것을 따른 것입니다. Novartis의 전액 출자 자회사인 Redwood Merger Sub Inc.가 Regulus에 합병되었으며, Regulus는 Novartis의 전액 출자 자회사로 존속하게 되었습니다. 결과적으로 Regulus는 모든 공모를 중단하여 S-8 등록이 불필요하게 되었습니다.
투자자에게 중요한 영향:
- 나열된 주식 계획에 따른 미행사 옵션 또는 권리는 더 이상 증권법에 따라 새로운 Regulus 보통주 발행 대상이 되지 않습니다.
- 등록 말소는 일반적으로 인수 완료 후 이루어지는 행정 절차이며, 합병 대가, 교환 비율 또는 합병 후 통합 계획에 대한 정보를 제공하지 않습니다.
- 이번 제출은 Regulus가 더 이상 독립적인 Exchange Act 보고 회사가 아님을 확인하며, 향후 중요한 공시는 Novartis를 통해 이루어질 것입니다.
문서에는 재무제표, 수익 데이터 또는 미래 전망 진술이 포함되어 있지 않습니다.
Regulus Therapeutics Inc. (« Regulus ») a déposé un Amendement Post-Efficace n° 1 concernant 20 déclarations d’enregistrement Formulaire S-8 précédemment en vigueur. L’amendement met formellement fin à l’enregistrement de toutes les actions ordinaires restantes non vendues de Regulus qui avaient été réservées pour émission dans le cadre de divers plans d’incitation en actions, d’induction et d’achat d’actions par les employés datant de 2009 à 2025. Les plans concernés incluent les Plans d’Incitation en Actions de 2009 et 2012, plusieurs Plans d’Achat d’Actions pour Employés (2012 et 2022), le Plan d’Incitation en Actions de 2019 et le Plan d’Induction de 2021, entre autres.
Le dépôt fait suite à la finalisation de la fusion de Regulus avec Novartis AG le 25 juin 2025, réalisée conformément à l’Accord et Plan de Fusion du 29 avril 2025. Redwood Merger Sub Inc., une filiale en propriété exclusive de Novartis, a été fusionnée avec Regulus, Regulus survivant en tant que filiale en propriété exclusive de Novartis. Par conséquent, Regulus a cessé toutes les offres publiques de ses titres, rendant les enregistrements S-8 inutiles.
Principales implications pour les investisseurs :
- Toutes les options ou droits non exercés dans le cadre des plans d’actions listés ne seront plus éligibles à l’émission de nouvelles actions ordinaires Regulus en vertu du Securities Act.
- La radiation de l’enregistrement est une démarche administrative qui suit généralement la finalisation d’une acquisition ; elle ne divulgue pas la contrepartie de la fusion, les ratios d’échange ou les plans d’intégration post-fusion.
- Le dépôt confirme que Regulus n’est plus une société indépendante soumise aux obligations de déclaration en vertu de l’Exchange Act ; les divulgations futures se feront via Novartis, si elles sont significatives.
Le document ne contient pas d’états financiers, de données sur les résultats ou de déclarations prospectives.
Regulus Therapeutics Inc. („Regulus“) hat eine Post-Effective Amendment Nr. 1 zu 20 zuvor wirksamen Form S-8-Registrierungserklärungen eingereicht. Die Änderung beendet formell die Registrierung von allen verbleibenden, unveräußerten Aktien von Regulus Stammaktien, die für die Ausgabe im Rahmen verschiedener Aktienanreiz-, Anreiz- und Mitarbeiteraktienkaufpläne von 2009 bis 2025 vorgesehen waren. Betroffene Pläne umfassen die Aktienanreizpläne 2009 und 2012, mehrere Mitarbeiteraktienkaufpläne (2012 & 2022), den Aktienanreizplan 2019 und den Anreizplan 2021, unter anderem.
Die Einreichung folgt dem Abschluss der Fusion von Regulus mit Novartis AG am 25. Juni 2025, durchgeführt gemäß dem Fusionsvertrag und -plan vom 29. April 2025. Redwood Merger Sub Inc., eine hundertprozentige Tochtergesellschaft von Novartis, wurde mit Regulus verschmolzen, wobei Regulus als hundertprozentige Tochtergesellschaft von Novartis fortbesteht. Folglich hat Regulus alle öffentlichen Wertpapierangebote eingestellt, wodurch die S-8-Registrierungen überflüssig wurden.
Wesentliche Auswirkungen für Investoren:
- Alle nicht ausgeübten Optionen oder Rechte aus den aufgeführten Aktienplänen sind nicht mehr berechtigt, neue Regulus-Stammaktien gemäß dem Securities Act auszugeben.
- Die Deregistrierung ist ein administrativer Schritt, der typischerweise nach Abschluss einer Übernahme erfolgt; sie enthält keine Angaben zur Fusionsgegenleistung, Umtauschverhältnissen oder Integrationsplänen nach der Fusion.
- Die Einreichung bestätigt, dass Regulus kein unabhängiges, börsenrechtlich berichtspflichtiges Unternehmen mehr ist; zukünftige Offenlegungen erfolgen über Novartis, sofern relevant.
Das Dokument enthält keine Finanzberichte, Gewinnzahlen oder zukunftsgerichtete Aussagen.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,094
Registration Statement Nos. 333-275587; 333-275587-01
Dated June 25, 2025; Filed pursuant to Rule 433
Morgan Stanley
3-Year SX5E Trigger Jump Securities
This document provides a summary of the terms of the securities. 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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Summary Terms |
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Issuer: |
Morgan Stanley Finance LLC |
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Guarantor: |
Morgan Stanley |
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Maturity date: |
August 3, 2028 |
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Underlying index: |
EURO STOXX 50® Index (“SX5E”) |
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Payment at maturity: |
●If the final index value is greater than or equal to the initial index value: $1,000 + the greater of (i) $1,000 × the index percent change and (ii) the upside payment ●If the final index value is less than the initial index value but greater than or equal to the downside threshold level, meaning the value of the underlying index has declined by no more than 10% from its initial value: $1,000 ●If the final index value is less than the downside threshold level, meaning the value of the underlying index has declined by more than 10% from its initial value: $1,000 × index performance factor Under these circumstances, the payment at maturity will be significantly less than the stated principal amount of $1,000, and will represent a loss of more than 10%, and possibly all, of your investment. |
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Upside payment: |
$350 per security (35% of the stated principal amount) |
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Index percent change: |
(final index value – initial index value) / initial index value |
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Downside threshold level: |
90% of the initial index value |
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Index performance factor: |
final index value / initial index value |
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Initial index value: |
The index closing value on the pricing date |
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Final index value: |
The index closing value on the valuation date |
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Valuation date: |
July 31, 2028, subject to postponement for non-index business days and certain market disruption events |
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Stated principal amount: |
$1,000 per security |
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Issue price: |
$1,000 per security |
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Pricing date: |
July 17, 2025 |
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Original issue date: |
July 22, 2025 (3 business days after the pricing date) |
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CUSIP/ISIN: |
61778NCV1 / US61778NCV10 |
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Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225034685/ms9094_424b2-18937.htm |
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1All payments are subject to our credit risk |
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Hypothetical Payout at Maturity1
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Change in Underlying Index |
Return on the Securities |
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+70.00% |
70.00% |
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+60.00% |
60.00% |
|
+50.00% |
50.00% |
|
+40.00% |
40.00% |
|
+35.00% |
35.00% |
|
+30.00% |
35.00% |
|
+20.00% |
35.00% |
|
+10.00% |
35.00% |
|
0.00% |
35.00% |
|
-5.00% |
0.00% |
|
-10.00% |
0.00% |
|
-11.00% |
-11.00% |
|
-20.00% |
-20.00% |
|
-30.00% |
-30.00% |
|
-40.00% |
-40.00% |
|
-50.00% |
-50.00% |
|
-60.00% |
-60.00% |
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.
Underlying Index
For more information about the underlying index, 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 Securities
●The securities do not pay interest or guarantee any return of principal.
●The market price of the securities may be influenced by many unpredictable factors.
●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.
●As a finance subsidiary, MSFL has no independent operations and will have no independent assets.
●The amount payable on the securities is not linked to the value of the underlying index at any time other than the valuation date.
●The estimated value of the securities is $950.50 per security, or within $45.00 of that estimate, and 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 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.
●The securities will not be listed on any securities exchange and secondary trading may be limited.
●Investing in the securities is not equivalent to investing in the underlying index.
●The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities.
●Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.
●The U.S. federal income tax consequences of an investment in the securities are uncertain.
Risks Relating to the Underlying Index
●There are risks associated with investments in securities linked to the value of foreign equity securities.
●Governmental regulatory actions, such as sanctions, could adversely affect your investment in the securities.
●Adjustments to the underlying index could adversely affect the value of the securities.
Tax Considerations
You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Additional Information About the Securities – Tax considerations” concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax adviser.
