Wells Fargo Sells $1.75B of New Series HH Preferred Stock Depositary Shares

Wells Fargo & Company announced the designation and sale of a new series of preferred stock. The company sold 1,750,000 Depositary Shares, generating gross proceeds of $1.75 billion. Each Depositary Share represents a fractional interest in the newly created Series HH Preferred Stock.

Key Details

• Offering: The company sold 1,750,000 Depositary Shares at a public price of $1,000 per share, for total proceeds of $1.75 billion.
• Security: Each Depositary Share represents a 1/25th interest in a share of the “6.55% Fixed Rate Reset Non-Cumulative Perpetual Class A Preferred Stock, Series HH,” which has a liquidation preference of $25,000 per share.
• Dividend Terms: The Series HH Preferred Stock will pay non-cumulative dividends at a fixed annual rate of 6.55% until September 15, 2031. After this date, the dividend rate will reset every five years to the Five-year Treasury Rate plus 2.174%.
• Effective Date: The sale of the Depositary Shares occurred on August 19, 2026, following the filing of the Certificate of Designation on August 17, 2026.