Meta closes offering of 250,000,000 depositary shares

Meta Platforms closed an offering of 250,000,000 depositary shares on October 29, according to its SEC filing. Each share represents a 1/20th interest in preferred stock carrying a 6.50% annual dividend rate and mandatory conversion into common stock. The filing also details forward sale agreements initially covering 40,000,000 common shares, with an initial forward price of $622.91875 per share. Meta receives no proceeds initially from those borrowed-share sales; settlement is due on or before November 19, 2027. The preferred stock automatically converts for settlement on or about August 15, 2029, unless converted earlier.