Summary
Wells Fargo & Company (WFC) announced on May 11, 2021, its intention to redeem all remaining shares of its Non-Cumulative Perpetual Class A Preferred Stock, Series N. This redemption, scheduled for June 15, 2021, will eliminate all outstanding Series N Preferred Stock and related depositary shares. This action signifies a move to simplify its capital structure and potentially reduce future dividend obligations associated with this specific series of preferred stock.
Key Highlights
- 1Wells Fargo is redeeming its entire outstanding Series N Preferred Stock and associated depositary shares.
- 2The redemption date is set for June 15, 2021.
- 3Following the redemption, no Series N Preferred Stock or depositary shares will remain outstanding.
- 4This action is expected to streamline the company's capital structure.
- 5The redemption will cease dividend payments related to the Series N Preferred Stock.