Berkshire Hathaway Exercises Warrants to Acquire Bank of America Common Stock
Tuesday, August 29, 2017
Bank of America today announced that Berkshire Hathaway Inc. exercised its warrants to purchase 700 million shares of Bank of America common stock using the Series T preferred shares Berkshire Hathaway acquired through its investment in Bank of America in 2011.
As a result, the number of Bank of America common shares outstanding has increased. However, there will be no effect on future diluted earnings per common share as this warrant exercise has been previously included in the company's diluted earnings per share calculation.
"In 2011, we welcomed Berkshire Hathaway as a shareholder, and we appreciate their continued support now as our largest common shareholder," said Bank of America Chief Executive Officer Brian Moynihan.
Certain statements in this news release are forward‐looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward‐looking statements speak only as of the date they are made, and Bank of America undertakes no obligation to update any forward‐looking statement to reflect the impact of circumstances or events that arise after the date the forward‐looking statement was made. Actual outcomes and results may differ materially from those expressed in, or implied by, any forward‐looking statements. You should not place undue reliance on any forward‐looking statement and should consider all of the uncertainties and risks discussed under Item 1A. "Risk Factors" of Bank of America's Annual Report on Form 10‐K for the year ended December 31, 2016 and in any of Bank of America's other subsequent Securities and Exchange Commission filings.
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 47 million consumer and small business relationships with approximately 4,500 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 34 million active users, including 23 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 in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Investors May Contact:
Lee McEntire, Bank of America, 1.980.388.6780
Jonathan G. Blum, Bank of America (Fixed Income), 1.212.449.3112
Reporters May Contact:
Jerry Dubrowski, Bank of America, 1.646.855.1195