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- Visa (NYSE:V) disclosed on Wednesday that it will release ~$2.7B from its series B and series C convertible participating preferred stock in connection with the third mandatory release assessment on June 21, 2024. The release comes on the eighth anniversary of the Visa Europe acquisition transaction.
- The release will result in a downward adjustment of its class A common equivalent number and a partial conversion of the preferred stock into series A convertible participating preferred stock.
- Effective July 19, 2024, the liability coverage reduction amount for series preferred stock is ~$1.1B, which will result in a conversion adjustment reduction of 1,695 and reduce class A common equivalent number for the series B preferred stock to 1.003 from 2.698.
- For series C preferred stock, the liability coverage reduction amount of ~$1.6B will result in a conversion adjustment reduction of 1.819, reducing the class A common equivalent number for the series C preferred to 1.786 from 3.605.
- On the effective date, Visa (V) will issue ~99,264 shares of series A preferred stock, subject to adjustment to account for fractional shares, to holders of record of preferred stock as of July 19, 2024, the company said.