Business: Southern Co 2025 Series A Equity Units stated amount $50 per unit, initially consisting of Corporate Units which include a stock purchase contract and a a 1/40 undivided beneficial ownership interest in $1,000 principal amount of Series 2025B Remarketable Senior Notes due 2030 to be issued by the Company and a 1/40 undivided beneficial ownership interest in $1,000 principal amount of Series 2025C Remarketable Senior Notes due 2033. <p> The stock purchase contract requires the holder to purchase for $50 a variable number of shares of Southern Co (NYSE:SO) common stock no later than 12/15/2028 and pays a contract adjustment rate of 2.975% per annum. The stock purchase settlement rate will be 0.4294 shares per unit if the then current market price is equal to or greater than $116.44 and 0.5368 shares per unit if the market price is equal to or less than $93.15. For market prices between those values the settlement rate will be $50 divided by the market value. Prior to the IPO of this security, the last reported sale price of the common stock on October 31, 2025 was $94.04 per share. The stock purchase contract may be settled any time at the holder’s option and the company will deliver 0.4294 shares of common stock for each purchase contract. <p> The Corporate Units pay Interest distributions of 7.125% per annum ($(3.5625 per annum or $0.890625 per quarter) will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date that will be (__) (NOTE: the ex-dividend date is the record date). <p> Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. <p> The Equity units include a 1/40 undivided beneficial ownership interest in $1,000 principal amount of 4.15% Series 2025B Remarketable Senior Notes due 2030 and a 1/40 undivided beneficial ownership interest in $1,000 principal amount of 4.15% Series 2025C Remarketable Senior Notes due 2033 is due December 15, 2033. Both the 2025B and 2025C Notes are subject to reset and remarketing in 2028. The Series 2025B Remarketable Senior Notes and the Series 2025C Remarketable Senior Notes are pledged as collateral to secure the holder's obligations under the stock purchase contract. <p> The holder has the right at any time to convert the Corporate Units to Tresury Units by the substitution of a specified zero-coupon U.S. Treasury security for the Remarketable Senior Notes and to later recreate Corporate Units. The Equity units are unsecured and rank equally with the company's other unsecured senior indebtedness. See the IPO prospectus for extensive additional information on the equity units and their mandatory conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.