Summary
Wells Fargo & Company (WFC) filed an 8-K report on September 15, 2015, to announce the creation and subsequent sale of a new series of preferred stock. The company filed a Certificate of Designation on September 11, 2015, to establish "Non-Cumulative Perpetual Class A Preferred Stock, Series V," authorizing 40,000 shares with a liquidation preference of $25,000 per share. Following this designation, on September 15, 2015, Wells Fargo sold 40,000,000 Depositary Shares. Each Depositary Share represents a 1/1,000th interest in one share of the Series V Preferred Stock. This transaction, facilitated by an Underwriting Agreement with Wells Fargo Securities, LLC, represents a capital raising activity by the company. Investors interested in this filing should note the specific terms of the Series V Preferred Stock and its associated Depositary Shares, including the non-cumulative dividend feature and the liquidation preference.
Key Highlights
- 1Wells Fargo & Company designated a new series of preferred stock: "Non-Cumulative Perpetual Class A Preferred Stock, Series V".
- 2The Certificate of Designation was filed on September 11, 2015, effective immediately.
- 3The Series V Preferred Stock has a liquidation preference of $25,000 per share.
- 4On September 15, 2015, Wells Fargo sold 40,000,000 Depositary Shares.
- 5Each Depositary Share represents a 1/1,000th interest in a share of the Series V Preferred Stock.
- 6The transaction involved an Underwriting Agreement with Wells Fargo Securities, LLC.
- 7The filing includes various exhibits detailing the Series V Preferred Stock, Deposit Agreement, and related opinions.