Summary by Futu AI
JPMorgan Chase announced on August 20, 2024, its decision to redeem all 1.6 million outstanding depositary shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series X. The redemption is scheduled for October 1, 2024, and applies to shares with a par value of $1.00 and a liquidation preference of $10,000 per share.The redemption will be executed according to the optional redemption provisions outlined in the governing documents for both the depositary shares and the Series X Preferred Stock. Each depositary share represents a one-tenth interest in a share of the Series X Preferred Stock.