Summary
This Form 8-K filing by Wells Fargo & Company/MN (WFC) on July 22, 2013, primarily reports on the designation and subsequent sale of a new series of preferred stock. The company officially designated 69,000 shares of "Non-Cumulative Perpetual Class A Preferred Stock, Series Q" on July 19, 2013. This new series carries a liquidation preference of $25,000 per share. Following the designation, on July 22, 2013, Wells Fargo completed the sale of 69,000,000 Depositary Shares. Each Depositary Share represents a 1/1,000th interest in a share of the Series Q Preferred Stock. This issuance is part of the company's ongoing capital management activities and provides additional details on the terms and conditions of this new preferred stock offering.
Key Highlights
- 1Wells Fargo & Company/MN (WFC) designated a new series of preferred stock: "Non-Cumulative Perpetual Class A Preferred Stock, Series Q".
- 269,000 shares of Series Q Preferred Stock were authorized, with a liquidation preference of $25,000 per share.
- 3On July 22, 2013, the company sold 69,000,000 Depositary Shares.
- 4Each Depositary Share represents a 1/1,000th interest in a share of the Series Q Preferred Stock.
- 5The filing includes the Certificate of Designation for the Series Q Preferred Stock.
- 6Various agreements and opinions related to the issuance, including the Underwriting Agreement and Deposit Agreement, are filed as exhibits.
- 7This issuance is in connection with a Registration Statement on Form S-3 previously filed by the company.