When will the redemption occur?

The redemption is scheduled to take place on September 15, 2023.

What is the dividend rate on the redeemed preferred stock?

The Series Q Preferred Stock has a fixed-to-floating rate with an initial fixed rate of 5.85%.

Will this redemption affect common stockholders?

While the redemption affects a specific class of preferred stock, the immediate impact on common stockholders is likely limited to the company's capital structure optimization. Investors should monitor future capital management strategies and potential impacts on earnings per share.

WELLS FARGO & COMPANY/MN 8-K SEC Disclosure

Q: What is being redeemed?

Wells Fargo is redeeming all outstanding shares of its 5.85% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series Q, and its related depositary shares.

Summary

Wells Fargo & Company (WFC) announced on August 10, 2023, the redemption of all outstanding shares of its 5.85% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series Q, and its associated depositary shares. This redemption is set to occur on September 15, 2023, at which point no Series Q Preferred Stock or Depositary Shares will remain outstanding. This action signifies a move by Wells Fargo to eliminate a specific class of preferred stock from its capital structure.

Key Highlights

1Wells Fargo is redeeming all of its 5.85% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series Q.
2All associated depositary shares for the Series Q Preferred Stock are also being redeemed.
3The redemption date is scheduled for September 15, 2023.
4Following the redemption, no shares of Series Q Preferred Stock or Series Q Depositary Shares will be outstanding.
5The company announced this action via a press release filed on August 10, 2023.

WELLS FARGO & COMPANY/MN 8-K Report, Corporate Update (Aug 10, 2023)

Summary

Key Highlights

Frequently Asked Questions