Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Tuesday, December 8, 2009

Treasury Plans Offering of JPMorgan Chase Warrants

The U.S. Department of the Treasury today announced that it has commenced a secondary public offering of approximately 88,401,697 warrants to purchase the common stock of JPMorgan Chase & Co. (the "Company").  The offering is expected to price through a modified Dutch auction.  Deutsche Bank Securities Inc. is the sole book-running manager and Ramirez & Co., Inc., The Williams Capital Group, L.P. and Utendahl Capital Group, LLC are the co-managers for the offering.

Deutsche Bank Securities Inc., in its capacity as auction agent, has specified that the auction will commence at 8 a.m., Eastern Time, on December 10, 2009, and will close at 6:30 p.m., Eastern Time, on that same day  (the "submission deadline").  During the auction period, potential bidders will be able to place bids at any price (in increments of $0.25) at or above the minimum bid price of $8.00 per warrant. 

The auction procedures, and the strike price, expiration, and other terms of the warrants are described in the preliminary prospectus supplement.

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