Summary by Moomoo AI
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 as part of the third mandatory release assessment connected to the Visa Europe acquisition on June 21, 2014. This release follows a conservative assessment of ongoing litigation risks in the Visa Europe territory, as per the Litigation Management Deed. The release will adjust the Class A Common Equivalent Number and partially convert Preferred Stock into Series A Convertible Participating Preferred Stock, effective July 19, 2024. Approximately 99,264 shares of Series A Preferred Stock will be issued to holders of record as of the Effective Date, with each share of Series A Preferred Stock being convertible into 100 shares of Class A Common Stock upon sale to eligible persons. The issuance is in compliance with the Securities Act of 1933, relying on an exemption from registration requirements.