Summary
Wells Fargo & Company (WFC) filed an 8-K on February 1, 2021, to report on the issuance of a new series of preferred stock. Specifically, the company filed a Certificate of Designation on January 28, 2021, creating the 'Non-Cumulative Perpetual Class A Preferred Stock, Series CC.' This new series has a liquidation preference of $25,000 per share and 46,000 authorized shares. The filing details that on February 1, 2021, the company sold 40,000,000 Depositary Shares, each representing a fractional interest in this Series CC Preferred Stock. This issuance is part of Wells Fargo's ongoing capital management activities and provides additional information regarding its capital structure.
Key Highlights
- 1Wells Fargo designated a new series of preferred stock: 'Non-Cumulative Perpetual Class A Preferred Stock, Series CC'.
- 2The Series CC Preferred Stock has a liquidation preference of $25,000 per share.
- 3The company authorized 46,000 shares of this new preferred stock.
- 4On February 1, 2021, Wells Fargo sold 40,000,000 Depositary Shares, each representing a 1/1,000th interest in a share of the Series CC Preferred Stock.
- 5The issuance is associated with a Registration Statement on Form S-3.
- 6Key documents related to the issuance, including an Underwriting Agreement, Certificate of Designation, Deposit Agreement, and legal opinions, are filed as exhibits.