Summary by Moomoo AI
Visa Inc. has successfully completed its Exchange Offer, which expired on May 3, 2024. The offer involved the exchange of all outstanding shares of Visa's 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 terms of the transaction were set forth in the Prospectus dated April 8, 2024. A total of 240,677,470 shares of Class B-1 common stock were tendered and not withdrawn by the expiration date. In response, Visa has agreed to issue 120,338,683 shares of Class B-2 common stock and 47,759,832 shares of Class C common stock, with the conversion rates based on the number of shares of Class A common stock they are convertible into. Additionally, Visa will pay cash in lieu of issuing fractional shares, calculated based on the closing price of Class A common stock on the NYSE as of the expiration date. The completion of the Exchange Offer was announced by Visa in a press release on May 6, 2024.