Goldman Sachs Group Files 8-K with SEC Revealing Issuance of Series Z Preferred Stock

The Goldman Sachs Group Inc. recently filed an 8-K form with the Securities and Exchange Commission, disclosing significant updates regarding the issuance of their Series Z Preferred Stock. The filing, dated January 21, 2025, outlined that the company’s ability to declare dividends on its common stock will undergo certain restrictions upon the issuance of the Series Z Preferred Stock. These restrictions, as detailed in the Certificate of Designations linked to the Series Z Preferred Stock, will come into effect should the company fail to pay dividends on the Series Z Preferred Stock.

Moreover, on the same date, January 21, 2025, Goldman Sachs Group submitted a Certificate of Designations to its Restated Certificate of Incorporation with the Delaware Secretary of State. This document outlined the specifics of the 6.850% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series Z, with a liquidation preference of $25,000 per share, known as the Series Z Preferred Stock. The Certificate of Designations related to this new stock offering is accessible in Exhibit 3.1 attached to the Form 8-K filing.

Additionally, accompanying exhibits were filed in connection with the offering, issuance, and sale of depositary shares representing interests in the company’s Series Z Preferred Stock under the Registration Statement on Form S-3 (File No. 333-269296).

The Form 8-K filing also outlined various exhibits, including the Certificate of Designations relating to the Series Z Preferred Stock, the Form of certificate representing the Series Z Preferred Stock, an opinion from Sullivan & Cromwell LLP concerning the depositary shares representing interests in the Series Z Preferred Stock, and other necessary disclosures.

As per regulatory requirements, the filing was signed by Matthew E. Tropp, Assistant Secretary on behalf of The Goldman Sachs Group, Inc., on January 24, 2025.

This filing marks an important development in Goldman Sachs Group’s financial structure and strategic initiatives, impacting its dividend declaration processes in the future.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read The Goldman Sachs Group’s 8K filing here.

The Goldman Sachs Group Company Profile

The Goldman Sachs Group, Inc, a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals worldwide. It operates through Global Banking & Markets, Asset & Wealth Management, and Platform Solutions segments. The Global Banking & Markets segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; and relationship lending, and acquisition financing, as well as secured lending, through structured credit and asset-backed lending and involved in financing under securities to resale agreements.