Savers Value Village, Inc. SEC Filings

Form 4 filing for Kodiak Sciences Inc. (KOD) discloses that officer John A. Borgeson received a stock-option grant covering 250,000 shares of common stock on 07/04/2025 at an exercise price of $3.95 per share.

The option vests on a standard four-year schedule:

• 1/48th (≈5,208 shares) vests one month after 07/01/2025
• The remaining 47/48th vests in equal monthly installments thereafter, subject to continuous service

No shares were bought or sold outright; this is a new award that increases Borgeson’s potential ownership to 250,000 derivative securities held directly. The grant expires on 07/03/2035.

Investors should note that the award may create modest future dilution if exercised, but it also strengthens long-term alignment between the executive and shareholders.

Savers Value Village, Inc. (SVV) has filed a Form 144 indicating an intention to sell 48,000 common shares through Fidelity Brokerage Services.

The proposed sale is valued at $518,243 based on current market prices and is scheduled for 07 July 2025 on the NYSE. The shares represent roughly 0.03 % of SVV’s 157.45 million shares outstanding, suggesting an immaterial ownership change.

The shares were acquired via an option granted on 12 June 2019 and exercised on the same date as the planned sale. The filer reports no other sales in the past three months and attests to having no undisclosed material adverse information.

Because of the limited size relative to the float and the absence of other recent insider dispositions, the filing appears routine and is unlikely to have a material impact on SVV’s share price in isolation.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Contingent Income Auto-Callable Securities linked to Spotify Technology S.A. ordinary shares (ticker: SPOT). The notes are senior, unsecured obligations that mature on July 14, 2028 unless automatically called earlier. Investors purchase the notes in $1,000 denominations and receive:

• Contingent quarterly coupons: On each coupon payment date investors may receive the product of at least $29.00 multiplied by the number of elapsed coupon observation dates, less coupons already paid. A coupon is paid only if, on the related observation date, SPOT’s closing price is at or above the Downside Threshold Price (50 % of the Initial Share Price).
• Automatic call feature: If on any of the 12 scheduled call observation dates (beginning Oct 13, 2025) SPOT closes at or above the Initial Share Price, the notes are redeemed early for $1,000 plus the contingent coupon then due.
• Principal repayment at maturity: • If SPOT’s final price is at or above the downside threshold, holders receive $1,000 plus the final contingent coupon. • If it is below the threshold, repayment equals $1,000 × (Final Price / Initial Price) – a dollar-for-dollar loss on the decline beyond 50 %, with no coupon.

Key structural parameters (to be fixed at pricing on July 11, 2025):

• Initial Share Price: closing SPOT price on the pricing date.
• Downside Threshold Price: 50 % of Initial Share Price.
• Coupon level: at least $29.00 per elapsed observation (11.6 % simple annual equivalent).
• Estimated value: $910 – $970 per $1,000 note, below the 100 % offering price; underwriter discount 2.25 %.

The notes will not be listed, and GS&Co. is not obliged to make a market. Morgan Stanley Wealth Management acts as selling dealer (concession $22.50; internal structuring fee $5.00).

Principal risks highlighted in the supplement:

• Principal at risk: investors may lose up to 100 % if SPOT falls >50 % and no automatic call occurs.
• Uncertain income: coupons are non-cumulative and may be zero for multiple quarters.
• Limited upside: return capped at par plus coupons; no participation in share appreciation.
• Credit exposure: payments depend on GS Finance Corp. and Goldman Sachs Group creditworthiness.
• Valuation gap & liquidity: initial model value below issue price; secondary market, if any, may quote significant discounts.
• Tax treatment: characterised as income-bearing prepaid derivative; future IRS guidance could alter taxation; FATCA considerations for non-U.S. holders.

These securities suit investors who are bullish-to-neutral on SPOT over a three-year horizon, can tolerate equity-like downside, and prioritise high conditional income over capital growth. They are inappropriate for investors needing guaranteed income, full principal protection, or immediate liquidity.