CHARLOTTE, N.C.--(BUSINESS WIRE)--Bank of America Corporation today reminded holders of warrants issued January 16, 2009 to purchase shares of the Company’s common stock (CUSIP No. 060505 14 6) (the “Warrants”), that the Warrants will expire on Wednesday, January 16, 2019.
The Warrants were originally issued to the United States Department of the Treasury on January 16, 2009, and were offered to the public on March 9, 2010. The Warrants trade on the New York Stock Exchange (NYSE) under the symbol BAC WS A. The NYSE has notified the Company that it will suspend trading in the Warrants after the close of trading on January 11, 2019 so that trades can be settled by January 16, 2019.
As of December 31, 2018, there were 121,455,549 Warrants outstanding. Due to adjustments made in accordance with the terms of the Warrants, each Warrant represents the right to purchase 1.06 shares of common stock at the exercise price of $12.544 per share.
The Warrants are payable only by net share settlement, and warrantholders are not permitted to pay the exercise price in cash. This means that a number of shares of the Company’s common stock equal in value to the difference between the exercise price and the last reported sale price of the Company’s common stock on the exercise date would be issuable for each Warrant exercised, together with cash in lieu of any fractional shares of common stock.
A holder of Warrants can obtain further information on exercising the Warrants by contacting their broker. Brokers are encouraged to contact Computershare, the Company’s warrant agent, or The Depository Trust & Clearing Corporation in advance of the expiration date to confirm procedures for exercising Warrants and payment of the exercise price by net share settlement.
The Warrants do not exercise automatically upon expiration. Any Warrants not exercised prior to the expiration time on January 16, 2019 will expire and be canceled, and the holder will not receive any shares of the Company’s common stock for its unexercised Warrants.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,400 retail financial centers, approximately 16,100 ATMs, and award-winning digital banking with more than 36 million active users, including nearly 26 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.