Summary
PNC Financial Services Group, Inc. (PNC) filed an 8-K on July 13, 2017, to report on two key events: the declaration of a quarterly dividend and a subsequent adjustment to outstanding warrants. The Board of Directors declared a quarterly dividend of $0.75 per share, payable on August 5, 2017, to shareholders of record as of July 17, 2017. This dividend declaration, exceeding $0.66 per share, triggered an adjustment to the exercise price of outstanding warrants. Effective July 17, 2017, the warrant exercise price will be reduced from $67.33 to $67.282 per share. The number of shares issuable upon exercise of the warrants remains unchanged at 1.00. Investors can find further details regarding these warrant adjustments on PNC's investor relations website.
Key Highlights
- 1PNC declared a quarterly common stock dividend of $0.75 per share.
- 2The dividend is payable on August 5, 2017.
- 3Shareholders of record on July 17, 2017, will receive the dividend.
- 4The declared dividend exceeded the $0.66 per share threshold for warrant adjustments.
- 5The exercise price of outstanding warrants will be reduced from $67.33 to $67.282 per share.
- 6This warrant price adjustment is effective as of July 17, 2017.
- 7The number of shares per warrant remains unchanged at 1.00.