Summary
PNC Financial Services Group, Inc. (PNC) filed an 8-K on October 16, 2018, to report on two key events related to its common stock and outstanding warrants. The company's Board of Directors declared a quarterly dividend of $0.95 per share, payable on November 5, 2018, to shareholders of record as of October 17, 2018. This dividend payment is noteworthy as it exceeds the threshold triggering an adjustment to the terms of the company's outstanding warrants. Specifically, the declaration of a dividend greater than $0.66 per share has led to an adjustment in the exercise price of warrants expiring on December 31, 2018. Effective October 17, 2018, the warrant exercise price will be reduced from $67.016 to $66.861 per share, while the warrant share number remains unchanged at 1.00. Investors holding these warrants should note this change, and further details are available on PNC's investor relations website.
Key Highlights
- 1PNC declared a quarterly common stock dividend of $0.95 per share.
- 2The dividend payment date is November 5, 2018.
- 3The record date for the dividend is October 17, 2018.
- 4The declared dividend ($0.95) exceeds the warrant adjustment threshold of $0.66 per share.
- 5The exercise price of outstanding warrants will be adjusted downwards.
- 6The warrant exercise price will decrease from $67.016 to $66.861 per share.
- 7The adjustment to the warrant exercise price is effective October 17, 2018.