Fifth Third said on June 11, 2024 that it entered into a new share repurchase agreement with Morgan Stanley & Co. LLC, under which it plans to buy approximately $125 million of common stock issued under the agreement.

1. 01

   Fifth Third said on June 11, 2024 that it entered into a new share repurchase agreement with Morgan Stanley & Co. LLC, under which it plans to buy approximately $125 million of common stock issued under the agreement.

2. 02

   The company said the repurchase is part of the 100 million share repurchase program it previously announced in a press release on June 18, 2019 and in a Form 8-K current report filed on June 20, 2019.

3. 03

   The company said it will pay Morgan Stanley a total of $125 million on June 12, 2024 and expects to receive a substantial majority of the shares under the agreement by that same date. It said settlement is expected on or before June 27, 2024.

4. 04

   The company said the actual number of shares Morgan Stanley will deliver is based generally on a discount to the average of the daily volume-weighted average NASDAQ prices of its common stock during the term of the agreement. It also said Morgan Stanley may terminate the agreement upon certain extraordinary events, in which case the company may receive fewer shares than expected.

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Original filing

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