AI English summary of an SEC filing — figures as filed
JPMorgan Chase JPMThe company issued 250,000 shares of its 6.875% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series NN, on March 12, 2024, with a par value of $1.00 per share and a liquidation preference of $10,000 per share.
Key points
AI summaryThe company issued 250,000 shares of its 6.875% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series NN, on March 12, 2024, with a par value of $1.00 per share and a liquidation preference of $10,000 per share.
JPMorgan Chase said it deposited 250,000 shares of Series NN preferred stock against depositary receipts, which correspond to 2,500,000 depositary shares issued by Computershare Inc. Each depositary share represents a one-tenth interest in 1 share of preferred stock.
The company said that if it does not declare dividends on the Series NN preferred stock for the most recently completed dividend period, its dividends, distributions, redemptions, and purchases or acquisitions of common stock and of preferred stock ranking on a parity with or junior to Series NN will be restricted. For liquidation payments, the restrictions apply if it does not pay Series NN holders $10,000 per share plus any declared and unpaid dividends.
The company said it completed the issuance and sale of 250,000 shares under the Underwriting Agreement on March 5, 2024, with the shares deposited against depositary receipts evidencing March 12 depositary shares. It said the Certificate of Designations was filed with the Delaware Secretary of State on March 11 and took effect upon filing.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Issuance of 250,000 Series NN Preferred Shares
The company issued 250,000 shares of its 6.875% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series NN, on March 12, 2024, with a par value of $1.00 per share and a liquidation preference of $10,000 per share.
Source · Based on the filing body and exhibits
Structure of 2,500,000 Depositary Shares
JPMorgan Chase said it deposited 250,000 shares of Series NN preferred stock against depositary receipts, which correspond to 2,500,000 depositary shares issued by Computershare Inc. Each depositary share represents a one-tenth interest in 1 share of preferred stock.
Source · Based on the filing body and exhibits
Restrictions on Common Stock if Dividends Are Not Declared
The company said that if it does not declare dividends on the Series NN preferred stock for the most recently completed dividend period, its dividends, distributions, redemptions, and purchases or acquisitions of common stock and of preferred stock ranking on a parity with or junior to Series NN will be restricted. For liquidation payments, the restrictions apply if it does not pay Series NN holders $10,000 per share plus any declared and unpaid dividends.
Source · Based on the filing body and exhibits
Underwriting Agreement and Delaware Certificate of Designations Effectiveness
The company said it completed the issuance and sale of 250,000 shares under the Underwriting Agreement on March 5, 2024, with the shares deposited against depositary receipts evidencing March 12 depositary shares. It said the Certificate of Designations was filed with the Delaware Secretary of State on March 11 and took effect upon filing.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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