8-KCorporate ChangesExhibits & Filings

WELLS FARGO & COMPANY/MN 8-K Report, Bylaw Amendment (Jun 18, 2024)

Filed June 18, 2024For Securities:WFCWFC-PDWFC-PCWFC-PYWFC-PAWFC-PLWFCNPWFC-PZ

Summary

Wells Fargo & Company filed an 8-K on June 18, 2024, to report a corporate action related to its preferred stock. Specifically, the company eliminated the Certificate of Designations for its 5.90% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series S. This action, effective upon filing with the Delaware Secretary of State, removes the provisions related to this specific series of preferred stock from the company's Restated Certificate of Incorporation. This filing is primarily a procedural update and does not appear to signal an immediate change in the company's financial performance or outstanding capital structure from an investor's perspective. Investors should note that the Series S Preferred Stock, which was originally designated in April 2014, has now had its specific designation removed from the company's charter. The impact on existing holders of this preferred stock or the overall financial health of Wells Fargo is not detailed in this particular filing.

Key Highlights

  • 1Wells Fargo eliminated the Certificate of Designations for its 5.90% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series S.
  • 2This action was effective upon filing with the Delaware Secretary of State on June 18, 2024.
  • 3The elimination removes all provisions related to the Series S Preferred Stock from Wells Fargo's Restated Certificate of Incorporation.
  • 4The Series S Preferred Stock was originally designated on April 21, 2014.
  • 5This filing is a procedural update to the company's corporate governance documents.
  • 6No immediate financial implications for the company or its common stockholders are indicated by this filing.

Frequently Asked Questions

The main purpose of this filing is to formally remove the specific designations and provisions related to Wells Fargo's 5.90% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series S from its Restated Certificate of Incorporation. This is a procedural update to its corporate governance documents.

This filing indicates the elimination of the *designations* for the Series S Preferred Stock from the company's charter. The specific implications for any existing holders of this particular series of preferred stock are not detailed in this 8-K. Investors holding this series should refer to the original offering documents and consult with their financial advisor for precise details.

Based on the information provided in this 8-K, there are no immediate financial consequences for Wells Fargo or its common shareholders indicated. This appears to be a housekeeping or administrative action regarding a specific class of preferred stock.

Eliminating the Certificate of Designations means that the specific terms, rights, and preferences that were previously defined for that particular series of preferred stock within the company's charter are now removed. It essentially cancels the formal establishment of those specific characteristics for that stock series within the company's foundational legal documents.