Summary
Wells Fargo & Company (WFC) announced through an 8-K filing on November 5, 2020, its intention to redeem all outstanding shares of its Non-Cumulative Perpetual Class A Preferred Stock, Series T, and Series V, along with their corresponding depositary shares. The redemption is scheduled to occur on December 15, 2020. This action will result in the complete elimination of these specific preferred stock series and their associated depositary shares from the company's capital structure. Investors holding these particular securities should be aware of the redemption date and the terms of the redemption as detailed in the accompanying press releases, which are filed as exhibits to this report.
Key Highlights
- 1Wells Fargo is redeeming all outstanding shares of Series T Preferred Stock and Series T Depositary Shares.
- 2Wells Fargo is also redeeming all outstanding shares of Series V Preferred Stock and Series V Depositary Shares.
- 3The redemption date for both series of preferred stock and depositary shares is December 15, 2020.
- 4Following the redemption, no shares of Series T or Series V Preferred Stock or their related depositary shares will remain outstanding.
- 5The company announced these redemptions via press releases filed as exhibits to the 8-K.
- 6This action simplifies the company's capital structure by eliminating specific preferred stock issuances.