AI English summary of an SEC filing — figures as filed
Visa VThe company said it will release approximately $2.7 billion from its Series B and Series C Convertible Participating Preferred Stock on July 10, 2024. The release follows the third mandatory release assessment, which was held on June 21, 2024, the 8th anniversary of the Visa Europe acquisition.
Key points
AI summaryThe company said it will release approximately $2.7 billion from its Series B and Series C Convertible Participating Preferred Stock on July 10, 2024. The release follows the third mandatory release assessment, which was held on June 21, 2024, the 8th anniversary of the Visa Europe acquisition.
Visa disclosed a Liability Coverage Reduction Amount of approximately $1.1 billion for Series B and approximately $1.6 billion for Series C. The Class A Common Equivalent Number falls for Series B from 2.698 to 1.003 and for Series C from 3.605 to 1.786.
The company said it will issue approximately 99,264 shares of Series A Preferred Stock on July 19, 2024, the effective date, to holders of record of Preferred Stock as of July 19, 2024. It will pay cash in lieu of fractional shares.
The company said each share of Series A Preferred Stock will be automatically converted into 100 shares of Class A Common Stock in connection with a sale to a person eligible to hold Class A Common Stock under Visa's certificate of incorporation. Its issuance of 1 Series A Preferred Stock shares is covered by the exemption from registration under Section 3(a)(9) of the Securities Act of 1933, the company disclosed.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Release of Approximately $2.7 billion in Preferred Stock
The company said it will release approximately $2.7 billion from its Series B and Series C Convertible Participating Preferred Stock on July 10, 2024. The release follows the third mandatory release assessment, which was held on June 21, 2024, the 8th anniversary of the Visa Europe acquisition.
Source · Based on the filing body and exhibits
Series B and C Release Amounts and Class A Common Equivalent Number Reductions
Visa disclosed a Liability Coverage Reduction Amount of approximately $1.1 billion for Series B and approximately $1.6 billion for Series C. The Class A Common Equivalent Number falls for Series B from 2.698 to 1.003 and for Series C from 3.605 to 1.786.
Source · Based on the filing body and exhibits
Issuance of Approximately 99,264 Series A Preferred Stock Shares
The company said it will issue approximately 99,264 shares of Series A Preferred Stock on July 19, 2024, the effective date, to holders of record of Preferred Stock as of July 19, 2024. It will pay cash in lieu of fractional shares.
Source · Based on the filing body and exhibits
Series A Conversion to Class A Common Stock and Section 3(a)(9) Exemption
The company said each share of Series A Preferred Stock will be automatically converted into 100 shares of Class A Common Stock in connection with a sale to a person eligible to hold Class A Common Stock under Visa's certificate of incorporation. Its issuance of 1 Series A Preferred Stock shares is covered by the exemption from registration under Section 3(a)(9) of the Securities Act of 1933, the company disclosed.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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