Summary
JPMorgan Chase & Co. (JPM) issued a timely reminder on October 17, 2018, to all holders of its outstanding common stock warrants regarding their imminent expiration. The warrants are set to expire on Sunday, October 28, 2018. Investors holding these warrants need to be aware of crucial deadlines to exercise their rights before they become void. The primary takeaway for investors is the need for immediate action if they intend to exercise their warrants. Due to the expiration date falling on a non-trading day (Sunday) and subsequent settlement procedures, the effective deadline for exercising warrants is Friday, October 26, 2018, at the cutoff time set by the Depository Trust & Clearing Corporation (DTCC). The New York Stock Exchange (NYSE) will suspend trading of these warrants after the close of trading on Tuesday, October 23, 2018, to ensure all trades are settled by the specified Friday deadline. Warrants not exercised by this date will expire worthless.
Key Highlights
- 1JPMorgan Chase & Co. (JPM) is reminding warrant holders of the upcoming expiration of outstanding common stock warrants.
- 2The official expiration date for the warrants is Sunday, October 28, 2018.
- 3Due to the expiration date falling on a weekend, the practical deadline to exercise warrants is Friday, October 26, 2018, at the DTCC cutoff time.
- 4The NYSE will suspend trading in the warrants after market close on Tuesday, October 23, 2018, to facilitate settlement by October 26th.
- 5Any warrants not exercised by the DTCC cutoff on October 26, 2018, will expire and become void, resulting in no common stock being issued to the holder.
- 6The filing includes Exhibit 99, a press release from October 17, 2018, detailing this reminder.