Five9 SEC Filings

Aptiv PLC (APTV) Q2 2025 10-Q highlights

• Sales: Q2 net sales rose 3 % YoY to $5.21 bn; YTD sales up 1 % to $10.03 bn.
• Profitability: Q2 operating income increased to $486 m (9.3 % margin) from $441 m. However, net income attributable to Aptiv fell to $393 m ($1.80 dil. EPS) versus $938 m last year, largely because the prior-year period included a $641 m equity-method gain (current period $46 m).
• Six-month results: Net income dropped to $382 m (EPS $1.70) from $1.16 bn; tax expense climbed to $401 m (vs. $127 m).
• Cash & liquidity: Cash & equivalents $1.45 bn (-$125 m YTD). Operating cash flow $783 m (-12 % YoY); capex cut to $346 m.
• Capital structure: Short-term debt reduced to $32 m (from $509 m); long-term debt slightly lower at $7.76 bn. 6-month share repurchases totaled $750 m, shrinking ordinary shares outstanding to 217.8 m (-7 % since Dec-24).
• Equity & AOCI: Accumulated other comprehensive loss improved by $460 m, driven by favorable FX and hedge movements.
• Strategic actions: Announced intention (Jan 22 2025) to spin off Electrical Distribution Systems into a separate public company by 31 Mar 2026; business realigned into three reportable segments.

Balance sheet totals as of 30 Jun 2025: Assets $23.94 bn; Liabilities $13.97 bn; Total equity $9.87 bn.

CFO Charles Krebs filed a Form 4 disclosing the open-market purchase of 350 Old Market Capital Corp. (OMCC) common shares on 30-Jul-2025 at a weighted-average price of $5.80 (actual range $5.80-$5.81). Following the trade, his direct ownership rises to 11,219 shares. No derivative securities, sales, or Rule 10b5-1 trading plan were reported.

The purchase increases the executive’s stake by roughly 3%, suggesting incremental confidence but involves a de-minimis outlay (~$2 k), limiting the trade’s financial materiality. Investors may view the net insider buying bias as mildly positive, yet the small size curtails any strong signal regarding valuation or future performance.

CSLM Acquisition Corp. (OTC: CSLUF) has filed its Definitive Proxy/Prospectus (DEFM-14A) seeking shareholder approval for a $200 million business combination with Fusemachines Inc. The transaction will be executed through a three-step structure: (1) CSLM will domesticate from the Cayman Islands to Delaware via a merger into newly formed CSLM Holdings, Inc. (to be renamed Fusemachines Inc.), (2) Merger Sub will merge with Fusemachines, making Fusemachines a wholly-owned subsidiary of the domesticated entity ("Pubco"), and (3) related financings and share conversions will close simultaneously.

Securities to be issued: up to 28,541,535 shares of Pubco common stock and 9,487,500 warrants. Fusemachines equity-holders will receive Pubco stock valued by a fixed $200 million consideration ÷ $10.00 share price. All outstanding CSLM Class A and Class B ordinary shares and warrants convert one-for-one into Pubco securities at closing. Public rights automatically convert into 1,897,500 Pubco shares.

Financing package: • $8.84 million PIPE at $10.00 per share (subject to a contingent reduction formula). • $6.5 million of sponsor convertible notes already funded to Fusemachines. • Up to $4.0 million sponsor working-capital note. An additional $2.16 million sponsor affiliate note ("Escrow Note") will convert at $0.44 per Fusemachines share upon closing.

Pro-forma ownership (no additional redemptions): Fusemachines shareholders 51%, sponsor & related parties 34%, public stockholders 12%, third-party PIPE 3%. If 100% of the redeemable public shares are cashed out, public ownership falls to 7% and sponsor & affiliates rise to 37%. All scenarios exclude dilution from 13.46 million warrants and outstanding Fusemachines options.

Listing status: CSLM was delisted from Nasdaq on 22 Jan 2025 and now trades on the OTC Pink. Pubco has applied to relist on Nasdaq under tickers "FUSE" and "FUSEW"; the Merger Agreement allows the parties to waive this closing condition, so the deal could complete without a national-exchange listing.

Governance & conflicts: The sponsor controls 77.6% of voting power and has committed to vote for all proposals. A fairness opinion from Marshall & Stevens deems the aggregate merger consideration fair to unaffiliated public holders. Sponsor insiders will forfeit 3.97 million private warrants at close but stand to benefit from 4.74 million founder shares and multiple convertible instruments. A $1.0 million completion bonus is payable to Fusemachines’ CEO Sameer Maskey.

Key shareholder actions: The virtual extraordinary general meeting is scheduled for 28 Jul 2025. Public shareholders may redeem shares at an estimated $12.06 per share by 24 Jul 2025. Seven proposals—including the merger, domestication, new charter/bylaws, Nasdaq share issuance, equity incentive plan and potential adjournment—require approval; the main six are cross-conditioned.

Investors should weigh Fusemachines’ growth prospects and fresh capital against heavy dilution, sponsor-friendly economics, OTC status and the risk that Pubco may not obtain a Nasdaq listing.

Bank of Montreal (BMO) is offering US$425,000 of Senior Medium-Term Notes, Series K – “Digital Return Buffer Notes” – maturing 3 August 2026. The notes are linked to the worst performer of three U.S. equity benchmarks: the S&P 500, NASDAQ-100 and Russell 2000 (each a “Reference Asset”).

Key economic terms:

• Digital Return: 10.40% payable at maturity if the closing level of the Least Performing Reference Asset on 29 July 2026 (the Valuation Date) is ≥ 85% of its 27 June 2025 Initial Level (“Digital Barrier”).
• Buffer: first 15% downside is absorbed. If the Least Performing Reference Asset drops >15%, principal is reduced point-for-point beyond the buffer, exposing investors to a maximum loss of 85%.
• No periodic coupons; single payment at maturity.
• Issue price: 100%; agent’s commission 0.375%; estimated initial value: $981.99 per $1,000, reflecting embedded fees and hedging costs.
• Credit exposure: unsecured, unsubordinated obligations of BMO; CUSIP 06376EMN9; not FDIC or CDIC insured; not exchange-listed.

Illustrative payouts: any Final Level ≥ 85% triggers a fixed $1,104 per $1,000 note (10.40% gain). A Final Level of 80% returns $950 (-5%); 60% returns $750 (-25%); 0% returns $150 (-85%). Upside is capped at 10.40% irrespective of index performance.

Risk considerations include potential loss of up to 85% of principal, limited upside versus direct index exposure, secondary-market illiquidity (no listing; dealer market making discretionary), BMO credit risk, tax uncertainty (treated as prepaid derivative contracts), and a price-to-public that exceeds the bank’s modeled value.

The product may appeal to investors with a moderately bullish to sideways view on large-, mega- and small-cap U.S. equities over the next ~13 months who are willing to trade upside beyond 10.40% for a 15% buffer and accept issuer credit and liquidity risk.