Summary
Capital One Financial Corporation (COF) filed an 8-K on February 9, 2017, primarily to announce a quarterly dividend declaration and a resulting adjustment to its outstanding warrants. The Board of Directors declared a quarterly dividend of $0.40 per share, payable on February 24, 2017, to shareholders of record on February 13, 2017. This dividend payment, exceeding the threshold of $0.375 per share, triggers an adjustment to the exercise price of the Company's outstanding warrants. Effective February 13, 2017, the exercise price for these warrants will be reduced from $42.029 to $42.017 per share. This adjustment is a standard provision outlined in the terms of the warrants, designed to account for the distribution of value to shareholders through dividends. Investors holding these warrants should note this change, as it slightly reduces the cost to exercise their options. Further details regarding this adjustment and the warrants are available on Capital One's investor relations website.
Key Highlights
- 1Capital One declared a quarterly dividend of $0.40 per share on common stock.
- 2The dividend payment date is February 24, 2017.
- 3The record date for the dividend is February 13, 2017.
- 4The declared dividend of $0.40 per share exceeds the warrant adjustment threshold of $0.375 per share.
- 5The exercise price of outstanding warrants will be reduced effective February 13, 2017.
- 6The warrant exercise price is adjusted from $42.029 to $42.017 per share.
- 7Detailed information on warrant adjustments is available on the Company's investor relations website.