Summary
JPMorgan Chase & Co. (JPM) filed an 8-K on November 6-7, 2019, to report the issuance of its 4.75% Non-Cumulative Preferred Stock, Series GG. This issuance involves 90,000 shares of preferred stock, represented by 36,000,000 depositary shares. Each depositary share represents a 1/400th interest in a share of the Series GG Preferred Stock, with a liquidation preference of $10,000 per share. The filing details the terms and conditions of this new preferred stock offering, including dividend rights and restrictions on payments to common stockholders or other junior securities if dividends on the Series GG Preferred Stock are not declared. Investors should note that this is non-cumulative preferred stock, meaning missed dividend payments are not carried forward. The company has filed the necessary documentation, including the Certificate of Designations and the Deposit Agreement, to establish the rights and terms associated with this securities issuance.
Key Highlights
- 1JPMorgan Chase & Co. issued 90,000 shares of 4.75% Non-Cumulative Preferred Stock, Series GG.
- 2The preferred stock is represented by 36,000,000 depositary shares, with each depositary share representing 1/400th of a preferred share.
- 3The liquidation preference for the Series GG Preferred Stock is $10,000 per share.
- 4Dividends on the Series GG Preferred Stock are non-cumulative.
- 5Restrictions will be placed on payments to common stock and junior preferred stock if dividends on Series GG Preferred Stock are not declared for the most recent dividend period.
- 6The issuance was made under the Company's effective Registration Statement on Form S-3.
- 7Key legal and offering documents, including the Certificate of Designations and Deposit Agreement, have been filed as exhibits.