Western Digital Mandatorily Converts Preferred Stock to Common Shares
WDC has more than doubled off its 52-week low of $28.83.
Summary
Western Digital Corp. has completed the mandatory conversion of all outstanding Series A Convertible Perpetual Preferred Stock into common shares, triggered by the common stock's sustained strong performance.
Key Events · Financing and Capital Events · WDC
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Mandatory Preferred Stock Conversion
Western Digital converted all outstanding Series A Convertible Perpetual Preferred Stock into common shares on February 17, 2026.
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Triggered by Strong Stock Performance
The conversion was mandatory as the common stock price exceeded 150% of the conversion price for at least 20 trading days in a 30-day period, as per the Certificate of Designations.
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Capital Structure Impact
This action increases the common share count, resulting in dilution, but removes preferred stock and associated dividend obligations from the balance sheet.
Analysis · WDC · Technology
This 8-K filing reports Western Digital's mandatory conversion of its Series A Convertible Perpetual Preferred Stock into common stock. This action was initiated because the company's common stock price exceeded 150% of the conversion price for a specified period, indicating robust stock performance. While the conversion increases the number of outstanding common shares, leading to dilution for existing shareholders, it also simplifies the company's capital structure and eliminates future preferred dividend obligations. The conversion was a pre-defined option for the company, exercised due to favorable market conditions for its common stock.
How filings like this one have moved
In the 30 days to Sep 11, 2026, 30.5% of the 1993 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.21%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, WDC was trading at $289.00 on NASDAQ in the Technology sector, with a market capitalization of approximately $96.3B. The 52-week trading range was $28.83 to $307.50. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.