Summary
This Form 8-K filing by Bank of America Corporation (BAC) on October 20, 2010, primarily concerns the registration for resale of a significant number of its common shares. Specifically, up to 50,354,545 shares of common stock were registered under an existing Form S-3 registration statement. These shares are to be resold by named selling stockholders, as detailed in two separate Prospectus Supplements filed on the same date. The filing also includes an opinion from McGuire Woods LLP, dated October 20, 2010, confirming the legality of these shares. For investors, this filing indicates potential for increased trading volume of BAC shares as selling stockholders prepare to liquidate their holdings.
Key Highlights
- 1Bank of America registered up to 50,354,545 shares of common stock for resale by selling stockholders.
- 2The registration utilizes an existing Form S-3 registration statement filed in April 2009.
- 3Two Prospectus Supplements, dated October 20, 2010, detail the resale of 31,254,545 shares and 19,100,000 shares respectively.
- 4The filing includes an opinion from McGuire Woods LLP regarding the legality of the registered shares.
- 5This action suggests that a substantial block of BAC shares may become available for trading.
- 6The filing does not report on new financial performance or significant operational changes.