PPL Corp 8-K

What Happened
PPL Corporation announced in an 8-K (Item 8.01) that it physically settled certain forward sale agreements on December 29, 2025. The company delivered approximately 11.3 million shares of common stock to forward purchasers and received net proceeds of about $400 million.

Key Details

• The forward arrangements were entered in 2025 under an Equity Distribution Agreement and related Master Forward Confirmations dated February 14, 2025. Total forward agreements originally totaled ~38.7 million shares (≈ $1.4 billion).
• On Dec 29, 2025 PPL physically settled forward agreements scheduled to settle on or before Dec 30, 2025 by delivering ~11.3 million shares and receiving ~ $400 million net.
• About 27.4 million shares (≈ $1.0 billion) remain under two forward agreements executed in 2025 and must be settled on or before Dec 30, 2026 and Aug 11, 2027, respectively.
• The Equity Distribution Agreement and related documents were previously disclosed in PPL’s Feb. 14, 2025 Form 8-K.

Why It Matters
This transaction converted a portion of PPL’s forward-sale commitments into cash, providing roughly $400 million in proceeds and reducing near-term forward-settlement obligations. Investors should note that significant remaining forward commitments (~27.4M shares, ≈ $1.0B) still exist with settlement dates through August 2027, which could affect future share issuance and liquidity when settled.