JPMorgan Chase Adjusts Warrant Exercise Price

JPMorgan Chase & Co. JPM disclosed Friday that in line with the terms of the outstanding warrants to purchase common stock, the company indicated that its warrant Exercise Price would be reduced to $42.136 per share from $42.204 per share. The move would become effective from the close of business on July 6.

The company said that this adjustment was due to the declaration of the board of directors on May 17 of a quarterly dividend of $0.48 per share on the outstanding shares of the firm's common stock. The dividend offered 3.10 percent yield, which was above the five-year average yield of 2.6 percent.

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JPMorgan said that the dividend is payable on July 31, 2016, to all the eligible stockholders of record at the close of business on July 6, 2016. The company clarified that the dividend declaration did not result in a change in the Warrant Share Number of 1.01.

At time of writing, JPMorgan was down 0.42 percent on the day, trading at $61.38.