Summary by Moomoo AI
On May 6, 2024, Visa Inc. announced the successful completion of its exchange offer for Class B-1 common stock, which expired on May 3, 2024. The offer allowed holders of Class B-1 common stock to exchange their shares for a combination of Class B-2 common stock, Class C common stock, and cash in lieu of fractional shares. Visa has accepted 240,677,470 shares of Class B-1 common stock for exchange, representing 98 percent of the outstanding Class B-1 shares. In return, Visa will issue 120,338,683 shares of Class B-2 common stock, 47,759,832 shares of Class C common stock, and will pay cash based on the closing price of Class A common stock as of the expiration date. The settlement of the exchange will be conducted promptly. Visa, a global leader in digital payments, operates across more than 200 countries and territories, with a mission to connect the world through a secure payments network.