[FWP] Morgan Stanley Free Writing Prospectus
On 30 June 2025, Nasdaq Stock Market LLC filed a Form 25 to remove Webull Corp’s Incentive Warrants (symbol BULLZ) from listing and registration under Section 12(b) of the Securities Exchange Act of 1934. The exchange certifies compliance with Rule 12d2-2(b), and the issuer confirms adherence to Rule 12d2-2(c) for voluntary withdrawal. Once the filing becomes effective, the warrants will cease trading on Nasdaq and their SEC registration will terminate, materially reducing secondary-market liquidity and market visibility for warrant holders.
Il 30 giugno 2025, Nasdaq Stock Market LLC ha presentato un Modulo 25 per rimuovere i Warrant Incentivo di Webull Corp (simbolo BULLZ) dalla quotazione e registrazione ai sensi della Sezione 12(b) del Securities Exchange Act del 1934. La borsa certifica la conformità alla Regola 12d2-2(b), e l'emittente conferma l'adesione alla Regola 12d2-2(c) per il ritiro volontario. Una volta che la richiesta sarà efficace, i warrant cesseranno di essere scambiati su Nasdaq e la loro registrazione presso la SEC terminerà, riducendo significativamente la liquidità nel mercato secondario e la visibilità di mercato per i detentori dei warrant.
El 30 de junio de 2025, Nasdaq Stock Market LLC presentó un Formulario 25 para eliminar los Warrants Incentivo de Webull Corp (símbolo BULLZ) de la cotización y registro bajo la Sección 12(b) de la Ley de Intercambio de Valores de 1934. La bolsa certifica el cumplimiento con la Regla 12d2-2(b), y el emisor confirma la adherencia a la Regla 12d2-2(c) para la retirada voluntaria. Una vez que la presentación sea efectiva, los warrants dejarán de cotizar en Nasdaq y su registro en la SEC finalizará, reduciendo considerablemente la liquidez en el mercado secundario y la visibilidad para los titulares de warrants.
2025년 6월 30일, 나스닥 증권거래소 LLC가 웹울 코퍼레이션(Webull Corp)의 인센티브 워런트(심볼 BULLZ)를 1934년 증권거래법 섹션 12(b)에 따라 상장 및 등록에서 제외하기 위해 Form 25를 제출했습니다. 거래소는 규칙 12d2-2(b) 준수를 인증하고, 발행사는 자발적 철회를 위한 규칙 12d2-2(c) 준수를 확인했습니다. 제출이 효력을 발생하면, 워런트는 나스닥에서 거래가 중단되고 SEC 등록이 종료되어, 워런트 보유자들의 2차 시장 유동성과 시장 가시성이 크게 감소하게 됩니다.
Le 30 juin 2025, Nasdaq Stock Market LLC a déposé un formulaire 25 pour retirer les warrants incitatifs de Webull Corp (symbole BULLZ) de la cotation et de l'enregistrement en vertu de la section 12(b) du Securities Exchange Act de 1934. La bourse certifie la conformité à la règle 12d2-2(b), et l’émetteur confirme son respect de la règle 12d2-2(c) pour un retrait volontaire. Une fois le dépôt effectif, les warrants cesseront d’être négociés sur le Nasdaq et leur enregistrement auprès de la SEC prendra fin, réduisant considérablement la liquidité sur le marché secondaire et la visibilité pour les détenteurs de warrants.
Am 30. Juni 2025 reichte die Nasdaq Stock Market LLC ein Formular 25 ein, um die Incentive Warrants von Webull Corp (Symbol BULLZ) von der Notierung und Registrierung gemäß Abschnitt 12(b) des Securities Exchange Act von 1934 zu entfernen. Die Börse bestätigt die Einhaltung der Regel 12d2-2(b), und der Emittent bestätigt die Einhaltung der Regel 12d2-2(c) für den freiwilligen Rückzug. Sobald die Einreichung wirksam wird, werden die Warrants nicht mehr an der Nasdaq gehandelt und ihre Registrierung bei der SEC endet, was die Liquidität im Sekundärmarkt und die Marktsichtbarkeit für die Inhaber der Warrants erheblich verringert.
- None.
- Nasdaq filed Form 25 to delist Webull Corp’s Incentive Warrants, ending exchange trading and SEC registration.
- Delisting reduces liquidity, transparency and market visibility for existing warrant holders.
Insights
TL;DR – Nasdaq is delisting Webull’s Incentive Warrants; liquidity and valuation risk rise.
The Form 25 signals that Webull Corp’s Incentive Warrants will no longer trade on Nasdaq, eliminating an exchange venue for price discovery. While the filing states procedural compliance, it offers no rationale such as low activity, corporate action or listing rule violations, leaving holders exposed to heightened liquidity risk and potential valuation discounts. For equity investors, the move is neutral, but for warrant holders it is clearly negative because secondary-market exit options contract sharply.
TL;DR – Form 25 meets technical rules; delisting effective after SEC processing.
The document confirms Nasdaq’s and the issuer’s adherence to Rules 12d2-2(b) and (c), satisfying legal prerequisites for delisting without SEC objection. No additional regulatory or litigation issues are disclosed, suggesting this is a straightforward procedural filing rather than a contested action. Nonetheless, termination of Section 12(b) registration removes periodic reporting requirements for the warrant class, which diminishes transparency for investors.
Il 30 giugno 2025, Nasdaq Stock Market LLC ha presentato un Modulo 25 per rimuovere i Warrant Incentivo di Webull Corp (simbolo BULLZ) dalla quotazione e registrazione ai sensi della Sezione 12(b) del Securities Exchange Act del 1934. La borsa certifica la conformità alla Regola 12d2-2(b), e l'emittente conferma l'adesione alla Regola 12d2-2(c) per il ritiro volontario. Una volta che la richiesta sarà efficace, i warrant cesseranno di essere scambiati su Nasdaq e la loro registrazione presso la SEC terminerà, riducendo significativamente la liquidità nel mercato secondario e la visibilità di mercato per i detentori dei warrant.
El 30 de junio de 2025, Nasdaq Stock Market LLC presentó un Formulario 25 para eliminar los Warrants Incentivo de Webull Corp (símbolo BULLZ) de la cotización y registro bajo la Sección 12(b) de la Ley de Intercambio de Valores de 1934. La bolsa certifica el cumplimiento con la Regla 12d2-2(b), y el emisor confirma la adherencia a la Regla 12d2-2(c) para la retirada voluntaria. Una vez que la presentación sea efectiva, los warrants dejarán de cotizar en Nasdaq y su registro en la SEC finalizará, reduciendo considerablemente la liquidez en el mercado secundario y la visibilidad para los titulares de warrants.
2025년 6월 30일, 나스닥 증권거래소 LLC가 웹울 코퍼레이션(Webull Corp)의 인센티브 워런트(심볼 BULLZ)를 1934년 증권거래법 섹션 12(b)에 따라 상장 및 등록에서 제외하기 위해 Form 25를 제출했습니다. 거래소는 규칙 12d2-2(b) 준수를 인증하고, 발행사는 자발적 철회를 위한 규칙 12d2-2(c) 준수를 확인했습니다. 제출이 효력을 발생하면, 워런트는 나스닥에서 거래가 중단되고 SEC 등록이 종료되어, 워런트 보유자들의 2차 시장 유동성과 시장 가시성이 크게 감소하게 됩니다.
Le 30 juin 2025, Nasdaq Stock Market LLC a déposé un formulaire 25 pour retirer les warrants incitatifs de Webull Corp (symbole BULLZ) de la cotation et de l'enregistrement en vertu de la section 12(b) du Securities Exchange Act de 1934. La bourse certifie la conformité à la règle 12d2-2(b), et l’émetteur confirme son respect de la règle 12d2-2(c) pour un retrait volontaire. Une fois le dépôt effectif, les warrants cesseront d’être négociés sur le Nasdaq et leur enregistrement auprès de la SEC prendra fin, réduisant considérablement la liquidité sur le marché secondaire et la visibilité pour les détenteurs de warrants.
Am 30. Juni 2025 reichte die Nasdaq Stock Market LLC ein Formular 25 ein, um die Incentive Warrants von Webull Corp (Symbol BULLZ) von der Notierung und Registrierung gemäß Abschnitt 12(b) des Securities Exchange Act von 1934 zu entfernen. Die Börse bestätigt die Einhaltung der Regel 12d2-2(b), und der Emittent bestätigt die Einhaltung der Regel 12d2-2(c) für den freiwilligen Rückzug. Sobald die Einreichung wirksam wird, werden die Warrants nicht mehr an der Nasdaq gehandelt und ihre Registrierung bei der SEC endet, was die Liquidität im Sekundärmarkt und die Marktsichtbarkeit für die Inhaber der Warrants erheblich verringert.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,059
Registration Statement Nos. 333-275587; 333-275587-01
Dated July 1, 2025; Filed pursuant to Rule 433
Morgan Stanley
Worst-of RTY and SPX Trigger Jump Securities due August 5, 2027
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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Terms |
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Issuer: |
Morgan Stanley Finance LLC |
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Guarantor: |
Morgan Stanley |
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Underliers: |
Russell 2000® Index (RTY) and S&P 500® Index (SPX) |
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Upside payment: |
$240 to $290 per security (24% to 29% of the stated principal amount) |
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Downside threshold level: |
70% of the initial level for each underlier |
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Pricing date: |
July 31, 2025 |
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Observation date: |
August 2, 2027 |
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Maturity date: |
August 5, 2027 |
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CUSIP: |
61778NBD2 |
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Estimated value: |
$972.90 per security, or within $35.00 of that estimate |
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Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225035569/ms9059_424b2-19006.htm |
1All payments are subject to our credit risk
Hypothetical Payment at Maturity1
The payment at maturity will be based solely on the performance of the worst performing underlier, which could be either underlier. The payoff diagram and table below illustrate the payment at maturity for a range of hypothetical performances of the worst performing underlier over the term of the securities.
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% Change in Closing Level of the Worst Performing Underlier |
Payment at Maturity per Security |
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+100.00% |
$1,240.00* |
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+80.00% |
$1,240.00* |
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+60.00% |
$1,240.00* |
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+40.00% |
$1,240.00* |
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+20.00% |
$1,240.00* |
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0.00% |
$1,240.00* |
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-20.00% |
$1,000.00 |
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-30.00% |
$1,000.00 |
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-31.00% |
$690.00 |
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-40.00% |
$600.00 |
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-60.00% |
$400.00 |
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-80.00% |
$200.00 |
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-100.00% |
$0.00 |
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*Assumes an upside payment of $240 per security |
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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 Securities
●The securities do not guarantee the return of any principal and do not pay interest.
●The appreciation potential of the securities is fixed and limited.
●The amount payable on the securities is not linked to the values of the underliers at any time other than the observation date.
●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 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 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.
●The securities 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 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.
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.
oYou are exposed to the price risk of each underlier.
oBecause the securities are linked to the performance of the worst performing underlier, you are exposed to a greater risk of not receiving a positive return on the securities and/or sustaining a significant loss on your investment than if the securities were linked to just one underlier.
oAdjustments to an underlying index could adversely affect the value of the securities.
●The securities are subject to risks associated with small-capitalization companies.
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 securities.
●Hedging and trading activity by our affiliates could potentially 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– United States federal income tax considerations” concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax adviser.
FAQ
What SEC form did Webull Corp (BULLZ) file on 30 June 2025?
Which Webull Corp security is being delisted from Nasdaq?
Does the Form 25 confirm regulatory compliance for the delisting?
Is an effective delisting date provided?
How might the delisting affect warrant holders?
