[SCHEDULE 13G/A] UNIFI, Inc. New SEC Filing

Rhea-AI Filing Summary

JPMorgan Chase Financial Company LLC, guaranteed by JPMorgan Chase & Co., plans to issue 5-year S&P 500® Uncapped Accelerated Barrier Notes (CUSIP 48136FDX7). The notes will price on 31 July 2025 and mature on 5 August 2030. Investors buy in $1,000 denominations.

Return profile: if the S&P 500 Final Value exceeds the Initial Value, the note pays $1,000 + ($1,000 × Index Return × Upside Leverage Factor), where the Upside Leverage Factor will be ≥ 1.045. If the index is flat or down but not below the 70 % barrier, principal is returned. Should the index close below 70 % of the Initial Value on the 31 July 2030 observation date, principal is reduced one-for-one with the index loss, exposing investors to up to 100 % capital loss.

Valuation & liquidity: the preliminary estimated value at pricing will be ≥ $900 per $1,000, reflecting dealer margins and hedging costs; secondary-market liquidity depends solely on J.P. Morgan Securities LLC and may be at materially discounted prices.

Key risks highlighted include: full credit exposure to JPMorgan Chase Financial Company LLC and JPMorgan Chase & Co.; loss of principal below the barrier; no interest, dividends, or voting rights; potential conflicts as calculation agent and hedger; uncertain tax treatment; and pricing based on an internal funding rate that lowers estimated value.

These notes suit investors comfortable with JPM credit risk, limited upside leverage, a 5-year horizon, and the possibility of significant loss if the S&P 500 falls more than 30 % from the initial level.

Positive

• Contingent principal protection: 100 % of face value returned if the S&P 500 does not fall more than 30 % by observation date.
• Upside participation: At least 1.045× leverage on any positive index return with no stated cap.
• Investment-grade guarantor: Payments supported by JPMorgan Chase & Co.’s credit profile.

Negative

• Capital loss risk: A decline below the 70 % barrier triggers dollar-for-dollar losses, up to full principal.
• Credit exposure: Note performance depends on JPMorgan’s ability to pay, independent of index outcome.
• No income: Investors receive neither coupons nor S&P 500 dividends for the five-year term.
• Estimated value discount: Initial valuation ≥ $900 vs. $1,000 issue price embeds an immediate cost.
• Liquidity constraints: Secondary buybacks are discretionary; exit prices may be deeply discounted.
• Potential conflicts of interest: JPMorgan acts as issuer, calculation agent, and hedger, influencing pricing and valuations.

Insights

Structured Products Analyst

TL;DR Limited upside leverage, 70 % barrier, full JPM credit exposure—product is niche, neither transformational nor materially issuer-positive.

The structure offers modest leverage (≥1.045×) on a broad equity index with contingent downside protection. Compared with traditional equity exposure, investors trade dividends and liquidity for a thin leverage kicker and conditional principal protection. The embedded option value explains the estimated issue value of roughly 90 % of face. From JPMorgan’s viewpoint, the issuance is routine balance-sheet fundraising with limited P&L impact. Given the low leverage and high barrier breach probability in severe markets, risk/return skews unfavourably for most retail investors, but can appeal to investors with a moderately bullish five-year view seeking defined outcomes.

Credit & Risk Analyst

TL;DR Principal at risk below 70 % barrier plus JPM credit risk; secondary-market liquidity uncertain—overall risk profile is elevated.

Investors rely entirely on JPMorgan’s senior unsecured credit; any downgrade would hurt secondary prices regardless of index moves. A single observation barrier means a sharp late-period sell-off can wipe out 30-100 % of principal. With no interim coupons, holders bear negative carry relative to equities or Treasuries. The lack of mandated market making amplifies liquidity risk. For portfolio construction, such notes should be treated as high-yield credit linked to equity volatility rather than as core equity exposure.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

UNIFI INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

904677200

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 904677200

1

Names of Reporting Persons

Azarias Capital Management, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 669,164.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

669,164.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.6 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: percentage of class owned was below the 5% threshold as of 6/30/2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: UNIFI INC
(b)	Address of issuer's principal executive offices: 7201 WEST FRIENDLY RD, P O BOX 19109, GREENSBORO, NORTH CAROLINA, 27419-9109
Item 2.
(a)	Name of person filing: Azarias Capital Management, LP
(b)	Address or principal business office or, if none, residence: 1055 Westlakes Dr. Berwyn, PA 19312
(c)	Citizenship: DE
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 904677200
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 669,164
(b)	Percent of class: 3.64 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 669164
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Azarias Capital Management, L.P.

Signature:	Colleen Kelly
Name/Title:	Chief Compliance Officer
Date:	07/03/2025

FAQ

What is the barrier level on JPMorgan's 5-year S&P 500 barrier notes?

The barrier is set at 70 % of the Initial Value; a closing index level below this on 31 July 2030 reduces principal one-for-one with the index loss.

How much upside leverage do the notes provide?

The Upside Leverage Factor will be at least 1.045×, applied to any positive S&P 500 return at maturity.

When do the notes mature?

The notes mature on 5 August 2030, five years after the 31 July 2025 pricing date.

Can I lose my entire investment?

Yes. If the S&P 500 closes below 70 % of the Initial Value on the observation date, your principal is reduced in full proportion to the index decline, potentially to $0.

Who issues and guarantees the notes?

They are issued by JPMorgan Chase Financial Company LLC and fully guaranteed by JPMorgan Chase & Co..

Will the notes pay interest or dividends during the term?

No. The structure offers no periodic interest, dividends, or voting rights.

What is the estimated value at issuance?

The preliminary estimated value will be no less than $900 per $1,000 face amount, reflecting dealer fees and hedging costs.