Con Edison sets up forward sale of 7 million common shares with JPMorgan
On December 3, 2024, Con Edison entered into a forward sale agreement with JPMorgan Chase Bank and an underwriting agreement with J.P. Morgan Securities LLC covering 7,000,000 common shares. Con Edison expects the forward sale to settle by December 31, 2025, and if it issues shares under physical settlement, the filing says this could dilute earnings per share and return on equity.
Key points
- Forward sale agreement covers 7,000,000 common shares with JPMorgan Chase Bank, National Association, initially priced at $96.66 per share
- Forward price adjusts daily based on an overnight bank funding rate less a spread, and decreases on certain dates for expected dividends
- Con Edison expects settlement by December 31, 2025; the forward purchaser may accelerate settlement if certain events occur
- Shares were registered under Form S-3 (No. 333-264049, effective April 1, 2022)
The filing
Written by AI on Nov 8, 2026, 1:30 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 05, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.