Nice job tone-deaf Mgmt - way to stick it to the employee holders of RSUs vesting on 3/15. You couldn't wait until March vesting passed by....
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All banks do this routinely. The problem is with id--ts who follow other id--ts on social media that do not know what they are talking about.
A shelf registration S-3 filing allows banks to move quickly to capitalize on changes in the market. Wells Fargo has $9.5 billion of assets in their shelf registration that they can sell or not sell immediately without having to file another S-3.
If you have an asset and the value goes up rapidly due to an event, you can sell it immediately. A bank can't without filing an S-3 first. Using a shelf registration, a bank can pre-file assets that they may or may not sell. Doing so allows them to avoid delays.
Feel free to search for these S-3 shelf registrations on the SEC EDGAR site. They are common and have nothing to do with SVB fallout.
More shitshow from Charlie Company.
This is Charlie trying to get back some of the cash he wasted buying WFC stock at higher prices.
Even $21 Billion in stock buybacks can’t support the price of this p.o.s. stock.
Buyers beware. Shareholders beware. Regulators beware.
The announcement of this mixed-securities shelf offering is seen as a positive step for Wells Fargo, as it indicates the bank’s commitment to strengthening its balance sheet and ensuring its long-term financial health. It remains to be seen how successful the offering will be, but many analysts are optimistic about its potential to raise significant funds for the bank.
So Charlie spent $21 Billion in 2022 buying back company stock. Now he wants to raise $9.5 Billion by selling various WFC Securities in order to raise capital???
WTF???
Some regulator needs to take a good hard look at how this company is being mismanaged.
Seems the market hasn't reacted to the news. Could be that they just see it as a shelf offering and not actually selling shares yet
Buying SVB? Raising money for all the severance packages they anticipate handing out soon? If it’s the latter, let it be me!!
It's easily found online...just not from the boomer sources you use.
Nothing about this online.
This is like getting your loan set up before going to the dealer.