8-KCorporate ChangesExhibits & Filings

WELLS FARGO & COMPANY/MN 8-K Report, Bylaw Amendment (Apr 13, 2009)

Filed April 13, 2009For Securities:WFCWFC-PDWFC-PCWFC-PYWFC-PAWFC-PLWFCNPWFC-PZ

Summary

This 8-K filing from Wells Fargo & Company reports on a corporate action taken on April 13, 2009, involving the elimination of a specific series of preferred stock from its charter. Specifically, the company filed a Certificate Eliminating the Certificate of Designations for its 1999 ESOP Cumulative Convertible Preferred Stock with the Delaware Secretary of State. This action effectively removes all provisions related to this preferred stock series from the company's Restated Certificate of Incorporation. For investors, this filing signifies a structural change in the company's capital stock. The elimination of the 1999 ESOP Cumulative Convertible Preferred Stock suggests that this class of stock is no longer outstanding or relevant to the company's current capital structure. While the filing does not provide details on the financial implications or the reasons for this elimination, it is a formal step to simplify the company's corporate governance and equity structure. Investors should note this change as it pertains to the authorized and issued share classes of Wells Fargo.

Key Highlights

  • 1Wells Fargo filed a Certificate Eliminating the Certificate of Designations for its 1999 ESOP Cumulative Convertible Preferred Stock on April 13, 2009.
  • 2This action officially removes all provisions related to the 1999 ESOP Cumulative Convertible Preferred Stock from Wells Fargo's Restated Certificate of Incorporation.
  • 3The filing was made with the Delaware Secretary of State.
  • 4This corporate action effectively simplifies Wells Fargo's capital stock structure.
  • 5The exhibit related to this action (Exhibit 3(a)) is incorporated by reference into the filing.

Frequently Asked Questions

The elimination of this preferred stock series means it is no longer a part of Wells Fargo's authorized share classes in its charter. This simplifies the company's capital structure and corporate governance by removing the associated rights, preferences, and provisions.

This filing specifically addresses the removal of the stock's designations from the company's charter. While it strongly suggests the stock is no longer outstanding or relevant, the filing itself does not provide details on whether it was repurchased, redeemed, converted, or if it expired. Further investigation into previous filings or company statements might be needed for those specifics.

This filing is primarily a corporate housekeeping matter related to the company's charter and capital stock structure. It does not directly alter the rights or financial standing of existing common stockholders. However, a simplified capital structure can be viewed positively as it reduces complexity.

A Certificate of Designations details the specific rights and terms of a series of preferred stock. Eliminating it from the Restated Certificate of Incorporation means those specific terms no longer legally apply to that class of stock within the company's foundational corporate documents.