Visa Inc.
Visa Inc. Announces $2.7 Billion Release from Convertible Preferred Stock
Summary
On July 10, 2024, Visa Inc. announced the release of approximately $2.7 billion from its Series B and Series C Convertible Participating Preferred Stock. This release is in connection with the third mandatory release assessment on June 21, 2024, relating to the ongoing risk of liability from certain existing and potential litigation. The release will result in a partial conversion of the Preferred Stock into Series A Convertible Participating Preferred Stock and a downward adjustment of the Class A Common Equivalent Number. Effective July 19, 2024, the Company will issue approximately 99,264 shares of Series A Preferred Stock to holders of record of Preferred Stock as of that date. The Series A Preferred Stock will be automatically converted into Class A Common Stock upon sale to eligible holders. This issuance will be made under the exemption from the Securities Act of 1933.
Profitelligence Alerts
Get alerts for V
Be first to know when Visa Inc. files with the SEC.
Filing Categories
Advertisement
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.
Official SEC Documents
Advertisement