825millions shares at $10 is part of the 1.25million ATM sale
I belive they try to close the ATM sale asap so that the overhang shares per Goldman Sach will no longer hold down the share price of the stock. This way, they can convert preferred shares at a bigger discount as Goldman have indicated. This is a perfect strategy to be able to setup the preferred conversion at a huge discount hence less dilution. Here the article proofing that the 825million was part of the ATM sale fully met today:
As part of Bank of America's stock sale, which brought in gross proceeds of about $13.47 billion, the bank sold 800 million shares at $10 each on Tuesday alone, a person familiar with the transaction earlier told Reuters.