Con Edison enters forward sale agreement covering 7 million common shares with JPMorgan
On February 23, 2026, Con Edison entered into a forward sale agreement with JPMorgan Chase Bank covering 7,000,000 common shares, alongside an underwriting agreement for the same shares. The forward price starts at $110.81 per share, and the agreement is expected to settle by December 31, 2026. If shares are issued under the agreement, the filing says that would dilute earnings per share and return on equity.
Key points
- Forward sale agreement dated February 23, 2026, with JPMorgan Chase Bank, National Association, covers 7,000,000 common shares
- Initial forward price is $110.81 per share, adjusted daily for a floating interest factor and reduced for expected dividends
- Settlement is expected by December 31, 2026, and will be physical unless Con Edison elects cash or net share settlement
- The forward purchaser may accelerate settlement in specified events, which could require issuing shares and cause dilution to earnings per share and return on equity
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 February 25, 2026.
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.