Summary
JPMorgan Chase & Co. (JPM) has announced the redemption of its Series Z Preferred Stock, effective February 1, 2022. This action involves the redemption of all 2,000,000 outstanding depositary shares, each representing a one-tenth interest in the preferred stock. The redemption is being executed under the optional redemption provisions outlined in the governing documents for these securities.
Key Highlights
- 1JPM is redeeming all outstanding Series Z Preferred Stock.
- 2The redemption date is February 1, 2022.
- 32,000,000 depositary shares are being redeemed.
- 4Each depositary share represents a 1/10th interest in a share of Series Z Preferred Stock.
- 5The redemption is an optional call by JPM.
- 6A press release dated December 31, 2021, details this event.
- 7The filing includes the press release as an exhibit.
Frequently Asked Questions
JPMorgan Chase is redeeming all of its outstanding Series Z Fixed-to-Floating Rate Non-Cumulative Preferred Stock.
The redemption will be effective on February 1, 2022.
JPMorgan Chase is redeeming 2,000,000 depositary shares.
The company is exercising its option to redeem the preferred stock as per the terms outlined in the governing documents.