Summary
This Form 8-K filing from Wells Fargo & Company (WFC) on March 15, 2011, reports on the completion of a contractual obligation related to preferred stock issuance. Specifically, on March 14, 2011, the Company issued 25,010 shares of its Class A, Series I Preferred Stock to Wachovia Capital Trust III. Each share has a liquidation preference of $100,000, for a total issuance value of $2.501 billion. This transaction fulfills the requirements of a Stock Purchase Contract Agreement originally dated February 1, 2006, as amended, between the Trust and the Company (as the successor to Wachovia Corporation). For investors, this event signifies the closure of a prior financial commitment, potentially impacting capital structure and balance sheet disclosures. The filing references an incorporated exhibit detailing the Certificate of Designations for this preferred stock series.
Key Highlights
- 1Wells Fargo & Company completed the issuance of 25,010 shares of Class A, Series I Preferred Stock.
- 2The preferred stock has a liquidation preference of $100,000 per share.
- 3The total value of the preferred stock issued is $2,501,000,000 (25,010 shares * $100,000/share).
- 4The issuance was made to Wachovia Capital Trust III.
- 5This action fulfills obligations under a Stock Purchase Contract Agreement dated February 1, 2006, as amended.
- 6The Company is acting as the successor to Wachovia Corporation in this agreement.
- 7The filing includes a reference to the Certificate of Designations for the Class A Preferred Stock, Series I.