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.
Frequently Asked Questions
Wells Fargo is redeeming all remaining 14,000 shares of its Non-Cumulative Perpetual Class A Preferred Stock, Series N, and the 14,000,000 related depositary shares.
The redemption is scheduled to occur on June 15, 2021.
The redemption will simplify Wells Fargo's capital structure by eliminating one class of its preferred stock and related depositary shares, potentially reducing future dividend expenses.
Holders of the Series N Preferred Stock and related depositary shares should refer to the redemption notice and associated materials provided by Wells Fargo for specific instructions regarding the redemption process and payment.