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.
Frequently Asked Questions
JPMorgan Chase & Co. is redeeming all outstanding depositary shares, each representing a one-tenth interest in its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series X.
The redemption is scheduled to take place on October 1, 2024.
A total of 1,600,000 outstanding depositary shares are subject to this redemption.
The company is exercising its option to redeem the Series X Preferred Stock as provided for in the security's governing documents. This is a common practice for financial institutions to manage their capital structure, potentially taking advantage of lower interest rates or optimizing their cost of capital.