July
2024
Pricing
Supplement No. 2,926
Registration
Statement Nos. 333-275587; 333-275587-01
Dated
July 30, 2024
Filed
pursuant to Rule 424(b)(2)
Morgan
Stanley Finance LLC
Structured
Investments
Opportunities
in U.S. Equities
Market
Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal
at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc.
and the Common Stock of NVIDIA Corporation due July 29, 2027
Fully
and Unconditionally Guaranteed by Morgan Stanley
§
Linked to the lowest performing of the common stock of Amazon.com, Inc., the class A common stock of Alphabet Inc. and the common stock
of NVIDIA Corporation (each referred to as an “underlying stock”)
§
The securities are unsecured obligations of Morgan Stanley Finance LLC (“MSFL”) and are fully and unconditionally guaranteed
by Morgan Stanley. Unlike ordinary debt securities, the securities do not guarantee the payment of interest, do not guarantee the repayment
of principal and are subject to potential automatic call prior to the maturity date upon the terms described below. The securities have
the terms described in the accompanying product supplement for principal at risk securities and prospectus, as supplemented or modified
by this document.
§
Contingent Coupon. The securities will pay a contingent coupon on a monthly basis until the earlier of the maturity date or automatic
call if, and only if, the stock closing price of the lowest performing underlying stock on the calculation day for that month is greater
than or equal to its coupon threshold price. However, if the stock closing price of the lowest performing underlying stock on a calculation
day is less than its coupon threshold price, you will not receive any contingent coupon for the relevant month. If the stock closing
price of the lowest performing underlying stock is less than its coupon threshold price on every calculation day, you will not receive
any contingent coupons throughout the entire term of the securities. The coupon threshold price for each underlying stock is equal to
60% of its starting price. The contingent coupon rate is 19.00% per annum.
§
Automatic Call. Beginning after six months, the securities will be automatically called if the stock closing price of each underlying
stock on any quarterly call observation date is greater than or equal to its respective starting price for a cash payment equal to the
face amount plus a final contingent coupon payment. No further payments will be made on the securities once they have been called.
§
Potential Loss of Principal. If the securities are not automatically called, you will receive the face amount at maturity if,
and only if, the stock closing price of each underlying stock on the final calculation day is greater than or equal to its respective
downside threshold price. If the stock closing price of any underlying stock on the final calculation day is less than its respective
downside threshold price, investors will be fully exposed to the decline in the lowest performing underlying stock on a 1-to-1 basis,
and will receive a maturity payment amount that is less than 60% of the face amount of the securities and could be zero.
§
Accordingly, investors in the securities must be willing to accept the risk of losing their entire initial investment and also the
risk of not receiving any contingent coupon payments throughout the entire term of the securities.
§
Because all payments on the securities are based on the lowest performing underlying stock, a decline beyond the respective coupon threshold
price or respective downside threshold price of any underlying stock will result in no contingent coupon payments or a significant loss
of your investment, as applicable, even if the other underlying stocks have appreciated or have not declined as much.
§
The securities are for investors who are willing to risk their principal based on the lowest performing of three underlying stocks and
who seek an opportunity to earn interest at a potentially above-market rate in exchange for the risk of receiving no contingent coupon
payments over the entire term of the securities.
§
Investors will not participate in any appreciation of any underlying stock.
§
The securities are notes issued as part of MSFL’s Series A Global Medium-Term Notes program.
§
All payments are subject to our credit risk. If we default on our obligations, you could lose some or all of your investment.
§
These securities are not secured obligations and you will not have any security interest in, or otherwise have any access to, any
of the underlying stocks. |
The current estimated value of the securities
is $958.90 per security. The estimated value of the securities is determined using our own pricing and valuation models, market inputs
and assumptions relating to the underlying stocks, instruments based on the underlying stocks, volatility and other factors including
current and expected interest rates, as well as an interest rate related to our secondary market credit spread, which is the implied
interest rate at which our conventional fixed rate debt trades in the secondary market. See “Estimated Value of the Securities”
on page 4.
The securities have complex features and investing
in the securities involves risks not associated with an investment in ordinary debt securities. See “Risk Factors” beginning
on page 12. All payments on the securities are subject to our credit risk.
The Securities and Exchange Commission and state
securities regulators have not approved or disapproved these securities, or determined if this document or the accompanying product supplement
and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The securities are not deposits or savings accounts
and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality, nor are they obligations
of, or guaranteed by, a bank.
You should read this document together with the
related product supplement for principal at risk securities and prospectus, each of which can be accessed via the hyperlinks below. When
you read the accompanying product supplement, please note that all references in such supplement to the prospectus dated November 16,
2023, or to any sections therein, should refer instead to the accompanying prospectus dated April 12, 2024 or to the corresponding sections
of such prospectus, as applicable. Please also see “Additional Information About the Securities” at the end of this document.
As used in this document, “we,” “us”
and “our” refer to Morgan Stanley or MSFL, or Morgan Stanley and MSFL collectively, as the context requires.
Commissions
and offering price: |
Price
to public |
Agent’s
commissions(1)(2) |
Proceeds
to us(3) |
Per
security |
$1,000 |
$23.25 |
$976.75 |
Total |
$8,196,000 |
$190,557.00 |
$8,005,443.00 |
| (1) | Wells Fargo Securities, LLC,
an agent for this offering, will receive a commission of up to $23.25 for each security it sells. Dealers, including Wells Fargo Advisors
(“WFA”), may receive a selling concession of up to $17.50 per security, and WFA may receive a distribution expense fee of
$0.75 for each security sold by WFA. See “Supplemental information concerning plan of distribution; conflicts of interest.” |
| (2) | In
respect of certain securities sold in this offering, we may pay a fee of up to $3.50 per security to selected securities dealers in consideration
for marketing and other services in connection with the distribution of the securities to other securities dealers. |
| (3) | See “Use of Proceeds and
Hedging” in the accompanying product supplement. |
Product
Supplement for Principal at Risk Securities dated November 16, 2023 Prospectus
dated April 12, 2024
Morgan Stanley | Wells Fargo Securities |
Morgan Stanley Finance LLC
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc. and the Common Stock of NVIDIA Corporation due July 29, 2027
Issuer: |
Morgan Stanley Finance LLC |
Guarantor: |
Morgan Stanley |
Maturity
date: |
July 29, 2027, subject to postponement if the final calculation day is postponed |
Underlying
stocks: |
Common stock of Amazon.com, Inc. (the “AMZN Stock”), class A common stock of Alphabet Inc. (the “GOOGL Stock”) and the common stock of NVIDIA Corporation (the “NVDA Stock”) (each referred to as an “underlying stock,” and collectively as the “underlying stocks”) |
Contingent
coupon payment: |
On each contingent coupon payment date, you
will receive a contingent coupon payment at a per annum rate equal to the contingent coupon rate if, and only if, the stock closing
price of the lowest performing underlying stock on the related calculation day is greater than or equal to its coupon threshold price.
Each “contingent coupon payment”, if any, will be calculated per security as follows: ($1,000 × contingent coupon rate)
/ 12. Any contingent coupon payment will be rounded to the nearest cent, with one-half cent rounded upward.
If the stock closing price of the lowest
performing underlying stock on any calculation day is less than its coupon threshold price, you will not receive any contingent coupon
payment on the related contingent coupon payment date. If the stock closing price of the lowest performing underlying stock is less than
its coupon threshold price on all monthly calculation days, you will not receive any contingent coupon payments over the term of the
securities. |
Contingent
coupon payment dates: |
Three business days after the applicable calculation day.* |
Contingent
coupon rate: |
The “contingent coupon rate” is 19.00% per annum. |
Automatic
call: |
The securities are not subject to automatic
call until approximately six months after the original issue date. Following this 6-month non-call period, if, on any quarterly call
observation date, beginning in January 2025, the stock closing price of each underlying stock is greater than or equal to its respective
starting price, the securities will be automatically called for a cash payment per security equal to the face amount plus a final
contingent coupon payment on the related call settlement date.
The securities will not be automatically
called on any call settlement date if the stock closing price of any underlying stock is below its respective starting price on the related
call observation date.
Any positive return on the securities
will be limited to the contingent coupon payments, if any, even if the stock closing price of any underlying stock on the applicable
call observation date significantly exceeds its starting price. You will not participate in any appreciation of any underlying stock. |
Calculation
days: |
Monthly, on the 24th of each month, commencing in August 2024 and ending on the final calculation day. We also refer to the July 2027 calculation day as the final calculation day.** |
Call
observation dates: |
Quarterly, beginning approximately six months after the original issue date, on the calculation days scheduled to occur in January 2025, April 2025, July 2025, October 2025, January 2026, April 2026, July 2026, October 2026, January 2027 and April 2027.** |
Call
settlement date: |
Three business days after the applicable call observation date.** |
Maturity payment amount: |
If the securities are not automatically called,
you will be entitled to receive on the maturity date a cash payment per security equal to the maturity payment amount (in addition to
the final contingent coupon payment, if payable). The “maturity payment amount” per security will equal:
· if
the stock closing price of each underlying stock on the final calculation day is greater than or equal to its respective
downside threshold price:
$1,000; or
· if
the stock closing price of any underlying stock on the final calculation day is less than its respective downside threshold
price:
$1,000 × performance factor
of the lowest performing underlying stock on the final calculation day
Under these circumstances, you will lose more than 40%, and
possibly all, of your |
Morgan Stanley Finance LLC
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc. and the Common Stock of NVIDIA Corporation due July 29, 2027
|
investment. |
Lowest
performing underlying stock: |
On any calculation day, the underlying stock with the lowest performance factor on that calculation day |
Performance
factor: |
With respect to each underlying stock, on any calculation day, the stock closing price on such calculation day divided by the starting price |
Starting
price: |
With respect to the common stock
of Amazon.com, Inc.: $181.71, its stock closing price on the pricing date.
With respect to the class A common
stock of Alphabet Inc.: $170.29, its stock closing price on the pricing date.
With respect to the common stock
of NVIDIA Corporation: $103.73, its stock closing price on the pricing date. |
Coupon
threshold price: |
With respect to the common stock of Amazon.com, Inc.:
$109.026, which is equal to 60% of its starting price.
With respect to the class A common stock of Alphabet Inc.:
$102.174, which is equal to 60% of its starting price.
With respect to the common stock of NVIDIA Corporation:
$62.238, which is equal to 60% of its starting price. |
Downside
threshold price: |
With respect to the common stock of Amazon.com, Inc.:
$109.026, which is equal to 60% of its starting price.
With respect to the class A common stock of Alphabet Inc.:
$102.174, which is equal to 60% of its starting price.
With respect to the common stock of NVIDIA Corporation:
$62.238, which is equal to 60% of its starting price. |
Face
amount: |
$1,000 per security. References in this document to a “security” are to a security with a face amount of $1,000. |
Pricing
date: |
July 30, 2024 |
Original
issue date: |
August 2, 2024 (3 business days after the pricing date) |
CUSIP
/ ISIN: |
61776MB79 / US61776MB798 |
Listing: |
The securities will not be listed on any securities exchange. |
Agents: |
Morgan Stanley & Co. LLC (“MS & Co.”), an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley, and Wells Fargo Securities, LLC (“WFS”). See “Additional Information About the Securities—Supplemental information regarding plan of distribution; conflicts of interest.” |
* Subject to postponement
pursuant to “General Terms of the Securities—Payment Dates” in the accompanying product supplement for principal
at risk securities.
** Subject to postponement
pursuant to “General Terms of the Securities—Consequences of a Market Disruption Event; Postponement of a
Calculation Day” in the accompanying product supplement for principal at risk securities. |
Morgan Stanley Finance LLC
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc. and the Common Stock of NVIDIA Corporation due July 29, 2027
Estimated
Value of the Securities |
The face amount of each security is $1,000. This price includes costs
associated with issuing, selling, structuring and hedging the securities, which are borne by you, and, consequently, the estimated value
of the securities on the pricing date is less than $1,000 per security. We estimate that the value of each security on the pricing date
is $958.90.
What goes into the estimated value on the pricing date?
In valuing the securities on the pricing date, we take into account
that the securities comprise both a debt component and a performance-based component linked to the underlying stocks. The estimated value
of the securities is determined using our own pricing and valuation models, market inputs and assumptions relating to the underlying stocks,
instruments based on the underlying stocks, volatility and other factors including current and expected interest rates, as well as an
interest rate related to our secondary market credit spread, which is the implied interest rate at which our conventional fixed rate debt
trades in the secondary market.
What determines the economic terms of the securities?
In determining the economic terms of the securities, including the
contingent coupon rate, the coupon threshold prices and the downside threshold prices, we use an internal funding rate which is likely
to be lower than our secondary market credit spreads and therefore advantageous to us. If the issuing, selling, structuring and hedging
costs borne by you were lower or if the internal funding rate were higher, one or more of the economic terms of the securities would be
more favorable to you.
What is the relationship between the estimated value on the pricing
date and the secondary market price of the securities?
The price at which MS & Co. purchases the securities in the secondary
market, absent changes in market conditions, including those related to the underlying stocks, may vary from, and be lower than, the estimated
value on the pricing date, because the secondary market price takes into account our secondary market credit spread as well as the bid-offer
spread that MS & Co. would charge in a secondary market transaction of this type and other factors. However, because the costs associated
with issuing, selling, structuring and hedging the securities are not fully deducted upon issuance, for a period of up to 3 months following
the issue date, to the extent that MS & Co. may buy or sell the securities in the secondary market, absent changes in market conditions,
including those related to the underlying stocks, and to our secondary market credit spreads, it would do so based on values higher than
the estimated value. We expect that those higher values will also be reflected in your brokerage account statements.
MS & Co. may, but is not obligated to, make a market in the
securities and, if it once chooses to make a market, may cease doing so at any time. |
Morgan Stanley Finance LLC
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc. and the Common Stock of NVIDIA Corporation due July 29, 2027
The Principal at Risk Securities Linked to the Lowest Performing of
the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc. and the Common Stock of NVIDIA Corporation due July 29,
2027 (the “securities”) may be appropriate for investors who:
§ Seek
an investment with contingent coupon payments at a rate of 19.00% per annum until the earlier of the maturity date or automatic call,
if, and only if, the stock closing price of each underlying stock on the applicable monthly calculation day is greater than or
equal to 60% of its starting price;
§ Understand
that if the stock closing price of any underlying stock on the final calculation day has declined by more than 40% from its starting price,
they will be fully exposed to the decline in the lowest performing underlying stock from its starting price and will lose more than 40%,
and possibly all, of the face amount of their securities at maturity;
§ Are
willing to accept the risk that they may receive few or no contingent coupon payments over the term of the securities;
§ Understand
that the securities may be automatically called prior to the maturity date and that the term of the securities may be as short as approximately
six months;
§ Understand
that the return on the securities will depend solely on the performance of the underlying stock that is the lowest performing underlying
stock on each calculation day and that they will not benefit in any way from the performance of the better performing underlying stocks;
§ Understand
that the securities are riskier than alternative investments linked to only one of the underlying stocks or linked to a basket composed
of each underlying stock;
§ Understand
and are willing to accept the full downside risks of each underlying stock;
§ Are
willing to forgo participation in any appreciation of any underlying stock, fixed interest payments on the securities and dividends on
the underlying stocks; and
§ Are
willing to hold the securities until maturity.
The securities are not designed for, and may not be an appropriate
investment for, investors who:
§ Seek
a liquid investment or are unable or unwilling to hold the securities to maturity;
§ Require
full payment of the face amount of the securities at maturity;
§ Seek
a security with a fixed term;
§ Are
unwilling to accept the risk that the stock closing price of any underlying stock on the final calculation day may decline by more than
40% from its respective starting price to its stock closing price on the final calculation day, in which case they will lose a significant
portion or all of their investment;
§ Seek
current income;
§ Are
unwilling to accept the risk of exposure to each of the underlying stocks;
§ Seek
exposure to a basket composed of each underlying stock or a similar investment in which the overall return is based on a blend of the
performances of the underlying stocks, rather than solely on the lowest performing underlying stock;
§ Seek
exposure to the upside performance of any or each underlying stock;
§ Are
unwilling to accept our credit risk; or
§ Prefer
the lower risk of fixed income investments with comparable maturities issued by companies with comparable credit ratings. |
The considerations identified above are not
exhaustive. Whether or not the securities are an appropriate investment for you will depend on your individual circumstances, and you
should reach an investment decision only after you and your investment, legal, tax, accounting and other advisors have carefully considered
the appropriateness of an investment in the securities in light of your particular circumstances. You should also review carefully the
“Risk Factors” herein and in the accompanying product supplement for risks related to an investment in the securities. For
more information about the underlying stocks, please see the sections titled “Amazon.com, Inc. Overview,” “Alphabet
Inc. Overview” and “NVIDIA Corporation Overview” below.
Morgan Stanley Finance LLC
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc. and the Common Stock of NVIDIA Corporation due July 29, 2027
Determining
Payment on a Contingent Coupon Payment Date and on the Maturity Date |
If the securities have not been previously automatically
called, on each monthly contingent coupon payment date, you will either receive a contingent coupon payment or you will not receive a
contingent coupon payment, depending on the stock closing price of the lowest performing underlying stock on the related monthly calculation
day.
Step 1: Determine which underlying stock
is the lowest performing underlying stock on the relevant determination. The lowest performing underlying stock on any calculation day
is the underlying stock with the lowest performance factor on that calculation day. The performance factor of an underlying stock on a
calculation day is its stock closing price on that calculation day as a percentage of its starting price (i.e., its stock closing price
on that calculation day divided by its starting price).
Step 2: Determine whether a contingent
coupon payment is paid on the applicable contingent coupon payment date based on the stock closing price of the lowest performing underlying
stock on the relevant calculation day, as follows:
![](https://www.sec.gov/Archives/edgar/data/1666268/000095010324011431/image_001.jpg)
Morgan Stanley Finance LLC
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc. and the Common Stock of NVIDIA Corporation due July 29, 2027
On the maturity date, if the securities have not
been automatically called prior to the maturity date, you will receive (in addition to the final contingent coupon payment, if any) a
cash payment per security (the maturity payment amount) calculated as follows:
Step 1: Determine which underlying stock
is the lowest performing underlying stock on the final calculation day. The lowest performing underlying stock on the final calculation
day is the underlying stock with the lowest performance factor on the final calculation day. The performance factor of an underlying stock
on the final calculation day is its stock closing price as a percentage of its starting price (i.e., its stock closing price on the final
calculation day divided by its starting price).
Step 2: Calculate the maturity payment
amount based on the stock closing price of the lowest performing underlying stock on the final calculation day, as follows:
![](https://www.sec.gov/Archives/edgar/data/1666268/000095010324011431/image_002.jpg)
Morgan Stanley Finance LLC
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc. and the Common Stock of NVIDIA Corporation due July 29, 2027
Hypothetical
Payout Profile |
The hypothetical payout profile below illustrates the maturity payment
amount on the securities, as applicable, for a range of hypothetical performances of the lowest performing underlying stock from its respective
starting price to its respective stock closing price on the final calculation day.
![](https://www.sec.gov/Archives/edgar/data/1666268/000095010324011431/image_003.jpg)
Morgan Stanley Finance LLC
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc. and the Common Stock of NVIDIA Corporation due July 29, 2027
Scenario
Analysis and Examples of Hypothetical Payments on the Securities |
The following hypothetical examples
illustrate how to determine whether a contingent coupon payment is paid with respect to a calculation day and how to calculate the payment
at maturity, if any, if the securities have not been automatically called. The following examples are for illustrative purposes only.
Whether you receive a contingent coupon payment will be determined by reference to the stock closing price of each underlying stock on
each calculation day, and the amount you will receive at maturity, if any, will be determined by reference to the stock closing price
of each underlying stock on the final calculation day. The actual starting price, coupon threshold price and downside threshold price
for each underlying stock are set forth under “Final Terms” above. All payments on the securities, if any, are subject to
our credit risk. The numbers in the hypothetical examples below may have been rounded for the ease of analysis. The below examples are
based on the following terms*:
Contingent coupon payment: |
On each contingent coupon payment date, you will receive a contingent coupon payment at a per annum rate equal to the contingent coupon rate if, and only if, the stock closing price of the lowest performing underlying stock on the related calculation day is greater than or equal to its coupon threshold price. If payable, the contingent coupon payment will be an amount in cash per face amount corresponding to a return of 19.00% per annum for each interest payment period for each applicable calculation day. These hypothetical examples reflect the contingent monthly coupon rate of 19.00% (corresponding to $15.833 per month per security**). |
|
|
Hypothetical starting price: |
With respect to the AMZN Stock: $100 |
|
With respect to the GOOGL Stock: $100 |
|
With respect to the NVDA Stock: $100 |
|
|
Hypothetical coupon threshold price: |
With respect to the AMZN Stock: $60, which is 60% of its hypothetical starting price |
|
With respect to the GOOGL Stock: $60, which is 60% of its hypothetical starting price |
|
With respect to the NVDA Stock: $60, which is 60% of its hypothetical starting price |
|
|
Hypothetical downside threshold price: |
With respect to the AMZN Stock: $60, which is 60% of its hypothetical starting price |
|
With respect to the GOOGL Stock: $60, which is 60% of its hypothetical starting price |
|
With respect to the NVDA Stock: $60, which is 60% of its hypothetical starting price |
*
The hypothetical starting price of $100 for the underlying stocks has been chosen for illustrative purposes only and does not represent
the actual starting price of any underlying stock. The actual starting prices, coupon threshold prices and downside threshold prices
are set forth under “Final Terms” above. For historical data regarding the actual stock closing prices of the underlying
stocks, see the historical information set forth herein.
**The
actual contingent coupon payment will be an amount determined by the calculation agent based on the actual contingent coupon rate. The
hypothetical contingent monthly coupon of $15.833 is used in these examples for ease of analysis.
How to determine whether a contingent coupon
payment is payable with respect to a calculation day:
Date |
AMZN Stock Closing Price |
GOOGL Stock Closing Price |
NVDA Stock Closing Price |
Contingent Coupon Payment (per Security) |
Hypothetical Calculation Day 1 |
$90 (at or above the coupon threshold price) |
$125 (at or above the coupon threshold price) |
$135 (at or above the coupon threshold price) |
$15.833 |
Hypothetical Calculation Day 2 |
$50 (below the coupon threshold price) |
$90 (at or above the coupon threshold price) |
$120 (at or above the coupon threshold price) |
$0 |
Hypothetical Calculation Day 3 |
$90 (at or above the coupon threshold price) |
$50 (below the coupon threshold price) |
$110 (at or above the coupon threshold price) |
$0 |
Morgan Stanley Finance LLC
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc. and the Common Stock of NVIDIA Corporation due July 29, 2027
Hypothetical Calculation Day 4 |
$50 (below the coupon threshold price) |
$55 (below the coupon threshold price) |
$45 (below the coupon threshold price) |
$0 |
On hypothetical calculation day 1, the stock closing price of each
underlying stock is at or above the respective coupon threshold price. Therefore, a contingent coupon payment of $15.833 is paid on the
relevant contingent coupon payment date.
On each of hypothetical calculation days 2 and 3, at least one underlying
stock closes at or above its respective coupon threshold price, but one or both of the other underlying stocks close below their respective
coupon threshold prices. Therefore, no contingent coupon payment is paid on the relevant contingent coupon payment date.
On hypothetical calculation day 4, each underlying stock closes below
its respective coupon threshold price, and, accordingly no contingent monthly coupon is paid on the relevant coupon payment date.
If the stock closing price of any underlying stock is less than
its respective coupon threshold price on each calculation day, you will not receive any contingent coupon payments for the entire term
of the securities.
How to calculate the payment investors will receive at maturity
(if the securities have not been automatically redeemed):
Starting after six months, if the stock closing price of each underlying
stock is greater than or equal to its starting price on any call observation date, the securities will be automatically called for a cash
payment per security equal to the face amount plus a final contingent coupon payment.
The examples below illustrate how to calculate the payment at maturity
if the securities have not been automatically redeemed prior to maturity
|
AMZN Stock Closing Price on Final Calculation Day |
GOOGL Stock Closing Price on Final Calculation Day |
NVDA Stock Closing Price on Final Calculation Day |
Maturity Payment Amount (per Security) |
Example 1: |
$150 (at or above its downside threshold price and coupon threshold price) |
$140 (at or above its downside threshold price and coupon threshold price) |
$142 (at or above its downside threshold price and coupon threshold price) |
$1,015.833 (the face amount plus the final contingent coupon payment) |
Example 2: |
$125 (at or above its downside threshold price) |
$40 (below its downside threshold price) |
$120 (at or above its downside threshold price) |
$1,000 × ($40 / $100) = $400 |
Example 3: |
$20 (below its downside threshold price) |
$80 (at or above its downside threshold price) |
$120 (at or above its downside threshold price) |
$1,000 × ($20 / $100) = $200 |
Example 4: |
$45 (below its downside threshold price) |
$50 (below its downside threshold price) |
$20 (below its downside threshold price) |
$1,000 × ($20 / $100) = $200 |
In example 1, the stock closing price of each underlying stock on the
final calculation day is at or above its respective downside threshold price and coupon threshold price. Therefore, investors receive
at maturity a cash payment per security equal to the face amount of the securities, in addition to the final contingent coupon payment.
Investors do not participate in any appreciation in any underlying stock.
In example 2, the stock closing prices of two of the underlying stocks
on the final calculation day are at or above their downside threshold prices, but the stock closing price of the other underlying stock
on the final calculation day is below its respective downside threshold price. Therefore, investors are exposed to the downside performance
of the lowest performing underlying stock at maturity. Therefore, investors receive at maturity an amount equal to the face amount times
the performance factor of the GOOGL Stock, which is the lowest performing underlying stock in this example.
In example 3, the stock closing prices of two of the underlying stocks
on the final calculation day are at or above their downside threshold prices and the stock closing price of the other underlying stock
on the final calculation day is below its respective downside threshold price. Therefore, investors are exposed to the downside performance
of the lowest performing underlying stock at maturity. Therefore, investors receive at maturity an amount equal to the face amount the
performance factor of the AMZN Stock, which is the lowest performing underlying stock in this example.
In example 4, the stock closing price of each underlying stock on the
final calculation day is below its respective downside threshold price, and investors receive at maturity an amount equal to the face
amount times the performance factor of the lowest performing underlying stock. Therefore, the maturity payment amount equals the
face amount times the performance factor of the NVDA Stock, which is the lowest performing underlying stock in this example.
If the stock closing price of any underlying stock on the final
calculation day is below its respective downside threshold price, you will be exposed to the downside performance of the lowest performing
underlying stock at maturity, and your maturity payment amount will be less than 60% of the face amount per security and could be zero.
Morgan Stanley Finance LLC
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc. and the Common Stock of NVIDIA Corporation due July 29, 2027
This section describes the material risks relating to the securities.
For further discussion of these and other risks, you should read the section entitled “Risk Factors” in the accompanying product
supplement for principal at risk securities and prospectus. We also urge you to consult your investment, legal, tax, accounting and other
advisers in connection with your investment in the securities.
Risks Relating to an Investment in the Securities
| § | The securities do not guarantee the return of the face amount of your
securities at maturity. The terms of the securities differ from those of ordinary debt securities in that they do not guarantee the
return of the face amount of your securities at maturity. If the securities have not been automatically called and if the stock closing
price of any underlying stock on the final calculation day is less than its respective downside threshold price of 60% of its starting
price, you will be exposed to the decline in the price of the lowest performing underlying stock, as compared to its starting price, on
a 1-to-1 basis, and you will receive for each security that you hold at maturity an amount equal to the face amount times the performance
factor of the lowest performing underlying stock. In this case, you will lose more than 40%, and possibly all, of the face amount of your
securities at maturity. |
| § | The securities do not provide for the regular payment of interest.
The terms of the securities differ from those of ordinary debt securities in that they do not provide for the regular payment of interest.
Instead, the securities will pay a contingent coupon payment but only if the stock closing price of each underlying stock is at
or above its respective coupon threshold price on the related calculation day. If the stock closing price of any underlying stock
is lower than its coupon threshold price on the relevant calculation day for any interest period, we will pay no contingent coupon payment
on the applicable contingent coupon payment date. It is possible that the stock closing price of any underlying stock will be less than
its respective coupon threshold price for extended periods of time or even throughout the entire term of the securities so that you will
receive few or no contingent coupon payments. If you do not earn sufficient contingent coupon payments over the term of the securities,
the overall return on the securities may be less than the amount that would be paid on a conventional debt security of ours of comparable
maturity. |
| § | The contingent coupon payment, if any, is based on the price of each underlying
stock on only the related monthly calculation day at the end of the related interest period. Whether the contingent coupon payment
will be paid on any contingent coupon payment date will be determined at the end of the relevant interest period based on the stock closing
price of each underlying stock on the relevant monthly calculation day. As a result, you will not know whether you will receive the contingent
coupon payments on any contingent coupon payment date until near the end of the relevant interest period. Moreover, because the contingent
coupon payment is based solely on the price of each underlying stock on the monthly calculation days, if the stock closing price of any
underlying stock on any calculation day date is below the coupon threshold price for such underlying stock, you will not receive the contingent
coupon payment for the related interest period, even if the price of such underlying stock was at or above its respective coupon threshold
price on other days during that interest period, and even if the stock closing prices(s) of one or both of the other underlying stocks
are at or above their respective coupon threshold price(s). |
| § | Investors will not participate in any appreciation
in any underlying stock. Investors will not participate in any appreciation in any underlying stock from the starting price for such
underlying stock, and the return on the securities will be limited to the contingent coupon payments, if any, that are paid with respect
to each calculation day on which the stock closing price of each underlying stock is greater than or equal to its respective coupon threshold
price, if any. |
| § | The
market price will be influenced by many unpredictable factors. Several factors, many
of which are beyond our control, will influence the value of the securities in the secondary
market and the price at which MS & Co. may be willing to purchase or sell the securities
in the secondary market. We expect that generally the level of interest rates available in
the market and the value of each underlying stock on any day, including in relation to its
respective starting price, coupon threshold price and downside threshold price, will affect
the value of the securities more than any other factors. Other factors that may influence
the value of the securities include: |
| o | the trading price and volatility (frequency and magnitude of changes in value) of the underlying stocks, |
Morgan Stanley Finance LLC
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc. and the Common Stock of NVIDIA Corporation due July 29, 2027
| o | whether the stock closing price of any underlying stock has been below its respective coupon threshold price on any calculation day, |
| o | geopolitical conditions and economic, financial, political, regulatory or judicial events that affect the underlying stocks or securities
markets generally and which may affect the price of each underlying stock, |
| o | dividend rates on the underlying stocks, |
| o | the time remaining until the securities mature, |
| o | interest and yield rates in the market, |
| o | the availability of comparable instruments, |
| o | the occurrence of certain events affecting the underlying stocks that may or may not require an adjustment to the adjustment factors,
and |
| o | any actual or anticipated changes in our credit ratings or credit spreads. |
Generally, the longer the time remaining
to maturity, the more the market price of the securities will be affected by the other factors described above. Some or all of these
factors will influence the price that you will receive if you sell your securities prior to maturity. In particular, if any underlying
stock has closed near or below its coupon threshold price, and especially if any underlying stock has closed near or below its downside
threshold price, the market value of the securities is expected to decrease substantially, and you may have to sell your securities at
a substantial discount from the face amount of your securities.
You cannot predict the future performance
of any underlying stock based on its historical performance. The price(s) of the underlying stocks may be, and have recently been, volatile,
and we can give you no assurance that the volatility will lessen. The price(s) of any underlying stock may decrease and be below the
respective coupon threshold price for such underlying stock on each calculation day so that you will receive no return on your investment,
and any or all of the underlying stocks may close below the respective downside threshold price(s) on the final calculation day so that
you will lose a significant portion or all of your initial investment in the securities. There can be no assurance that the stock closing
price of each underlying stock will be at or above the respective coupon threshold price on any calculation day so that you will receive
a coupon payment on the securities for the applicable interest period, or that it will be at or above its respective downside threshold
price on the final calculation day so that you do not suffer a significant loss on your initial investment in the securities. See “Amazon.com,
Inc. Overview,” “Alphabet Inc. Overview” and “NVIDIA Corporation Overview” below.
| § | 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. You are dependent on our
ability to pay all amounts due on the securities upon an automatic call, on any contingent coupon payment date or at maturity, and therefore
you are subject to our credit risk. If we default on our obligations under the securities, your investment would be at risk and you could
lose some or all of your investment. As a result, the market value of the securities prior to maturity will be affected by changes in
the market’s view of our creditworthiness. Any actual or anticipated decline in our credit ratings or increase in the credit spreads
charged by the market for taking our credit risk is likely to adversely affect the market value of the securities. |
| § | As a finance subsidiary, MSFL has no independent operations and will have
no independent assets. As a finance subsidiary, MSFL has no independent operations beyond the issuance and administration of its
securities and will have no independent assets available for distributions to holders of MSFL securities if they make claims in respect
of such securities in a bankruptcy, resolution or similar proceeding. Accordingly, any recoveries by such holders will be limited to those
available under the related guarantee by Morgan Stanley and that guarantee will rank pari passu with all other unsecured, unsubordinated
obligations of Morgan Stanley. Holders will have recourse only to a single claim against Morgan Stanley and its assets under the guarantee.
Holders of securities issued by MSFL should accordingly assume that in any such proceedings they would not have any priority over and
should be treated pari passu with the claims of other unsecured, unsubordinated creditors of Morgan Stanley, including holders
of Morgan Stanley-issued securities. |
Morgan Stanley Finance LLC
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc. and the Common Stock of NVIDIA Corporation due July 29, 2027
| § | Investing in the securities is not equivalent to investing in the underlying
stocks. Investing in the securities is not equivalent to investing in the underlying stocks. Investors in the securities will not
participate in any positive performance of any underlying stock, and will not have voting rights or rights to receive dividends or other
distributions or any other rights with respect to the underlying stocks. As a result, any return on the securities will not reflect the
return you would realize if you actually owned shares of the underlying stocks and received the dividends paid or distributions made on
them. |
| § | Reinvestment
risk. The term of your investment in the securities may be shortened due to the automatic
call feature of the securities. If the securities are called prior to maturity, you will
receive no further payments on the securities and may be forced to invest in a lower interest
rate environment and may not be able to reinvest at comparable terms or returns. However,
under no circumstances will the securities be called within the first six months of the term
of the securities. |
| § | 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 face amount reduce the
economic terms of the securities, cause the estimated value of the securities to be less than the face amount and will adversely affect
secondary market prices. Assuming no change in market conditions or any other relevant factors, the prices, if any, at which dealers,
including MS & Co., may be willing to purchase the securities in secondary market transactions will likely be significantly lower
than the face amount, because secondary market prices will exclude the issuing, selling, structuring and hedging-related costs that are
included in the face amount and borne by you and because the secondary market prices will reflect our secondary market credit spreads
and the bid-offer spread that any dealer would charge in a secondary market transaction of this type as well as other factors. |
The inclusion of the costs of issuing,
selling, structuring and hedging the securities in the face amount and the lower rate we are willing to pay as issuer make the economic
terms of the securities less favorable to you than they otherwise would be.
However, because the costs associated
with issuing, selling, structuring and hedging the securities are not fully deducted upon issuance, for a period of up to 3 months following
the issue date, to the extent that MS & Co. may buy or sell the securities in the secondary market, absent changes in market conditions,
including those related to the underlying stocks, and to our secondary market credit spreads, it would do so based on values higher than
the estimated value, and we expect that those higher values will also be reflected in your brokerage account statements.
| § | 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.
These pricing and valuation models are proprietary and rely in part on subjective views of certain market inputs and certain assumptions
about future events, which may prove to be incorrect. As a result, because there is no market-standard way to value these types of securities,
our models may yield a higher estimated value of the securities than those generated by others, including other dealers in the market,
if they attempted to value the securities. In addition, the estimated value on the pricing date does not represent a minimum or maximum
price at which dealers, including MS & Co., would be willing to purchase your securities in the secondary market (if any exists) at
any time. The value of your securities at any time after the date of this document will vary based on many factors that cannot be predicted
with accuracy, including our creditworthiness and changes in market conditions. See also “The market price will be influenced by
many unpredictable factors” above. |
| § | The securities will not be listed on any securities exchange and secondary
trading may be limited. The securities will not be listed on any securities exchange. Therefore, there may be little or no secondary
market for the securities. MS & Co. and WFS may, but are not obligated to, make a market in the securities and, if either of them
once chooses to make a market, may cease doing so at any time. When they do make a market, they will generally do so for transactions
of routine secondary market size at prices based on their respective estimates of the current value of the securities, taking into account
their respective bid/offer spreads, our credit spreads, market volatility, the notional size of the proposed sale, the cost of unwinding
any related hedging positions, the time remaining to maturity and the likelihood that they will be able to resell the securities. Even
if there is a secondary market, it may not provide enough |
Morgan Stanley Finance LLC
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc. and the Common Stock of NVIDIA Corporation due July 29, 2027
liquidity to allow you to trade or sell
the securities easily. Since other broker-dealers may not participate significantly in the secondary market for the securities, the price
at which you may be able to trade your securities is likely to depend on the price, if any, at which MS & Co. or WFS is willing to
transact. If, at any time, MS & Co. and WFS were to cease making a market in the securities, it is likely that there would be no secondary
market for the securities. Accordingly, you should be willing to hold your securities to maturity.
| § | The calculation agent, which is a subsidiary of Morgan Stanley and an
affiliate of MSFL, will make determinations with respect to the securities. As calculation agent, MS & Co. will determine the
starting prices, the coupon threshold prices and the downside threshold prices and will calculate the amount of cash you receive at maturity,
if any. Moreover, certain determinations made by MS & Co., in its capacity as calculation agent, may require it to exercise discretion
and make subjective judgments, such as with respect to the occurrence or non-occurrence of market disruption events and certain adjustments
to the adjustment factors. These potentially subjective determinations may adversely affect the payout to you at maturity, if any. For
further information regarding these types of determinations, see “General Terms of the Securities— Certain Terms for Securities
Linked to an Underlying Stock— Market Disruption Events,” “—Adjustment Events,” “—Consequences
of a Market Disruption Event; Postponement of a Calculation Day,” “—Alternate Exchange Calculation in Case of an Event
of Default” and related definitions in the accompanying product supplement for principal at risk securities. In addition, MS &
Co. has determined the estimated value of the securities on the pricing date. |
| § | Hedging and trading activity by our affiliates could potentially adversely
affect the value of the securities. One or more of our affiliates and/or third-party dealers expect to carry out hedging activities
related to the securities (and possibly to other instruments linked to the underlying stocks), including trading in the underlying stocks.
As a result, these entities may be unwinding or adjusting hedge positions during the term of the securities, and the hedging strategy
may involve greater and more frequent dynamic adjustments to the hedge as the final calculation day approaches. Some of our affiliates
also trade the underlying stocks and other financial instruments related to the underlying stocks on a regular basis as part of their
general broker-dealer and other businesses. Any of these hedging or trading activities on or prior to the pricing date could potentially
affect the starting price of an underlying stock, and, therefore, could increase (i) the price at or above which such underlying stock
must close on the call observation dates so that the securities are called for a cash payment equal to the face amount plus a final contingent
coupon payment (depending also on the performance of the other underlying stocks), (ii) the price at or above which such underlying stock
must close on each calculation day in order for you to earn a contingent coupon payment (depending also on the performance of the other
underlying stocks) and (iii) the price at or above which such underlying stock must close on the final calculation day so that you are
not exposed to the negative performance of the lowest performing underlying stock at maturity (depending also on the performance of the
other underlying stocks). Additionally, such hedging or trading activities during the term of the securities could potentially affect
the price of any underlying stock on the calculation days, and, accordingly, whether we call the securities prior to maturity, whether
we pay a contingent coupon payment on the securities and the amount of cash you will receive at maturity, if any. |
| § | The maturity date may be postponed if the final calculation day is postponed.
If the scheduled final calculation day is not a trading day or if a market disruption event occurs on that day so that the final calculation
day is postponed and falls less than three business days prior to the maturity date, the maturity date of the securities will be postponed
to the third business day following that final calculation day as postponed. |
| § | Potentially inconsistent research, opinions or recommendations by Morgan
Stanley, MSFL, WFS or our or their respective affiliates. Morgan Stanley, MSFL, WFS and our or their respective affiliates may publish
research from time to time on financial markets and other matters that may influence the value of the securities, or express opinions
or provide recommendations that are inconsistent with purchasing or holding the securities. Any research, opinions or recommendations
expressed by Morgan Stanley, MSFL, WFS or our or their respective affiliates may not be consistent with each other and may be modified
from time to time without notice. Investors should make their own independent investigation of the merits of investing in the securities
and the underlying stocks to which the securities are linked. |
| § | The U.S. federal income tax consequences of an investment in the securities
are uncertain. There is no direct legal authority as to the proper treatment of the securities for U.S. federal income tax purposes,
and, therefore, significant aspects of the tax treatment of the securities are uncertain. |
Morgan Stanley Finance LLC
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc. and the Common Stock of NVIDIA Corporation due July 29, 2027
Please read the discussion under “Additional
Information About the Securities—Tax considerations” in this document concerning the U.S. federal income tax consequences
of an investment in the securities. We intend to treat a security for U.S. federal income tax purposes as a single financial contract
that provides for a coupon that will be treated as gross income to you at the time received or accrued, in accordance with your regular
method of tax accounting. Under this treatment, the ordinary income treatment of the coupon payments, in conjunction with the capital
loss treatment of any loss recognized upon the sale, exchange or settlement of the securities, could result in adverse tax consequences
to holders of the securities because the deductibility of capital losses is subject to limitations. We do not plan to request a ruling
from the Internal Revenue Service (the “IRS”) regarding the tax treatment of the securities, and the IRS or a court may not
agree with the tax treatment described herein. If the IRS were successful in asserting an alternative treatment for the securities, the
timing and character of income or loss on the securities might differ significantly from the tax treatment described herein. For example,
under one possible treatment, the IRS could seek to recharacterize the securities as debt instruments. In that event, U.S. Holders (as
defined below) would be required to accrue into income original issue discount on the securities every year at a “comparable yield”
determined at the time of issuance (as adjusted based on the difference, if any, between the actual and the projected amount of any contingent
payments on the securities) and recognize all income and gain in respect of the securities as ordinary income. The risk that financial
instruments providing for buffers, triggers or similar downside protection features, such as the securities, would be recharacterized
as debt is greater than the risk of recharacterization for comparable financial instruments that do not have such features. Moreover,
future legislation, Treasury regulations or IRS guidance could adversely affect the U.S. federal tax consequences of an investment in
the securities, possibly retroactively.
Non-U.S. Holders (as defined below)
should note that we currently intend to withhold on any coupon paid to Non-U.S. Holders generally at a rate of 30%, or at a reduced rate
specified by an applicable income tax treaty under an “other income” or similar provision, and will not be required to pay
any additional amounts with respect to amounts withheld.
Both U.S. and Non-U.S. Holders should
consult their tax advisers regarding the U.S. federal income tax consequences of an investment in the securities, including possible alternative
treatments, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.
Risks Relating to the Underlying Stocks
| § | You
are exposed to the price risk of each underlying stock. Your return on the securities
is not linked to a basket consisting of each underlying stock. Rather, it will be contingent
upon the independent performance of each underlying stock. Unlike an instrument with a return
linked to a basket of underlying assets, in which risk is mitigated and diversified among
all the components of the basket, you will be exposed to the risks related to each underlying
stock. Poor performance by any underlying stock over the term of the securities may negatively
affect your return and will not be offset or mitigated by any positive performance by the
other underlying stocks. To receive any contingent coupon payments, each underlying stock
must close at or above its respective coupon threshold price on the applicable calculation
day. In addition, if the securities have not been called and any underlying stock has declined
to below its respective downside threshold price as of the final calculation day, you will
be fully exposed to the decline in the lowest performing underlying stock over the term of
the securities on a 1-to-1 basis, even if the other underlying stocks have appreciated or
have not declined as much. Under this scenario, the value of any such maturity payment amount
will be less than 60% of the face amount of your securities and could be zero. Accordingly,
your investment is subject to the price risk of each underlying stock. |
| § | Because the securities are linked to the performance of the lowest performing
underlying stock, you are exposed to greater risks of receiving no contingent coupon payments and sustaining a significant loss on your
investment than if the securities were linked to just one underlying stock. The risk that you will not receive any contingent coupon
payments, or that you will suffer a significant loss on your investment, is greater if you invest in the securities as opposed to substantially
similar securities that are linked to the performance of just one underlying stock. With three underlying stocks, it is more likely that
any underlying stock will close below its coupon threshold price on any calculation day, and below its downside threshold price on the
final calculation day, than if the securities were linked to only one underlying stock. Therefore, it is more likely that you will not
receive any contingent coupon payments and that you will suffer a significant loss on your investment. In addition, because each underlying
stock must close above its starting price on a quarterly call observation date in order for the securities to be called prior |
Morgan Stanley Finance LLC
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc. and the Common Stock of NVIDIA Corporation due July 29, 2027
to maturity, the securities are less likely
to be called on any call settlement date than if the securities were linked to just one underlying stock.
| § | No
affiliation with Amazon.com, Inc., Alphabet Inc. or NVIDIA Corporation. Amazon.com, Inc.,
Alphabet Inc. or NVIDIA Corporation are not affiliates of ours, are not involved with this
offering in any way, and have no obligation to consider your interests in taking any corporate
actions that might affect the value of the securities. We have not made any due diligence
inquiry with respect to Amazon.com, Inc., Alphabet Inc. or NVIDIA Corporation in connection
with this offering. |
| § | We
may engage in business with or involving Amazon.com, Inc., Alphabet Inc. or NVIDIA Corporation
without regard to your interests. We or our affiliates may presently or from time to
time engage in business with Amazon.com, Inc., Alphabet Inc. or NVIDIA Corporation without
regard to your interests and thus may acquire non-public information about Amazon.com, Inc.,
Alphabet Inc. or NVIDIA Corporation. Neither we nor any of our affiliates undertakes to disclose
any such information to you. In addition, we or our affiliates from time to time have published
and in the future may publish research reports with respect to Amazon.com, Inc., Alphabet
Inc. or NVIDIA Corporation which may or may not recommend that investors buy or hold the
underlying stock. |
| § | The
antidilution adjustments the calculation agent is required to make do not cover every corporate
event that could affect the underlying stocks. MS & Co., as calculation agent, will
adjust the adjustment factors for certain corporate events affecting the underlying stocks,
such as stock splits, stock dividends and extraordinary dividends, and certain other corporate
actions involving the issuers of the underlying stocks, such as mergers. However, the calculation
agent will not make an adjustment for every corporate event that can affect the underlying
stocks. For example, the calculation agent is not required to make any adjustments if the
issuers of the underlying stocks or anyone else makes a partial tender or partial exchange
offer for the underlying stocks, nor will adjustments be made following the final calculation
day. In addition, no adjustments will be made for regular cash dividends, which are expected
to reduce the price of the underlying stocks by the amount of such dividends. If an event
occurs that does not require the calculation agent to adjust an adjustment factor, such as
a regular cash dividend, the market price of the securities and your return on the securities
may be materially and adversely affected. For example, if the record date for a regular cash
dividend were to occur on or shortly before a calculation day, this may decrease the stock
closing price of an underlying stock to be less than its downside threshold price (resulting
in a loss of a significant portion of all of your investment in the securities), materially
and adversely affecting your return. |
| § | Historical closing prices of the underlying stocks should not be taken
as an indication of the future performance of the underlying stocks during the term of the securities. No assurance can be given as
to the price of the underlying stocks at any time, including on the final calculation day, because historical closing prices of the underlying
stocks do not provide an indication of future performance of the underlying stocks. |
Morgan Stanley Finance LLC
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc. and the Common Stock of NVIDIA Corporation due July 29, 2027
Amazon.com,
Inc. Overview |
Amazon.com, Inc. offers electronic retail services to consumer customers,
seller customers and developer customers. The AMZN Stock is registered under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). Information provided to or filed with the Securities and Exchange Commission by Amazon.com, Inc. pursuant to the Exchange
Act can be located by reference to the Securities and Exchange Commission file number 000-22513 through the Securities and Exchange Commission’s
website at www.sec.gov. In addition, information regarding Amazon.com, Inc. may be obtained from other sources including, but not limited
to, press releases, newspaper articles and other publicly disseminated documents. Neither the issuer nor the agent makes any representation
that such publicly available documents or any other publicly available information regarding the issuer of the AMZN Stock is accurate
or complete.
The following
graph sets forth the daily closing prices of the AMZN Stock for the period from January 1, 2019 through July 30, 2024. The closing price
of the AMZN Stock on July 30, 2024 was $181.71. We obtained the information in the graph below from Bloomberg Financial Markets
without independent verification. The historical closing prices of the AMZN Stock
may have been adjusted for stock splits and other corporate events. The historical performance of the AMZN
Stock should not be taken as an indication of its future performance, and no assurance can be given as to the closing price of
the AMZN Stock at any time, including on the calculation days.
Common Stock of Amazon.com,
Inc. Daily Closing Prices
January 1, 2019 to July
30, 2024 |
![](https://www.sec.gov/Archives/edgar/data/1666268/000095010324011431/image_004.jpg) |
This document relates only to the securities referenced hereby and
does not relate to the AMZN Stock or other securities of Amazon.com, Inc. We have derived all disclosures contained in this document regarding
the AMZN Stock from the publicly available documents described above. In connection with the offering of the securities, neither we nor
the agent has participated in the preparation of such documents or made any due diligence inquiry with respect to Amazon.com, Inc. Neither
we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding
Amazon.com, Inc. is accurate or complete. Furthermore, we cannot give any assurance that all events occurring prior to the date hereof
(including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect
the trading price of the AMZN Stock (and therefore the price of the AMZN Stock at the time we priced the securities) have been publicly
disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning Amazon.com,
Inc. could affect the value received with respect to the securities and therefore the value of the securities.
Neither the issuer nor any of its affiliates makes any representation
to you as to the performance of the AMZN Stock.
Morgan Stanley Finance LLC
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc. and the Common Stock of NVIDIA Corporation due July 29, 2027
Alphabet Inc. is a holding company that, through its subsidiaries (which
include Google Inc.) provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer consent,
enterprise solutions, commerce and hardware products. Alphabet Inc. became the successor Securities and Exchange Commission registrant
to, and parent holding company of, Google Inc. on October 2, 2015, in connection with a holding company reorganization. Alphabet Inc.’s
class A common stock began trading on October 5, 2015 under the ticker symbol “GOOGL,” the same symbol under which Google
Inc.’s class A common stock previously traded. The GOOGL Stock is registered under the Exchange Act. Information provided to or
filed with the Securities and Exchange Commission by Alphabet Inc. pursuant to the Exchange Act can be located by reference to the Securities
and Exchange Commission file number 001-37580 through the Securities and Exchange Commission’s website at www.sec.gov. In addition,
information regarding Alphabet Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles
and other publicly disseminated documents. Neither the issuer nor the agent makes any representation that such publicly available documents
or any other publicly available information regarding the issuer of the GOOGL Stock is accurate or complete.
The following
graph sets forth the daily closing prices of the GOOGL Stock for the period from January 1, 2019 through July 30, 2024. The closing price
of the GOOGL Stock on July 30, 2024 was $170.29. We obtained the information in the graph below from Bloomberg Financial Markets
without independent verification. The historical closing prices of the GOOGL Stock may have been adjusted for stock splits and other corporate
events. The historical performance of the GOOGL Stock should not be taken as an indication of its future performance, and no assurance
can be given as to the closing price of the GOOGL Stock at any time, including on the calculation days.
Class A Common Stock of
Alphabet Inc. Daily Closing Prices
January 1, 2019 to July
30, 2024 |
![](https://www.sec.gov/Archives/edgar/data/1666268/000095010324011431/image_005.jpg) |
This document relates only to the securities referenced hereby and
does not relate to the GOOGL Stock or other securities of Alphabet Inc. We have derived all disclosures contained in this document regarding
the GOOGL Stock from the publicly available documents described above. In connection with the offering of the securities, neither we nor
the agent has participated in the preparation of such documents or made any due diligence inquiry with respect to Alphabet Inc. Neither
we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding
Alphabet Inc. is accurate or complete. Furthermore, we cannot give any assurance that all events occurring prior to the date hereof (including
events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading
price of the GOOGL Stock (and therefore the price of the GOOGL Stock at the time we priced the securities) have been publicly disclosed.
Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning Alphabet Inc. could
affect the value received with respect to the securities and therefore the value of the securities.
Neither the issuer nor any of its affiliates makes any representation
to you as to the performance of the GOOGL Stock.
Morgan Stanley Finance LLC
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc. and the Common Stock of NVIDIA Corporation due July 29, 2027
NVIDIA
Corporation Overview |
NVIDIA Corporation is a visual computing company. The NVDA Stock is
registered under the Exchange Act. Information provided to or filed with the Securities and Exchange Commission by NVIDIA Corporation
pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-23985 through the Securities
and Exchange Commission’s website at www.sec.gov. In addition, information regarding NVIDIA Corporation may be obtained from other
sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Neither the issuer
nor the agent makes any representation that such publicly available documents or any other publicly available information regarding the
issuer of the NVDA Stock is accurate or complete.
The following
graph sets forth the daily closing prices of the NVDA Stock for the period from January 1, 2019 through July 30, 2024. The closing price
of the NVDA Stock on July 30, 2024 was $103.73. We obtained the information in the graph below from Bloomberg Financial Markets
without independent verification. The historical closing prices of the NVDA Stock may have been adjusted for stock splits and other corporate
events. The historical performance of the NVDA Stock should not be taken as an indication of its future performance, and no assurance
can be given as to the closing price of the NVDA Stock at any time, including on the calculation days.
Common Stock of NVIDIA
Corporation Daily Closing Prices
January 1, 2019 to July
30, 2024 |
![](https://www.sec.gov/Archives/edgar/data/1666268/000095010324011431/image_006.jpg) |
This document relates only to the securities referenced hereby and
does not relate to the NVDA Stock or other securities of NVIDIA Corporation. We have derived all disclosures contained in this document
regarding NVDA Stock from the publicly available documents described above. In connection with the offering of the securities, neither
we nor the agent has participated in the preparation of such documents or made any due diligence inquiry with respect to NVIDIA Corporation.
Neither we nor the agent makes any representation that such publicly available documents or any other publicly available information regarding
NVIDIA Corporation is accurate or complete. Furthermore, we cannot give any assurance that all events occurring prior to the date hereof
(including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect
the trading price of the NVDA Stock (and therefore the price of the NVDA Stock at the time we priced the securities) have been publicly
disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning NVIDIA
Corporation could affect the value received with respect to the securities and therefore the value of the securities.
Neither the issuer nor any of its affiliates makes any representation
to you as to the performance of the NVDA Stock.
Morgan Stanley Finance LLC
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc. and the Common Stock of NVIDIA Corporation due July 29, 2027
Additional
Information About the Securities |
Minimum ticketing size
$1,000 / 1 security
Tax considerations
Due to the absence of statutory, judicial or administrative authorities
that directly address the treatment of the securities or instruments that are similar to the securities for U.S. federal income tax purposes,
no assurance can be given that the IRS or a court will agree with the tax treatment described herein. We intend to treat a security for
U.S. federal income tax purposes as a single financial contract that provides for a coupon that will be treated as gross income to you
at the time received or accrued in accordance with your regular method of tax accounting. In the opinion of our counsel, Davis Polk &
Wardwell LLP, this treatment of the securities is reasonable under current law; however, there are other reasonable treatments that the
IRS or a court may adopt, in which case the timing and character of any income or loss on the securities could be materially affected.
Tax Consequences to U.S. Holders
Assuming the treatment of the securities as set forth above is respected
and subject to the discussion in “United States Federal Taxation” in the accompanying product supplement for principal at
risk securities, the following U.S. federal income tax consequences should result.
Tax Basis. A U.S. Holder’s tax basis
in the securities should equal the amount paid by the U.S. Holder to acquire the securities.
Tax Treatment of Coupon Payments. Any coupon
payment on the securities should be taxable as ordinary income to a U.S. Holder at the time received or accrued, in accordance with the
U.S. Holder’s regular method of accounting for U.S. federal income tax purposes.
Sale, Exchange or Settlement of the Securities. Upon a sale,
exchange or settlement of the securities, a U.S. Holder should recognize gain or loss equal to the difference between the amount realized
on the sale, exchange or settlement and the U.S. Holder’s tax basis in the securities sold, exchanged or settled. For this purpose,
the amount realized does not include any coupon paid at settlement and may not include sale proceeds attributable to an accrued coupon,
which may be treated in the same manner as a coupon payment. In general, any such gain or loss recognized should be short-term capital
gain or loss if the U.S. Holder has held the securities for one year or less at the time of the sale, exchange or settlement, and should
be long-term capital gain or loss otherwise. The ordinary income treatment of the coupon payments, in conjunction with the capital loss
treatment of any loss recognized upon the sale, exchange or settlement of the securities, could result in adverse tax consequences to
holders of the securities because the deductibility of capital losses is subject to limitations.
As discussed under “United States Federal Taxation— Possible
Alternative Tax Treatments of an Investment in the Securities” in the accompanying product supplement for principal at risk securities,
alternative U.S. federal income tax treatments of the securities are possible that, if applied, could materially and adversely affect
the timing and character of income, gain or loss with respect to the securities.
Tax Consequences to Non-U.S. Holders
Although significant aspects of the tax treatment of each security
are uncertain, we intend to withhold on any coupon paid to a Non-U.S. Holder generally at a rate of 30% or at a reduced rate specified
by an applicable income tax treaty under an “other income” or similar provision. We will not be required to pay any additional
amounts with respect to amounts withheld. In order to claim an exemption from, or a reduction in, the 30% withholding tax, a Non-U.S.
Holder of the securities must comply with certification requirements to establish that it is not a U.S. person and is eligible for such
an exemption or reduction under an applicable tax treaty. If you are a Non-U.S. Holder, you should consult your tax adviser regarding
the tax treatment of the securities, including the possibility of obtaining a refund of any withholding tax and the certification requirement
described above.
Section 871(m) Withholding Tax on Dividend Equivalents
As discussed in the accompanying product supplement for principal at
risk securities, Section 871(m) of the Code and Treasury regulations promulgated thereunder (“Section 871(m)”) generally impose
a 30% (or a lower applicable treaty rate) withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect
to certain financial instruments linked to U.S. equities or indices that include U.S. equities (each, an “Underlying Security”).
Subject to certain exceptions, Section 871(m) generally applies to securities that substantially replicate the economic performance of
one or more Underlying Securities, as determined based on tests set forth in the applicable Treasury regulations (a “Specified Security”).
However, pursuant to an IRS notice, Section 871(m) will not apply to securities issued before January 1, 2027 that do not have a delta
of one with respect to any Underlying Security. Based on our determination that the securities do not have a delta of one with respect
to any Underlying Security, our counsel is of the opinion that the securities should not be Specified Securities and, therefore, should
not be subject to Section 871(m).
Morgan Stanley Finance LLC
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc. and the Common Stock of NVIDIA Corporation due July 29, 2027
Our determination is not binding on the IRS, and the IRS may disagree
with this determination. Section 871(m) is complex and its application may depend on your particular circumstances, including whether
you enter into other transactions with respect to an Underlying Security. If Section 871(m) withholding is required, we will not be required
to pay any additional amounts with respect to the amounts so withheld. You should consult your tax adviser regarding the potential application
of Section 871(m) to the securities.
Both U.S. and non-U.S. investors considering an investment in the
securities should read the discussion under “Risk Factors” in this document and the discussion under “United States
Federal Taxation” in the accompanying product supplement for principal at risk securities and consult their tax advisers regarding
all aspects of the U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments,
and any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.
The discussion in the preceding paragraphs under “Tax considerations”
and the discussion contained in the section entitled “United States Federal Taxation” in the accompanying product supplement
for principal at risk securities, insofar as they purport to describe provisions of U.S. federal income tax laws or legal conclusions
with respect thereto, constitute the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal tax consequences
of an investment in the securities.
Additional considerations
Client accounts over which Morgan Stanley, Morgan
Stanley Wealth Management or any of their respective subsidiaries have investment discretion are not permitted to purchase the securities,
either directly or indirectly.
Supplemental information regarding plan of distribution;
conflicts of interest
MS & Co. and WFS will act as the agents for
this offering. WFS will receive a commission of up to $23.25 for each security it sells. WFS proposes to offer the securities in part
directly to the public at the price to public set forth on the cover page of this document and in part to Wells Fargo Advisors (“WFA”)
(the trade name of the retail brokerage business of WFS’s affiliates, Wells Fargo Clearing Services, LLC and Wells Fargo Advisors
Financial Network, LLC), an affiliate of WFS, or other securities dealers at such price less a selling concession of up to $17.50 per
security. In addition to the selling concession allowed to WFA, WFS may pay $0.75 per security of the commission to WFA as a distribution
expense fee for each security sold by WFA.
In addition, in respect of certain securities sold
in this offering, we may pay a fee of up to $3.50 per security to selected securities dealers in consideration for marketing and other
services in connection with the distribution of the securities to other securities dealers.
See “Plan of Distribution, Conflicts of Interest”
in the accompanying product supplement for principal at risk securities for information about the distribution arrangements for the securities.
References therein to “agent” refer to each of MS & Co. and WFS, as agents for this offering, except that references to
“agent” in the context of offers to certain Morgan Stanley dealers and compliance with FINRA Rule 5121 do not apply to WFS.
MS & Co., WFS or their affiliates may enter into hedging transactions with us in connection with this offering.
MS & Co. is an affiliate of MSFL and a wholly
owned subsidiary of Morgan Stanley, and it and other affiliates of ours expect to make a profit by selling, structuring and, when applicable,
hedging the securities.
MS & Co. will conduct this offering in compliance with the requirements
of FINRA Rule 5121 of the Financial Industry Regulatory Authority, Inc., which is commonly referred to as FINRA, regarding a FINRA member
firm’s distribution of the securities of an affiliate and related conflicts of interest. MS & Co. or any of our other affiliates
may not make sales in this offering to any discretionary account. See “Plan of Distribution (Conflicts of Interest)” and “Use
of Proceeds and Hedging” in the accompanying product supplement.
Validity of the securities
In the opinion of Davis Polk & Wardwell LLP, as special counsel
to MSFL and Morgan Stanley, when the securities offered by this pricing supplement have been executed and issued by MSFL, authenticated
by the trustee pursuant to the MSFL Senior Debt Indenture (as defined in the accompanying prospectus) and delivered against payment as
contemplated herein, such securities will be valid and binding obligations of MSFL and the related guarantee will be a valid and binding
obligation of Morgan Stanley, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws
affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability (including,
without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion
as to (i) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed
above and (ii) any provision of the MSFL Senior Debt Indenture that purports to avoid the effect of fraudulent conveyance, fraudulent
transfer or similar provision of applicable law by limiting the amount of Morgan Stanley’s
Morgan Stanley Finance LLC
Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc. and the Common Stock of NVIDIA Corporation due July 29, 2027
obligation under the related guarantee. This opinion is given as of
the date hereof and is limited to the laws of the State of New York, the General Corporation Law of the State of Delaware and the Delaware
Limited Liability Company Act. In addition, this opinion is subject to customary assumptions about the trustee’s authorization,
execution and delivery of the MSFL Senior Debt Indenture and its authentication of the securities and the validity, binding nature and
enforceability of the MSFL Senior Debt Indenture with respect to the trustee, all as stated in the letter of such counsel dated February
26, 2024, which is Exhibit 5-a to Post-Effective Amendment No. 2 to the Registration Statement on Form S-3 filed by Morgan Stanley on
February 26, 2024.
Where you can find more information
Morgan Stanley and MSFL have filed a registration
statement (including a prospectus, as supplemented by the product supplement for principal at risk securities) with the Securities and
Exchange Commission, or SEC, for the offering to which this communication relates. You should read the prospectus in that registration
statement, the product supplement for principal at risk securities and any other documents relating to this offering that Morgan Stanley
and MSFL have filed with the SEC for more complete information about Morgan Stanley, MSFL and this offering. When you read the accompanying
product supplement, please note that all references in such supplement to the prospectus dated November 16, 2023, or to any sections therein,
should refer instead to the accompanying prospectus dated April 12, 2024 or to the corresponding sections of such prospectus, as applicable.
You may get these documents without cost by visiting EDGAR on the SEC web site at.www.sec.gov. Alternatively,
Morgan Stanley, MSFL, any underwriter or any dealer participating in the offering will arrange to send you the product supplement for
principal at risk securities and prospectus if you so request by calling toll-free 1-(800)-584-6837.
You may access these documents on the SEC web site
at.www.sec.gov as follows:
Product
Supplement for Principal at Risk Securities dated November 16, 2023
Prospectus dated April 12, 2024
Terms used but not defined in this document are
defined in the product supplement for principal at risk securities or in the prospectus.
424B2
EX-FILING FEES
0000895421
333-275587
0000895421
2024-08-01
2024-08-01
iso4217:USD
xbrli:pure
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EX-FILING FEES
CALCULATION OF FILING FEE TABLES
S-3
MORGAN STANLEY
Narrative Disclosure
The maximum aggregate offering price of the securities to which the prospectus relates is $8,196,000.00. The
prospectus is a final prospectus for the related offering.
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Morgan Stanley (NYSE:MS-P)
過去 株価チャート
から 7 2024 まで 8 2024
Morgan Stanley (NYSE:MS-P)
過去 株価チャート
から 8 2023 まで 8 2024