8-KOther EventsExhibits & Filings

JPMORGAN CHASE & CO 8-K Report, Corporate Update (Feb 6, 2014)

Filed February 6, 2014For Securities:JPMJPM-PCJPM-PDJPM-PKJPM-PLJPM-PMJPM-PJAMJBVYLD

Summary

JPMorgan Chase & Co. (JPM) filed an 8-K report on February 6, 2014, to disclose the completion of a secondary offering of its Series T Preferred Stock. Specifically, the company completed the issuance and sale of an additional 7,500 Shares of its 6.70% Non-Cumulative Preferred Stock, Series T. These shares were deposited against delivery of 3,000,000 depositary shares, each representing 1/400th of a share. This issuance was a result of the underwriters exercising their option to purchase additional depositary shares under an Underwriting Agreement dated January 23, 2014. This event is primarily administrative, confirming the successful sale of preferred stock which was previously registered under a Form S-3 filing. The filing also includes an opinion from legal counsel, Simpson Thacher & Bartlett LLP, regarding the legality of the issued preferred stock and depositary shares, filed as an exhibit. For investors, this indicates the company has raised additional capital through preferred equity, reinforcing its financial position.

Key Highlights

  • 1JPMorgan Chase & Co. completed the issuance and sale of additional 7,500 Shares of its 6.70% Non-Cumulative Preferred Stock, Series T.
  • 2The offering involved 3,000,000 depositary shares, each representing a fraction of a preferred stock share.
  • 3This issuance was made pursuant to the exercise of an option by the underwriters.
  • 4The sale was conducted under a previous registration statement on Form S-3 (File No. 333-191692).
  • 5The filing includes an exhibit with a legal opinion from Simpson Thacher & Bartlett LLP concerning the legality of the preferred stock and depositary shares.
  • 6This 8-K filing is primarily an 'Other Events' disclosure, confirming the completion of a previously planned financing activity.

Frequently Asked Questions

The main purpose of this 8-K filing was to report the completion of JPMorgan Chase & Co.'s issuance and sale of an additional 7,500 Shares of its 6.70% Non-Cumulative Preferred Stock, Series T, as a result of underwriters exercising their option.

The Series T Preferred Stock is a class of preferred stock issued by JPMorgan Chase & Co. with a fixed dividend rate of 6.70% per annum, stated as non-cumulative, and has a liquidation preference of $10,000 per share.

No, this 8-K filing does not provide new financial performance information such as earnings results. It is an 'Other Events' disclosure focused on a specific capital-raising transaction that had been previously registered.

The legal opinion from Simpson Thacher & Bartlett LLP, filed as an exhibit, serves to provide assurance to investors and regulatory bodies that the Series T Preferred Stock and the associated depositary shares were legally issued in accordance with applicable laws and regulations.