Summary by Moomoo AI
Visa Inc. completed its Class B-1 exchange offer on May 8, 2024, as per the terms outlined in the prospectus dated April 8, 2024. The exchange offer was part of Visa's registration statement on Form S-4. Concurrently, Visa entered into makewhole agreements with the holders of the Class B-1 common stock accepted in the exchange offer and their parent guarantors, effective May 6, 2024. These agreements require the participating holders to reimburse Visa for certain future deposits into the U.S. covered litigation escrow account, which would have been their responsibility had they not participated in the exchange offer. Additionally, the agreements stipulate a staged transfer of the Class C common stock received by the holders in the exchange offer, with specific limitations on the transferable amount before June 20, 2024, and August 4, 2024. The details of the makewhole agreements are referenced in the Form of the Makewhole Agreement, filed as Exhibit 10.1.
