Company: SOJE
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0000092122-25-000088
Chunk: 52

Company: SOUTHERN CO
Filing Date: 2025-11-03
Form: 424B5
Chunk 52
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s or purchase contracts) to participate in any distribution of the assets of any subsidiary of the Company, whether upon liquidation, reorganization or otherwise, is structurally subordinated to the claims of creditors and any preferred stockholders of each subsidiary. As of September 30, 2025, on a consolidated basis, the Company had approximately $72.6 billion principal amount of outstanding long-term debt (including securities due within one year), of which approximately $48.2 billion was long-term debt (including securities due within one year) of the Company’s subsidiaries. In addition, as of September 30, 2025, on a consolidated basis, the Company had approximately $0.1 billion principal amount of short-term notes payable, all of which was short-term notes payable of the Company’s subsidiaries. The RSNs and the Company’s obligations with respect to contract adjustments payments will be effectively subordinated to all secured indebtedness of the Company. The Company had no secured debt outstanding at September 30, 2025.

Recent and future regulatory actions and other events may adversely affect the trading price and liquidity of the Equity Units.

The Company expects that many investors in, and potential purchasers of, the Equity Units will employ, or seek to employ, an arbitrage strategy with respect to the Equity Units. Investors would typically implement such a strategy by selling short the common stock underlying the Equity Units and dynamically adjusting their short position while continuing to hold the Equity Units. Investors may also implement this type of strategy by entering into swaps on the Company’s common stock in lieu of or in addition to short selling the common stock. As a result, any specific rules regulating equity swaps or short selling of securities or other governmental action that restricts or interferes with the ability of market participants to effect short sales or equity swaps with respect to the Company’s common stock could adversely affect the ability of investors in, or potential purchasers of, the Equity Units to conduct such an arbitrage strategy with respect to the Equity Units. This could, in turn, adversely affect the trading price and liquidity of the Equity Units.

The SEC and other regulatory and self-regulatory authorities have implemented various rules and taken certain actions, and may in the future adopt additional rules or take other actions, that may impact those engaging in short selling activity involving equity securities (including the Company’s common stock). Such rules and actions include Rule 201 of SEC Regulation SHO, the adoption by the Financial Industry Regulatory Authority, Inc. and the national securities exchanges of a

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