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Visa | 424B3: Prospectus

SEC announcement ·  Apr 8 09:17
Summary by Moomoo AI
Visa Inc. has announced an Exchange Offer allowing holders of its Class B-1 common stock to exchange their shares for a combination of newly issued Class B-2 common stock, Class C common stock, and cash in lieu of fractional shares. The offer is contingent upon the execution of a Makewhole Agreement by each participating Class B-1 stockholder and their respective Parent Guarantors, which obligates them to reimburse Visa for future obligations related to U.S. covered litigation. The Exchange Offer is set to expire one minute after 11:59 p.m., New York City time, on May 3, 2024, unless extended or terminated earlier by Visa. The Exchange Offer is subject to certain conditions, including the effectiveness of the registration statement and the execution...Show More
Visa Inc. has announced an Exchange Offer allowing holders of its Class B-1 common stock to exchange their shares for a combination of newly issued Class B-2 common stock, Class C common stock, and cash in lieu of fractional shares. The offer is contingent upon the execution of a Makewhole Agreement by each participating Class B-1 stockholder and their respective Parent Guarantors, which obligates them to reimburse Visa for future obligations related to U.S. covered litigation. The Exchange Offer is set to expire one minute after 11:59 p.m., New York City time, on May 3, 2024, unless extended or terminated earlier by Visa. The Exchange Offer is subject to certain conditions, including the effectiveness of the registration statement and the execution of the Makewhole Agreement. Visa's Board of Directors has approved the Exchange Offer, but no recommendation has been made to stockholders regarding participation. The Exchange Offer is designed to provide liquidity to Class B-1 stockholders while protecting Class A and Class C stockholders from litigation losses. Visa's Class A common stock is listed on the NYSE under the symbol 'V.'
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