Corporate ActionMay 8, 2026, 04:38 PM
Con Edison Establishes $2B At-The-Market Equity Program
AI Summary
Consolidated Edison, Inc. entered into an equity distribution agreement on May 8, 2026, establishing an at-the-market (ATM) equity program. This program allows the company to offer and sell up to $2 billion of its common shares through various sales agents and forward purchasers. The company expects to receive proceeds from the physical settlement of forward sale agreements, though other settlement options may not yield proceeds or could require the company to owe shares.
Key Highlights
- Con Edison established an at-the-market (ATM) equity distribution program.
- The company may offer and sell up to $2 billion of its common shares.
- The program involves 11 sales agents and forward purchasers.
- Sales agents' commission will not exceed 1.0% of the gross sales price.
- Forward sellers' commission will not exceed 1.0% of the volume-weighted average gross sales price.
- Sales can be made directly on the New York Stock Exchange.