Ssr Mng Inc SEC Filings

Stellus Capital Investment Corporation (NYSE: SCM) has filed a Form N-2 shelf registration that would allow the Business Development Company to issue up to $300 million of securities—including common and preferred stock, debt, warrants and subscription rights—on a delayed or continuous basis. The filing keeps the Company qualified under General Instruction A.2 and Rule 415, giving management flexibility to tap capital markets quickly as opportunities arise.

Capital structure & leverage. As of 31 March 2025, SCM had:

• Asset coverage ratio of 234 % (well above the 150 % minimum).
• Senior secured revolving Credit Facility commitment of $315 m (accordion to $350 m) with $221.8 m outstanding; maturity 2028; SOFR +2.50-2.75 % plus CSA.
• $100 m of 4.875 % unsecured notes due 2026.
• $75 m of newly issued 7.250 % unsecured notes due 2030.
• $308.8 m of SBA-guaranteed debentures across two SBIC subsidiaries.

The additional shelf capacity could push leverage higher, but management emphasises compliance with BDC asset-coverage limits and multiple covenants (liquidity ≥ $10 m, interest coverage ≥ 1.75×, etc.).

Potential dilution. The board already has shareholder authorisation (through June 2025) to issue common shares below NAV; the prospectus warns that such issuances would dilute existing holders and may pressure the market price. NAV was $13.25 at 31 Mar 2025 versus a market price of $13.81 on 12 Jun 2025 (4.2 % premium).

Investment strategy. SCM originates first-lien, unitranche, second-lien and unsecured loans to lower-middle-market private companies with $5-50 m EBITDA, often alongside equity co-investments. These loans are typically unrated and would likely be considered “junk” if rated. The adviser, Stellus Capital Management, may co-invest alongside affiliated funds under a 2022 SEC exemptive order.

Distribution profile. SCM pays monthly dividends of $0.1333 per share ($1.60 annualised), supports a dividend reinvestment plan (opt-out), and intends to maintain RIC status by distributing ≥ 90 % of taxable income.

Use of proceeds. Net proceeds from any future offerings will be used for portfolio investments, debt repayment, and general corporate purposes; management targets deployment within three to six months while parking cash in short-term instruments pending investment.

On 2 July 2025, UiPath, Inc. (PATH) Chief Executive Officer, Chairman and 10% owner Daniel Dines filed a Form 4 reporting the sale of 45,000 Class A common shares at an average price of $12.5389, generating roughly $0.56 million in proceeds. The disposition was made pursuant to a pre-arranged Rule 10b5-1 trading plan.

Post-transaction, Dines’ beneficial ownership remains substantial:

• 24,918,585 shares held directly
• 5,463,376 shares held indirectly through Ice Vulcan Holding Ltd.
• 240,000 shares held indirectly by his spouse

The sale represents less than 0.15 % of Dines’ reported holdings and does not materially alter his ownership or control position. Because the trade was executed under a 10b5-1 plan, it is generally viewed as routine portfolio management rather than a discretionary valuation call. The filing contains no information regarding the company’s operating performance, strategy, or outlook.

Investors monitoring insider activity may view the modest size and pre-planned nature of this transaction as neutral in terms of near-term share-price implications, while noting that management’s interests remain closely aligned with shareholders due to Dines’ sizeable residual stake.

MongoDB, Inc. (MDB) – Form 4 insider filing

Director Charles M. Hazard Jr. reported two equity grants dated 06/30/2025 under the company’s non-employee director compensation policy:

• 1,130 restricted stock units (RSUs) that vest fully on the earlier of (i) 06/30/2026 or (ii) the 2026 annual meeting, contingent on continued board service.
• 309 fully-vested Class A shares received in lieu of cash director fees, calculated at the 30-day VWAP prior to issuance.

Post-transaction ownership rises to 54,558 Class A shares held directly and 15,995 shares held indirectly through The Narragansett Bay Children’s Trust, where Hazard is trustee. No shares were sold, and the transactions were effected at $0 cost to the director.

The filing is routine, reflecting scheduled board compensation rather than discretionary open-market purchases or sales. Hence, market impact is expected to be minimal.

Connexa Sports Technologies Inc. (Nasdaq: YYAI) has entered into a Securities Purchase Agreement for a private placement of 20 million units at $0.23 per unit, generating gross proceeds of approximately $4.6 million. Each unit comprises one common share and two five-year warrants exercisable at $0.89. The warrants include standard anti-dilution provisions and allow cashless exercise if a resale registration statement is unavailable.

The closing is conditional upon satisfying all Nasdaq listing rules and obtaining shareholder approval via a forthcoming Schedule 14C. The Company may terminate the deal if it has not closed by 31 December 2025.

Because every unit carries two warrants, full exercise would add up to 40 million additional shares, materially expanding the share count. Nevertheless, the immediate capital injection strengthens liquidity without assuming balance-sheet debt.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc. (ticker C), is issuing Autocallable Contingent Coupon Equity-Linked Securities linked to the performance of the S&P 500 Futures 40% Edge Volatility 6% Decrement Index (USD) ER. The unsecured senior notes (Series N) are priced at $1,000 each, settle on 3 Jul 2025, and mature on 5 Jul 2030, unless automatically redeemed earlier.

Income profile: Investors may receive a 17.00% annualised contingent coupon (4.25% quarterly) only if the underlying’s closing value on a valuation date is at least 60 % of the initial level (coupon barrier = 326.875). Missed coupons are not recaptured.

Autocall feature: Beginning 30 Dec 2025 and at each subsequent quarterly valuation date, the notes are automatically redeemed at $1,000 + the current coupon if the underlying is at or above its initial level (544.7912). Early redemption limits the maximum holding period and therefore total coupon potential.

Principal repayment at maturity (if not called):

• ≥ 60 % of initial level: 100 % principal returned (plus any final coupon).
• < 60 %: principal is reduced 1-for-1 with the underlying’s percentage decline; investors could lose up to their entire investment.

Underlying risk: The index employs up to 500 % leverage to S&P 500 futures, applies a 6 % annual decrement, and targets 40 % volatility, creating potential moves that are multiples of S&P 500 futures declines. Historical data are limited (live since May 2024; prior results are back-tested).

Pricing & fees: Estimated value is $946 (5.4 % below issue price) reflecting hedging, structuring costs and the issuer’s internal funding rate. CGMI receives up to $10 underwriting fee (1 %). Notes will not be listed; secondary liquidity relies solely on CGMI’s discretion.

Key risks: (1) full downside exposure below the 60 % barrier; (2) high underlying volatility & leverage; (3) issuer & guarantor credit risk; (4) illiquidity; (5) tax uncertainty (pre-paid forward treatment; 30 % withholding possible for non-US holders); (6) automatic call caps upside and reinvestment risk.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is offering $3.538 million of Autocallable Contingent Coupon Equity-Linked Securities linked to Target Corporation (TGT) stock, due July 6, 2027. The notes are unsecured senior obligations issued off the Series N MTN program and sold under prospectus supplement 424(b)(2).

Key economic terms:

• Stated principal: $1,000 per note; issue price 100%.
• Quarterly contingent coupon: 3.125 % (12.50 % p.a.) paid only if TGT’s closing price on the relevant valuation date is ≥ coupon barrier.
• Coupon & final barriers: $54.258 (55 % of the $98.65 initial underlying value).
• Autocall: On six scheduled dates from Dec 30 2025 to Mar 30 2027 the notes redeem at par plus coupon if TGT ≥ initial value.
• Maturity payment (if not called): Par if TGT ≥ final barrier; otherwise investors receive 10.13685 TGT shares (or cash equivalent), exposing them to full downside below the 55 % barrier and potentially total loss.
• Estimated value at pricing: $974.50 (2.55 % below issue price) reflecting structuring and hedging costs. Underwriting fee up to $18.50; net proceeds $981.50 per note.
• The securities will not be listed; liquidity is expected to be limited to CGMI’s discretionary secondary market.

Risk highlights (PS-6 to PS-9): investors may lose all principal if TGT falls >45 %; coupons are not guaranteed; early redemption can curtail income; exposure to Citi credit risk; product priced above estimated value; secondary market, if any, likely below issue price. U.S. federal tax treatment uncertain; withholding possible for non-U.S. holders.

Citi-specific impacts: The $3.5 million offering is immaterial to Citigroup’s capital base, but generates fee income and hedging flows. Because the product embeds short-put/long-bond economics, Citi hedges via equity derivatives, benefitting from bid/offer and funding spreads disclosed.

IGM Biosciences, Inc. (IGMS) – Form 4 filing dated 07/02/2025

Baker Bros. Advisors LP and affiliated investment funds (667, L.P. and Baker Brothers Life Sciences, L.P.) reported the receipt of 953 fully-vested restricted stock units (RSUs) on 06/30/2025. The RSUs were issued to Felix J. Baker in lieu of a $11,500 board retainer under the company’s Outside Director Compensation Policy. No cash was paid for the shares (price reported as $0).

Post-transaction indirect beneficial ownership stands at

• 357,048 common shares held for the benefit of 667, L.P.
• 3,763,362 common shares held for the benefit of Baker Brothers Life Sciences, L.P.

The filing is administrative in nature—reflecting routine director compensation rather than open-market buying or selling—and does not alter the group’s sizable strategic stake in the company.