Summary by Moomoo AI
On March 12, 2024, JPMorgan Chase & Co. successfully completed the issuance and sale of 250,000 shares of its 6.875% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series NN. The shares, with a par value of $1.00 and a liquidation preference of $10,000 per share, were deposited against delivery of depositary receipts representing 2,500,000 depositary shares, each share representing a one-tenth interest in a Series NN share. This transaction was conducted under a Deposit Agreement dated March 12, 2024, between JPMorgan, Computershare Inc. as depositary, and the holders of the Depositary Receipts. The offering was made pursuant to the company's Registration Statement on Form S-3 and involved J.P. Morgan Securities LLC and other underwriters. The Certificate of Designations, filed on March 11, 2024, established the rights and preferences of the Series NN Preferred Stock. The sale's legal aspects were validated by a legal opinion from Simpson Thacher & Bartlett LLP, which is filed as an exhibit to the report.