AI English summary of an SEC filing — figures as filed
Wells Fargo WFCThe company said it will redeem all 80,000 outstanding shares of its 5.875% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series U on June 15, 2025 (shifted to June 16 because of a non-business day), and the redemption will be effective on May 14, 2025.
Key points
AI summaryThe company said it will redeem all 80,000 outstanding shares of its 5.875% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series U on June 15, 2025 (shifted to June 16 because of a non-business day), and the redemption will be effective on May 14, 2025.
The company said the redemption price will be $25,000.00 per Series U preferred share and $1,000.00 per Series U Depositary Share, and 2,000,000 related Depositary Shares will be redeemed as well.
The company said no Series U preferred shares or Series U Depositary Shares will remain outstanding after the redemption takes effect, and the redemption price does not include declared and unpaid dividends. It said regular quarterly dividends will be paid separately on May 30, 2025 to holders of record at the close of business on June 15 (which, due to a non-business day, will shift to June 16).
The company said it has satisfied all regulatory requirements related to the redemption of the Series U preferred shares and Series U Depositary Shares. Computershare Trust Company, N.A. is the redemption agent, and it will send payment of the redemption price for the Depositary Shares to holders on the redemption date.
Summary
AI-writtenAnalysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Wells Fargo to Redeem Series U Preferred Stock
The company said it will redeem all 80,000 outstanding shares of its 5.875% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series U on June 15, 2025 (shifted to June 16 because of a non-business day), and the redemption will be effective on May 14, 2025.
Source · Based on the filing body and exhibits
Redemption Price and Depositary Share Amounts
The company said the redemption price will be $25,000.00 per Series U preferred share and $1,000.00 per Series U Depositary Share, and 2,000,000 related Depositary Shares will be redeemed as well.
Source · Based on the filing body and exhibits
No Shares Remain After Redemption; Dividends Paid Separately
The company said no Series U preferred shares or Series U Depositary Shares will remain outstanding after the redemption takes effect, and the redemption price does not include declared and unpaid dividends. It said regular quarterly dividends will be paid separately on May 30, 2025 to holders of record at the close of business on June 15 (which, due to a non-business day, will shift to June 16).
Source · Based on the filing body and exhibits
Regulatory Requirements Met and Redemption Agent
The company said it has satisfied all regulatory requirements related to the redemption of the Series U preferred shares and Series U Depositary Shares. Computershare Trust Company, N.A. is the redemption agent, and it will send payment of the redemption price for the Depositary Shares to holders on the redemption date.
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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