The company confirmed that the conversion option remains subject to a minimum threshold of one million shares for each series. Should the total count of either series fall below this level following the September 30 deadline, the remaining shares will automatically convert to ensure liquidity. Sun Life expects to provide formal notice to affected registered holders by September 21, 2026.

Investors planning to participate must coordinate with their brokers before the 5:00 p.m. ET cutoff on September 16. While the current redemption remains off the table, Sun Life retains the right to redeem these shares in the future, specifically on September 30, 2031, and every five years thereafter at a price of $25.00 per share. The company plans to announce the updated dividend rates for both series on August 31, 2026.