Bank of Montreal Files 424B2 Prospectus for WFC ELN 5646 Offering

TL;DR

**BMO just filed a prospectus for a new security offering, watch for potential dilution.**

AI Summary

Bank of Montreal /CAN/ filed a 424B2 prospectus on March 26, 2026, for an offering of WFC ELN 5646 securities. This filing indicates the bank is raising capital through a new security offering, which could dilute existing shareholder value or increase the bank's debt obligations, impacting the stock's future performance.

Why It Matters

This filing signals Bank of Montreal is issuing new securities, which could affect its capital structure and potentially dilute existing shareholders or increase its financial leverage.

Risk Assessment

Risk Level: medium — The issuance of new securities can introduce dilution for existing shareholders or increase the company's debt, posing a moderate risk to current investors.

Analyst Insight

Investors should research the terms of the WFC ELN 5646 offering to understand potential dilution or debt implications before making investment decisions.

Key Numbers

• 0001214659-26-003812 — SEC Accession No. (identifies this specific filing)
• 333-285508 — File No. (the registration statement under which this prospectus was filed)

Key Players & Entities

• BANK OF MONTREAL /CAN/ (company) — the Filer of the 424B2 prospectus
• 0000927971 (company) — the CIK of Bank of Montreal /CAN/
• WFC ELN 5646 (other) — the specific security being offered
• March 26, 2026 (date) — the filing and acceptance date of the 424B2

Forward-Looking Statements

• Bank of Montreal will use the capital raised from this offering to fund general corporate purposes or specific growth initiatives. (BANK OF MONTREAL /CAN/) — medium confidence, target: 2026-12-31

FAQ

Key Financial Figures

• $1,603.00 — maximum maturity payment amount will be $1,603.00 n If the value of the Underlier decre
• $941.08 — ated initial value of the securities is $941.08 per security. As discussed in more deta
• $1,000.00 — eds to Bank of Montreal Per Security $1,000.00 $38.70 $961.30 Total $775,000.00
• $38.70 — of Montreal Per Security $1,000.00 $38.70 $961.30 Total $775,000.00 $29,992.
• $961.30 — real Per Security $1,000.00 $38.70 $961.30 Total $775,000.00 $29,992.50 $745,
• $775,000.00 — ty $1,000.00 $38.70 $961.30 Total $775,000.00 $29,992.50 $745,007.50 (1) Wells Fa
• $29,992.50 — $38.70 $961.30 Total $775,000.00 $29,992.50 $745,007.50 (1) Wells Fargo Securiti
• $745,007.50 — 61.30 Total $775,000.00 $29,992.50 $745,007.50 (1) Wells Fargo Securities, LLC is th
• $3.00 — l Markets Corp., may pay a fee of up to $3.00 per security to selected securities dea
• $1,000 — 27, 2026. Original Offering Price: $1,000 per security. Face Amount: $1,000 pe
• $603.00 — 60.30% of the face amount per security ($603.00 per security). As a result of the maxim
• $30.00 — ties less a concession not in excess of $30.00 per security. Such securities dealers m
• $1.20 — concession allowed to WFA, WFS may pay $1.20 per security of the agent discount that

Filing Documents

• z325262424b2.htm (424B2) — 162KB
• ex-filingfees.htm (EX-FILING FEES) — 5KB
• bmologosm.jpg (GRAPHIC) — 12KB
• z325262424b2_prs7.jpg (GRAPHIC) — 95KB
• z325262424b2_prs12.jpg (GRAPHIC) — 69KB
• z325262424b2_prs16.jpg (GRAPHIC) — 71KB
• 0001214659-26-003812.txt ( ) — 598KB
• ex-filingfees_htm.xml (XML) — 2KB

From the Filing

ELN 5646 PRICING SUPPLEMENT dated March 24, 2026 (To Product Supplement No. WF1 dated March 25, 2025, Underlying Supplement No. ELN-1 dated March 25, 2025, Prospectus Supplement dated March 25, 2025 and Prospectus dated March 25, 2025) Filed Pursuant to Rule 424(b)(2) Registration Statement No. 333-285508 Bank of Montreal Senior Medium-Term Notes, Series K Equity Index Linked Securities Market Linked Securities—Leveraged Upside Participation to a Cap and Contingent Downside Principal at Risk Securities Linked to the S&P 500 ® Index due March 27, 2031 n Linked to the S&P 500 ® Index (the “ Underlier ”) n Unlike ordinary debt securities, the securities do not pay interest or repay a fixed amount of principal at maturity. Instead, the securities provide for a maturity payment amount that may be greater than, equal to or less than the face amount of the securities, depending on the performance of the Underlier from the starting value to the ending value. The maturity payment amount will reflect the following terms: n If the value of the Underlier increases, you will receive the face amount plus a positive return equal to 150% of the percentage increase in the value of the Underlier from the starting value, subject to a maximum return at maturity of 60.30% of the face amount. As a result of the maximum return, the maximum maturity payment amount will be $1,603.00 n If the value of the Underlier decreases but the decrease is not more than 20%, you will receive the face amount n If the value of the Underlier decreases by more than 20%, you will have full downside exposure to the decrease in the value of the Underlier from the starting value, and you will lose more than 20%, and possibly all, of the face amount of your securities n Investors may lose a significant portion or all of the face amount n All payments on the securities are subject to the credit risk of Bank of Montreal, and you will have no ability to pursue any securities included in the Underlier for payment; if Bank of Montreal defaults on its obligations, you could lose some or all of your investment n No periodic interest payments or dividends n No exchange listing; designed to be held to maturity On the date of this pricing supplement, the estimated initial value of the securities is $941.08 per security. As discussed in more detail in this pricing supplement, the actual value of the securities at any time will reflect many factors and cannot be predicted with accuracy. See “Estimated Value of the Securities” in this pricing supplement. The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities. See “Selected Risk Considerations” beginning on page PRS-8 herein and “Risk Factors” beginning on page PS-5 of the accompanying product supplement, page S-2 of the prospectus supplement and page 9 of the prospectus. The securities are the unsecured obligations of Bank of Montreal, and, accordingly, all payments on the securities are subject to the credit risk of Bank of Montreal. If Bank of Montreal defaults on its obligations, you could lose some or all of your investment. The securities are not insured by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund, the Canada Deposit Insurance Corporation or any other governmental agency. The securities are not bail-inable notes and are not subject to conversion into our common shares or the common shares of any of our affiliates under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act. Neither the Securities and Exchange Commission nor any state securities commission or other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this pricing supplement or the accompanying product supplement, underlying supplement, prospectus supplement and prospectus. Any representation to the contrary is a criminal offense. Original Offering Price Agent Discount (1)(2) Proceeds to Bank of Montreal Per Security $1,000.00 $38.70 $961.30 Total $775,000.00 $29,992.50 $745,007.50 (1) Wells Fargo Securities, LLC is the agent for the distribution of the securities and is acting as principal. See “Terms of the Securities—Agent” and “Estimated Value of the Securities” in this pricing supplement for further information. (2) In respect of certain securities sold in this offering, our affiliate, BMO Capital Markets Corp., may pay a fee of up to $3.00 per security to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers. Wells Fargo Securities Market Linked Securities—Leveraged Upside Participation to a Cap and Contingent Downside Principal at Risk Securities Linked to the S&P 500 ® Index du

View Full Filing

View this 424B2 filing on SEC EDGAR