Summary
JPMorgan Chase & Co. (JPM) has announced the redemption of its Series X Preferred Stock, which is represented by depositary shares. The redemption is scheduled for October 1, 2024, and affects all 1,600,000 outstanding depositary shares. This action is being taken under the optional redemption provisions outlined in the governing documents for both the depositary shares and the Series X Preferred Stock. Investors holding these depositary shares should be aware that their investment will be redeemed on the specified date, with the company likely returning the liquidation preference amount plus any accrued dividends up to the redemption date, subject to the terms of the offering.
Key Highlights
- 1JPMorgan Chase & Co. announced the redemption of its Series X Preferred Stock.
- 2The redemption date is set for October 1, 2024.
- 3All 1,600,000 outstanding depositary shares representing the Series X Preferred Stock will be redeemed.
- 4The redemption is exercised under the optional redemption provisions of the governing documents.
- 5This filing includes the press release announcing the redemption as an exhibit.