Summary by Futu AI
Visa Inc. has announced an Exchange Offer allowing shareholders to exchange Class B-1 common stock for a combination of Class B-2 common stock, Class C common stock, and cash in lieu of fractional shares. The offer is detailed in a prospectus filed on April 1, 2024, with the Securities and Exchange Commission. Shareholders participating in the offer must also enter into a Makewhole Agreement, obligating them to reimburse Visa for future obligations related to U.S. covered litigation. The Exchange Offer is subject to conditions, including the effectiveness of the registration statement and the execution of the Makewhole Agreement. The offer, which is not subject to a minimum number of shares, will expire on a specified date unless extended. Shareholders can withdraw...Show More