8-KCorporate ChangesExhibits & Filings

WELLS FARGO & COMPANY/MN 8-K Report, Bylaw Amendment (Dec 16, 2020)

Filed December 16, 2020For Securities:WFCWFC-PDWFC-PCWFC-PYWFC-PAWFC-PLWFCNPWFC-PZ

Summary

Wells Fargo & Company (WFC) has filed an 8-K report detailing amendments to its corporate charter related to preferred stock. Specifically, the company has eliminated the certificates of designations for two series of its Non-Cumulative Perpetual Class A Preferred Stock: Series T and Series V. These actions were effective upon filing with the Delaware Secretary of State on December 16, 2020. For investors, this filing indicates a corporate housekeeping measure that removes specific terms and designations associated with these preferred stock series from the company's Restated Certificate of Incorporation. While the filing does not appear to directly impact the common stock or the fundamental financial operations of Wells Fargo, it is a procedural update that simplifies the company's capital structure documentation by removing previously established, but now defunct, preferred stock series designations.

Key Highlights

  • 1Wells Fargo has eliminated the Certificate of Designations for its Non-Cumulative Perpetual Class A Preferred Stock, Series T.
  • 2Wells Fargo has also eliminated the Certificate of Designations for its Non-Cumulative Perpetual Class A Preferred Stock, Series V.
  • 3These eliminations were filed with the Delaware Secretary of State on December 16, 2020.
  • 4The action effectively removes the terms of these specific preferred stock series from the company's Restated Certificate of Incorporation.
  • 5This filing is considered a corporate housekeeping or administrative action.
  • 6The filing does not appear to have immediate implications for the company's financial performance or common stock.
  • 7The updated charter documents (Exhibits 3.1 and 3.2) are incorporated by reference.

Frequently Asked Questions

Eliminating the Certificate of Designations means that the specific terms, rights, and preferences that were previously defined for that particular series of preferred stock are being removed from the company's official charter (Restated Certificate of Incorporation). It signifies that these series are no longer relevant or active in their defined state.

Based on the information provided in this 8-K filing, these are administrative changes related to specific series of preferred stock. They do not appear to have a direct impact on the rights or value of Wells Fargo's common stock.

Companies typically undertake such actions to streamline their corporate structure and simplify their charter documents. It may indicate that these preferred stock series were never issued, have been redeemed, or are no longer considered a part of the company's active capital structure, thus removing them makes the governing documents more concise.

The filing suggests that the terms associated with Series T and Series V of the Non-Cumulative Perpetual Class A Preferred Stock have been eliminated from the charter. This implies that either these series were never formally issued with those specific designations, or their terms are no longer applicable and are being formally removed from the company's foundational corporate documents.