Wells Fargo & Company Reports Designation and Sale of Preferred Stock Depositary Shares
Summary
On March 16, 2026, Wells Fargo & Company designated "6.125% Fixed Rate Reset Non-Cumulative Perpetual Class A Preferred Stock, Series GG," authorizing 90,000 shares with a $25,000 per share liquidation preference (via Ex. 3.1). Subsequently, on March 18, 2026, the Company sold 2,250,000 Depositary Shares, each representing a 1/25th interest in a Series GG Preferred Stock share. This transaction involved an Underwriting Agreement dated March 11, 2026, and a Deposit Agreement dated March 18, 2026 (via Ex. 4.1).
Why It Matters
The designation and sale of Series GG Preferred Stock Depositary Shares represent a capital markets activity that impacts the company's capital structure and funding strategy. Investors should note the terms of the new preferred stock and the volume of depositary shares issued.
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Key Quote
“Financial Statements and Exhibits On March 18, 2026, the Company sold 2,250,000 Depositary Shares (the "Depositary Shares"), each Depositary Share representing a 1/25th interest in a share of the Company's Series GG Preferred Stock.”
— From Item 9.01
Filing Details
Reported Items
Additional Information
- CIK Number
- 0000072971
- Filing Date
- Wednesday, March 18, 2026
- Filing Time
- 12:00 AM UTC
- Form Type
- 8-K
- Materiality Level
- medium
- Sentiment
- neutral