secwatch.observer — SEC 8-K summary
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Issuer:     SCHWAB CHARLES CORP (SCHW)
CIK:        0000316709
Form:       8-K
Filed at:   2025-02-12T23:59:59+00:00
Accession:  0001193125-25-025166
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 1.02, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Schwab completes $13.1B secondary offering; TD exits, two directors resign
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- TD Group US Holdings sold 165.4M shares at $79.25/share for $13.1B total; Schwab received no proceeds.
- Schwab repurchased $1.5B of its nonvoting common stock directly from TD in a private transaction at $79.25 less underwriting discount.
- TD disposed of all its shares (previously 10.1% economic stake); TD stockholder agreement terminated.
- Directors Brian M. Levitt and Bharat B. Masrani resigned from Schwab's board effective Feb 12, 2025 as TD ownership fell below 5%.
- Offering led by TD Securities and Goldman Sachs; Piper Sandler acted as financial advisor to Schwab.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/316709/000119312525025166/0001193125-25-025166-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/316709/000119312525025166/d927847d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-025166

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