8-KOther EventsExhibits & Filings

WELLS FARGO & COMPANY/MN 8-K Report, Corporate Update (May 9, 2024)

Filed May 9, 2024For Securities:WFCWFC-PDWFC-PCWFC-PYWFC-PAWFC-PLWFCNPWFC-PZ

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.

Frequently Asked Questions

Wells Fargo & Company is redeeming all outstanding shares of its 5.90% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series S, and the related depositary shares.

The redemption is scheduled for June 17, 2024. This date was shifted from June 15, 2024, because June 15th was a non-business day.

For investors holding the Series S Preferred Stock or its depositary shares, this means their investment in this specific security will be terminated. They will receive the redemption price, typically par value plus any accrued and unpaid dividends, on the redemption date.

No, after the redemption on June 17, 2024, there will be no shares of the Series S Preferred Stock or Series S Depositary Shares remaining outstanding.