Summary
Wells Fargo & Company (WFC) announced on May 9, 2024, its intention to redeem all outstanding shares of its 5.90% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series S, and related depositary shares. The redemption is scheduled for June 17, 2024, after being adjusted from June 15th due to a non-business day. This action will result in no Series S Preferred Stock or Series S Depositary Shares remaining outstanding. This redemption is a significant event for holders of the Series S Preferred Stock as it marks the end of their investment in this specific security. Investors should note the redemption price, which is typically par value plus any accrued and unpaid dividends up to the redemption date, though the specific price is not detailed in this filing but would be in the accompanying press release. The company is exercising its call option on this preferred stock.
Key Highlights
- 1Wells Fargo is redeeming all outstanding Series S Preferred Stock and related depositary shares.
- 2The redemption date is June 17, 2024 (adjusted from June 15, 2024).
- 3This action will result in zero shares of Series S Preferred Stock and Series S Depositary Shares remaining outstanding.
- 4The redeemed preferred stock has a fixed-to-floating rate and a coupon of 5.90%.
- 5The filing includes the press release announcing this redemption as an exhibit.