Summary
This Form 8-K filing from Bank of America Corporation (BAC) on March 9, 2010, reports on the closing of two secondary public offerings of warrants by the U.S. Department of the Treasury. These offerings involved "A Warrants" and "B Warrants," totaling over 272 million warrants in aggregate, which represent rights to purchase Bank of America common stock at specified exercise prices. The "A Warrants" were offered at $8.35 per warrant with an exercise price of $13.30, and the "B Warrants" were offered at $2.55 per warrant with an exercise price of $30.79. Notably, Bank of America Corporation did not receive any proceeds from these warrant offerings, as they were solely conducted by the Treasury. The offerings were completed through an auction process and involved standard underwriting and warrant agreements.
Key Highlights
- 1The U.S. Department of the Treasury closed secondary public offerings for two series of Bank of America warrants: 'A Warrants' and 'B Warrants'.
- 2A total of 150,375,940 'A Warrants' were offered at $8.35 each, exercisable at $13.30 per share.
- 3A total of 121,792,790 'B Warrants' were offered at $2.55 each, exercisable at $30.79 per share.
- 4Bank of America Corporation did not receive any proceeds from these warrant offerings.
- 5The pricing and allocation of warrants were determined through an auction process.
- 6The offerings were conducted under an automatic shelf registration statement on Form S-3.
- 7Bank of America and certain officers/directors entered into 45-day "lock-up" agreements related to the offerings.