Summary
Wells Fargo & Company (WFC) has announced its intention to redeem all outstanding shares of its Non-Cumulative Perpetual Class A Preferred Stock, Series O, and Series X, along with their associated depositary shares. This redemption is scheduled to occur on September 15, 2021. Following this action, no shares of these specific preferred stock series will remain outstanding. This proactive move by Wells Fargo to eliminate these preferred stock series suggests a strategic financial management decision. Investors holding these specific preferred securities should be aware of the redemption date and the terms associated with it, as their investment in these series will be concluded. The company has provided a press release detailing this event, which is incorporated by reference in the filing.
Key Highlights
- 1Wells Fargo is redeeming all outstanding Series O Preferred Stock and Series O Depositary Shares.
- 2Wells Fargo is also redeeming all outstanding Series X Preferred Stock and Series X Depositary Shares.
- 3The redemption date for both preferred stock series is set for September 15, 2021.
- 4Following the redemption, no shares of Series O or Series X Preferred Stock will remain outstanding.
- 5The announcement was made via a press release dated August 3, 2021.
- 6The redemption involves 26,000 shares of Series O Preferred Stock and 46,000 shares of Series X Preferred Stock.