American Express 8-K

Summary

Series E preferred share issuance and planned Series D redemption. American Express closed the sale of 1.6 million depositary shares on 8/12/2026, each representing a 1/1,000th interest in a Series E preferred share. It plans to send a redemption notice for all Series D depositary shares, with redemption scheduled for 9/15/2026.

Key Figures

• Series E: 1,600 preferred shares issued, represented by 1.6 million depositary shares; 6.450% fixed-rate reset, noncumulative dividends; $1.0M liquidation preference per preferred share.
• Series D: planned redemption price of $1,000 per depositary share, equivalent to $1.0M per preferred share, plus any declared and unpaid dividends. The 8-K is not the redemption notice.
• If the company does not pay full Series E dividends, restrictions apply to dividends, distributions, redemptions, purchases, acquisitions and liquidation payments on common shares and parity-ranking preferred shares, including Series D.

Investor Takeaways

• Watch for the formal Series D redemption notice and completion of the planned full redemption on 9/15/2026.