Visa Inc.
Visa Announces Expiration and Results of Class B-1 Common Stock Exchange Offer
Summary
On May 6, 2024, Visa Inc. announced the expiration and results of its Exchange Offer for Class B-1 common stock. The offer, which expired on May 3, 2024, allowed Class B-1 shareholders 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 accepted 240,677,470 shares, representing 98% of outstanding Class B-1 shares. In exchange, 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 totaling approximately $64,581,104 based on the Class A common stock price as of the expiration date. The results of the exchange offer are detailed in a press release furnished as Exhibit 99.1.
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Exhibits (1)
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About Visa Inc.
Visa Inc. is a preeminent financial services corporation specializing in facilitating electronic payments globally. Visa operates one of the world's largest retail electronic payment networks and serves as a critical infrastructure provider within the financial ecosystem. The company's primary function is to facilitate global commerce through the transfer of value and information among financial institutions, businesses, consumers, and governments. One of Visa's notable features is its extensive network, which connects millions of merchants and cardholders, enabling secure and efficient transactions. Visa's technology and innovation in payment systems play a pivotal role in digital and online transactions, impacting various sectors, including retail, hospitality, and e-commerce. Visa's market significance lies in its ability to provide secure and reliable payment processing and its role in enabling the shift towards a cashless society. It is instrumental in driving financial inclusion, offering payment solutions that cater to diverse segments, from individuals to large enterprises. Headquartered in Foster City, California, Visa continues to lead the industry by embracing new technologies and expanding its payment solutions across emerging markets worldwide.
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