Corporate ActionMay 7, 2026, 04:27 PM
JPMorgan Issues 300,000 Series PP Preferred Shares at 6.100%
AI Summary
JPMorgan Chase & Co. completed the issuance and sale of 300,000 shares of its 6.100% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series PP, on May 7, 2026. These shares, with a liquidation preference of $10,000 per share, were deposited against 3,000,000 depositary shares, each representing a one-tenth interest. The company also filed a Certificate of Designations establishing the rights and restrictions of the new preferred stock, which includes limitations on common stock dividends if preferred dividends are not declared.
Key Highlights
- JPMorgan issued 300,000 shares of 6.100% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series PP.
- Each Series PP Preferred Stock has a liquidation preference of $10,000 per share.
- The shares were deposited against 3,000,000 depositary shares.
- Each depositary share represents a one-tenth interest in a Series PP Preferred Stock share.
- The Certificate of Designations establishes rights and restrictions for the Series PP Preferred Stock.
- Restrictions apply to common stock dividends if preferred dividends are not declared.