您的浏览器禁用了JavaScript(一种计算机语言,用以实现您与网页的交互),请解除该禁用,或者联系我们。[美股招股说明书]:高盛美股招股说明书(2025-06-26版) - 发现报告

高盛美股招股说明书(2025-06-26版)

2025-06-25美股招股说明书顾***
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高盛美股招股说明书(2025-06-26版)

Subject to Completion. Dated June 25, 2025.GS Finance Corp.$Autocallable Basket-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc. The notes do not bear interest.The amount that you will be paid on your notes is based on theperformance of an equally weighted basket comprised of the Class A common stock of Cloudflare, Inc.,the common stock of Marvell Technology, Inc., the Class A common stock of Palantir TechnologiesInc., the Class A common stock of Robinhood Markets, Inc. and the common stock of Vistra Corp. (thebasket stocks). Each basket stock has an initial weighting of 20% and an initial weighted value of 20. The notes will mature on the stated maturity date (expected to be July 16, 2029), unless they areautomatically called on any call observation date commencing on July 7, 2026. The initial basket level is 100 and the closing level of the basket on any call observation date and onthe determination date (expected to be July 9, 2029), as applicable, will equal thesumof theproducts,as calculated for each basket stock, of: (i) its closing price on the applicable call observation date ordetermination date, as applicable,dividedby its initial basket stock price (set on the trade date,expected to be July 7, 2025, and will be an intra-day price or the closing price of one share of suchbasket stock on the trade date)multipliedby (ii) its initial weighted value. Your notes will be automatically called on a call observation date if the closing level of the basket onsuch date isgreater thanorequal tothe initial basket level, resulting in a payment on thecorresponding call payment date for each $1,000 face amount of your notes equal to (i) $1,000plus(ii)theproductof $1,000timesthe applicable call premium amount. The call observation dates, the callpayment dates and the applicable call premium amount for each call payment date are specified onpage S-5 of this prospectus supplement. If your notes are not automatically called on any call observation date, we will calculate the basketreturn, which is the percentage increase or decrease in the closing level of the basket on thedetermination date (the final basket level) from the initial basket level. At maturity, for each $1,000 faceamount of your notes, you will receive an amount in cash equal to: ●if the basket return ispositiveorzero(the final basket level isgreater thanorequal tothe initialbasket level), thesumof (i) $1,000plus(ii) theproduct of(a) $1,000times(b) the basket return;●if the basket return isnegativebut not below -45% (the final basket level isless thanthe initial basketlevel, but not by more than 45%), $1,000; or ●if the basket return isnegativeand is below -45% (the final basket level isless thanthe initial basketlevel, by more than 45%), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the basketreturn.You will receive less than 55% of the face amount of your notes. Declines in one basket stock may offset increases in the other basket stocks. You should read the disclosure herein to better understand the terms and risks of yourinvestment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.See page S-21. The estimated value of yournotes at the time the terms of your notes are set on the trade date isexpected to be between $905 and $945 per $1,000 face amount. For a discussion of the estimatedvalue and the price at which Goldman Sachs & Co. LLC would initially buy or sell your notes, if itmakes a market in the notes, see the following page. Original issue date:expected to be July 10,Original issue price:100% of the face Underwritingdiscount:* The original issue price will be % for certain investors; see “Supplemental Plan of Distribution” onpage S-44 for additional information regarding the fees comprising the underwriting discount. Neither the Securities and Exchange Commission nor any other regulatory body has approvedor disapproved of these securities or passed upon the accuracy or adequacy of thisprospectus. Any representation to the contrary is a criminal offense. The notes are not bankdeposits and are not insured by the Federal Deposit Insurance Corporation or any othergovernmental agency, nor are they obligations of, or guaranteed by, a bank. Goldman Sachs & Co. LLCProspectus Supplement No.dated, 2025. The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially.We may decide to sell additional notes after the date of this prospectus supplement, at issue pricesand with underwriting discounts and net proceeds that differ from the amounts set forth above. Thereturn (whether positive or negative) on your investment in notes will depend in part on the issue priceyou pay for such notes. GS Finance Corp. may use this prospectus in the initial sale of the notes. In addition, Goldman Sachs& Co. LLC or any other affiliate of GS Finance Corp. may use this prospectus in a market-makingtransaction in a note after its initial sale.Unless GS Finance