Summary
JPMorgan Chase & Co. has announced the redemption of all outstanding Series FF Preferred Stock, represented by depositary shares. This action, scheduled for August 1, 2024, involves the redemption of 2,250,000 depositary shares, each representing a tenth interest in a share of the Series FF Preferred Stock with a liquidation preference of $10,000 per share. The redemption is being executed under the optional redemption provisions outlined in the governing documents for these securities. This event is significant for investors holding these specific preferred stock depositary shares as it marks the return of their principal investment, plus any accrued dividends up to the redemption date, as per the terms of the securities. Investors should review the terms of their specific depositary shares and the company's press release for precise details regarding the redemption price and any associated payment procedures. This redemption is a strategic financial move by JPMorgan Chase, potentially to refinance at a lower cost or to optimize its capital structure.
Key Highlights
- 1JPMorgan Chase & Co. is redeeming all outstanding Series FF Preferred Stock depositary shares.
- 2The redemption date is set for August 1, 2024.
- 32,250,000 depositary shares are being redeemed.
- 4Each depositary share represents a one-tenth interest in a share of Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series FF.
- 5The Series FF Preferred Stock has a liquidation preference of $10,000 per share.
- 6The redemption is being conducted under the optional redemption provisions of the governing documents.
- 7A press release dated July 24, 2024, announcing this redemption is filed as an exhibit.