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Form 8-K

sec.gov
PNW The company filed an 8-K to report an amendment to its Equity Distribution Agreement, extending the maturity period for forward sale agreements. This is a routine administrative filing and does not indicate a change in the company's financial performance or outlook.

8-K — PINNACLE WEST CAPITAL CORP

Accession: 0001104659-26-071021

Filed: 2026-06-05

Period: 2026-06-05

CIK: 0000764622

SIC: 4911 (ELECTRIC SERVICES)

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — tm2616952d1_8k.htm (Primary)

EX-1.1 — EXHIBIT 1.1 (tm2616952d1_ex1-1.htm)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the

Securities Exchange Act of 1934

Date

of report (Date of earliest event reported):

June 5, 2026

Commission File

Number

Exact Name of Registrant as Specified in

Charter; State or Other Jurisdiction of Incorporation; Address of Principal

Executive Offices, and Zip Code; and

Telephone Number, Including Area Code)

IRS Employer

Identification No.

1-8962

PINNACLE

WEST CAPITAL CORPORATION

86-0512431

(an Arizona

corporation)

400 North

Fifth Street, P.O. Box 53999

Phoenix

Arizona

85072-3999

(602)

250-1000

Check the appropriate box below if the Form 8-K

filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17

CFR 240.14d-2(b))

¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17

CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title

of each class

Trading

Symbol(s)

Name

of each exchange on which registered

Common

Stock

PNW

The New

York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405)

or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

Emerging Growth

Company

¨

If an emerging growth company, indicate by check

mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting

standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Co-Registrant CIK

0000007286

Co-Registrant Amendment Flag

false

Co-Registrant Form Type

8-K

Co-Registrant Document Period EndDate

2026-03-10

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Item 8.01.

Other Events.

On June 5, 2026, Pinnacle West Capital Corporation

(the “Company”) entered into the First Amendment (the “First Amendment”) to the Equity Distribution Agreement,

dated November 8, 2024 (as amended by the First Amendment, the “Equity Distribution Agreement”) with Barclays Capital

Inc., BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., TD Securities

(USA) LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, as managers, Barclays Bank PLC, Bank of America, N.A., JPMorgan

Chase Bank, National Association, Mizuho Markets Americas LLC, MUFG Securities EMEA plc, The Toronto-Dominion Bank, Truist Bank and Wells

Fargo Bank, National Association or one or more of their respective affiliates, as forward purchasers, and Barclays Capital Inc., BofA

Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC,

Truist Securities, Inc. and Wells Fargo Securities, LLC, as forward sellers, relating to the offer and sale from time to time of

shares of the Company’s common stock, no par value, having an aggregate gross sales price of up to $900,000,000 (the “Shares”)

in “at-the-market” offerings.

The First Amendment amended Section 2(b)(v) of

the Equity Distribution Agreement to replace the 18-month outside maturity period for forward sale agreements with a 24-month outside

maturity period. The First Amendment did not modify the maximum aggregate gross sales price, the parties, the commission rates or the

other terms of the Equity Distribution Agreement.

Under the Equity Distribution Agreement, Shares

having an aggregate gross sales price of approximately $630 million have been offered and sold through June 5, 2026. As a result

of such prior sales, Shares having an aggregate gross sales price of up to approximately $270 million remain available for offer and sale

under the Equity Distribution Agreement.

The offer and sale of the Shares have been registered

under the Securities Act of 1933, as amended, pursuant to a Registration Statement on Form S-3 (Registration No. 333-277448)

of the Company, as supplemented by the Prospectus Supplement, dated June 5, 2026, relating to the Shares.

The summary of the First Amendment set forth in

this Item 8.01 does not purport to be complete and is qualified by reference to such amendment, which is filed as Exhibit 1.1 hereto

and is incorporated herein by reference.

This Current Report on Form 8-K shall not

constitute an offer to sell or the solicitation of an offer to buy the Shares and shall not constitute an offer, solicitation or sale

in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws

of any such state.

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

EXHIBIT

NUMBER

EXHIBIT DESCRIPTION

1.1

First Amendment to Equity Distribution Agreement, dated June 5, 2026, among Pinnacle West Capital Corporation and Barclays Capital Inc., BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, as managers, Barclays Bank PLC, Bank of America, N.A., JPMorgan Chase Bank, National Association, Mizuho Markets Americas LLC, MUFG Securities EMEA plc, The Toronto-Dominion Bank, Truist Bank and Wells Fargo Bank, National Association or one or more of their respective affiliates, as forward purchasers, and Barclays Capital Inc., BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., TD Securities (USA) LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, as forward sellers.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities

Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PINNACLE WEST CAPITAL CORPORATION

Date: June 5, 2026

By:

/s/ Andrew Cooper

Andrew Cooper

Senior Vice President and Chief Financial Officer

EX-1.1 — EXHIBIT 1.1

EX-1.1

Filename: tm2616952d1_ex1-1.htm · Sequence: 2

Exhibit 1.1

PINNACLE WEST CAPITAL CORPORATION

COMMON STOCK (NO PAR VALUE)

FIRST AMENDMENT TO EQUITY DISTRIBUTION AGREEMENT

(this “Amendment”)

June 5, 2026

Reference is hereby made

to that certain Equity Distribution Agreement dated November 8, 2024 among Pinnacle West Capital Corporation, an Arizona corporation

(the “Company”), and the other parties hereto (the “Agreement”).

The parties hereto agree

to amend the Agreement by:

(i)            changing

“eighteen (18)” to “twenty-four (24)” in Section 2(b)(v) of the Agreement; and

(ii)           revising

any reference to the Agreement to mean the Agreement as amended by this Amendment.

Except as specifically provided

herein, the Agreement shall remain in full force and effect in accordance with its terms and is hereby ratified and confirmed in all

respects. This Amendment is limited as specified, and the execution, delivery and effectiveness of this Amendment shall not operate as

a modification, acceptance or waiver of any provision of the Agreement except as specifically set forth herein. From and after the date

of this Amendment, the Agreement shall be deemed amended hereby.

This Amendment and any claim,

controversy or dispute arising under or related to this Amendment shall be governed by and construed in accordance with the laws of the

State of New York.

{Signature pages follow}

Very truly yours,

PINNACLE WEST CAPITAL CORPORATION

By:

/s/ Andrew Cooper

Name:

Andrew Cooper

Title:

Senior Vice President and Chief Financial Officer

{Signature Page to First Amendment to

Equity Distribution Agreement}

Accepted as of the date first written above

BOFA SECURITIES, INC.

As Manager

and Forward Seller

By:

/s/

Patrick Boultinghouse

Name: Patrick Boultinghouse

Title: Managing Director

BARCLAYS CAPITAL INC.

As Manager

and Forward Seller

By:

/s/ Gabrielle

LeBlanc

Name: Gabrielle LeBlanc

Title: Director

J.P. MORGAN SECURITIES LLC

As Manager

and Forward Seller

By:

/s/ Preston

Ryman

Name: Preston Ryman

Title: Vice President

MIZUHO SECURITIES USA LLC

As Manager

and Forward Seller

By:

/s/ James Watts

Name: James Watts

Title: Managing Director

MUFG SECURITIES AMERICAS INC.

As Manager

and Forward Seller

By:

/s/ Geoffrey

Paul

Name: Geoffrey Paul

Title: Managing Director

BANK OF AMERICA, N.A.

As Forward

Purchaser

By:

/s/

Jake Mendelsohn

Name: Jake Mendelsohn

Title: Managing Director

BARCLAYS BANK PLC

As Forward

Purchaser

By:

/s/ Kevin Cheng

Name: Kevin Cheng

Title: Managing Director

JPMorgan

Chase Bank, National Association

As Forward

Purchaser

By:

/s/ Preston

Ryman

Name: Preston Ryman

Title: Vice President

MIZUHO MARKETS AMERICAS LLC

As Forward

Purchaser

By:

/s/ Matthew

Chiavaroli

Name: Matthew Chiavaroli

Title: Managing Director

MUFG SECURITIES EMEA PLC

As Forward

Purchaser

By:

/s/ Catherine

Lucas

Name: Catherine Lucas

Title: Authorised Signatory

{Signature Page to First Amendment to Equity Distribution Agreement}

TD SECURITIES (USA) LLC

As Manager

and Forward Seller

By:

/s/

Michael Murphy

Name: Michael Murphy

Title: Managing Director

TRUIST SECURITIES, INC.

As Manager

and Forward Seller

By:

/s/ Geoffrey

Fennel

Name: Geoffrey Fennel

Title: Director

WELLS FARGO SECURITIES, LLC

As Manager

and Forward Seller

By:

/s/ Michael

Tiedemann

Name: Michael Tiedemann

Title: Managing Director

THE TORONTO-DOMINION BANK

As Forward Purchaser

By:

/s/

Igor Biselman

Name: Igor Biselman

Title: Managing Director

TRUIST BANK

As Forward Purchaser

By:

/s/ Rakesh Mangat

Name: Rakesh Mangat

Title: Managing Director

WELLS FARGO BANK, NATIONAL ASSOCIATION

As Forward Purchaser

By:

/s/ Christine

Roemer

Name: Christine Roemer

Title: Managing Director

{Signature Page to First Amendment to

Equity Distribution Agreement}

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