Summary
JPMorgan Chase & Co. (JPM) has announced the upcoming redemption of its Series I Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock. This action, detailed in a press release dated September 30, 2022, signifies the company's intention to retire all 2,933,750 outstanding depositary shares representing this preferred stock class. The redemption is scheduled to take place on October 31, 2022, and is being executed under the optional redemption provisions outlined in the governing documents.
Key Highlights
- 1JPMorgan Chase & Co. (JPM) is redeeming all outstanding Series I Preferred Stock.
- 2The redemption affects 2,933,750 depositary shares, each representing a tenth interest in a Series I Preferred Stock share.
- 3The redemption date is set for October 31, 2022.
- 4This redemption is an optional action taken by the company.
- 5The Series I Preferred Stock is described as Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock.
- 6The press release announcing this action is attached as Exhibit 99 to the 8-K filing.