Summary by Moomoo AI
Visa Inc. has filed a registration statement with the SEC for an Exchange Offer, allowing shareholders to exchange Class B-1 common stock for a combination of Class B-2 common stock, Class C common stock, and cash in lieu of fractional shares. The offer is set to expire on a specified date unless extended. Shareholders participating in the offer must also sign a Makewhole Agreement, obligating them to reimburse Visa for future obligations related to U.S. covered litigation. The Exchange Offer is designed to provide liquidity to Class B-1 shareholders while protecting Class A and Class C shareholders from litigation losses. The offer is subject to conditions, including SEC registration statement effectiveness and the execution of the Makewhole Agreement. Visa...Show More