SoCalGas Board of Directors Approves Retirement of All Outstanding Shares of Preferred Stock

Rhea-AI Summary

Southern California Gas Company (SoCalGas) announced that its board of directors has approved the retirement of all outstanding shares of its 6% Preferred Stock and 6% Preferred Stock, Series A, each with $25 par value. The action follows shareholder approval of an amended and restated charter authorizing the retirement.

SoCalGas plans to file the Restated Charter on Aug. 17, 2026, the Retirement Date, when each preferred share will be automatically retired for a cash payment of $31.135616 per share, equal to $31.00 plus accrued and unpaid dividends to but excluding that date. The payment is payable on the Retirement Date to holders of record on that day. Afterward, no preferred or Series A preferred shares will be outstanding, and related certificates will represent only the right to receive the cash. SoCalGas also plans to withdraw SOCGM and SOCGP from OTCQB quotation after market close on Aug. 13, 2026.

Positive

• Preferred retirement cash price $31.135616 per share including accrued dividends
• Capital structure simplification via full retirement of all preferred and Series A preferred shares
• Shareholder value realization through cash payout exceeding $25 par value per share

Negative

• Loss of listed preferred securities SOCGM and SOCGP withdrawn from OTCQB on Aug. 13, 2026
• End of preferred dividend stream as all preferred and Series A preferred shares are retired

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LOS ANGELES, Aug. 7, 2026 /PRNewswire/ -- Southern California Gas Company ("SoCalGas") today announced that its board of directors has approved the retirement (the "Retirement") of all outstanding shares of the company's 6% Preferred Stock, $25 par value ("Preferred Stock"), and 6% Preferred Stock, Series A, $25 par value ("Series A Preferred Stock"). SoCalGas is effecting the Retirement to simplify its capital structure while delivering immediate value to shareholders, all as part of its efforts to modernize its business and serve its stakeholders.

The approval by the board of directors follows shareholder approval of the amendment and restatement of the company's Restated Articles of Incorporation that implements the Retirement and makes certain other related changes (as so amended and restated, the "Restated Charter") at a special meeting of SoCalGas shareholders held on Aug. 6, 2026.

SoCalGas plans to file the Restated Charter with the California Secretary of State on Aug. 17, 2026 (the "Retirement Date"). On the Retirement Date, each outstanding share of the company's Preferred Stock and Series A Preferred Stock will be automatically retired in exchange for a cash payment of $31.135616 per share (the "Retirement Payment"), constituting $31.00 per share plus accrued and unpaid dividends thereon to but excluding the Retirement Date.

The Retirement Payment is payable on the Retirement Date, to holders of record of the Preferred Stock and Series A Preferred Stock on such date.

Following the Retirement, no shares of Preferred Stock or Series A Preferred Stock will be outstanding, and certificates or book entries representing such retired shares will represent only the receipt of or right to receive the Retirement Payment.

In the interest of facilitating an orderly retirement process, SoCalGas plans to voluntarily withdraw both the Preferred Stock (OTCQB: SOCGM) and the Series A Preferred Stock (OTCQB: SOCGP) from quotation on the OTCQB market, effective after market close on Aug. 13, 2026.

About SoCalGas
SoCalGas is the largest gas distribution utility in the United States, serving more than 21 million consumers across approximately 24,000 square miles of Central and Southern California. Our mission is: Safe, Reliable, and Affordable energy delivery today. Ready for tomorrow. SoCalGas is a recognized leader in the energy industry and has been named Corporate Member of the Year by the Los Angeles Chamber of Commerce for its volunteer leadership in the communities it serves. SoCalGas is a subsidiary of Sempra (NYSE: SRE), a leading U.S. utility growth business. For more information, visit SoCalGas.com/newsroom or connect with SoCalGas on social media @SoCalGas.

Message Funded by Shareholders

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SOURCE Southern California Gas Company

FAQ

What did SoCalGas announce on August 7, 2026 about its preferred stock (SOCGM, SOCGP)?

SoCalGas announced board approval to retire all outstanding 6% Preferred Stock and 6% Series A Preferred Stock. According to SoCalGas, each share will be automatically retired on the Retirement Date in exchange for a specified cash payment, following prior shareholder approval of a restated charter.

What is the cash payment per share in the SoCalGas preferred stock retirement for SOCGM and SOCGP?

Each SoCalGas preferred and Series A preferred share will receive a cash payment of $31.135616. According to SoCalGas, this amount equals $31.00 per share plus accrued and unpaid dividends thereon to but excluding the Retirement Date when the shares are retired.

When is the SoCalGas preferred stock Retirement Date and who is eligible for payment on SOCGM and SOCGP?

The Retirement Date for SoCalGas preferred and Series A preferred shares is August 17, 2026. According to SoCalGas, the retirement payment is payable on that date to holders of record of SOCGM and SOCGP on the Retirement Date, when shares are automatically retired for cash.

What happens to SoCalGas preferred stock tickers SOCGM and SOCGP on the OTCQB market?

SoCalGas plans to voluntarily withdraw SOCGM and SOCGP from OTCQB quotation after market close on August 13, 2026. According to SoCalGas, this step supports an orderly retirement process, as no preferred or Series A preferred shares will remain outstanding after the Retirement Date.

How does the SoCalGas preferred stock retirement relate to SRE shareholders?

The retirement affects SoCalGas 6% Preferred and Series A Preferred holders, not common stock directly. According to SoCalGas, the move is intended to simplify its capital structure and deliver immediate value to preferred shareholders through a defined cash payment per share upon retirement.

Why is SoCalGas retiring all outstanding preferred stock and Series A preferred stock?

SoCalGas is retiring its preferred and Series A preferred shares to simplify its capital structure and provide immediate value to shareholders. According to SoCalGas, this action is part of broader efforts to modernize its business and better serve stakeholders across its operations.