Visa Inc.
09/26/2024 | Press release | Distributed by Public on 09/26/2024 14:06
Material Event Form 8 K
Item 8.01 Other Events.
On September 24, 2024, Visa Inc. (the "Company") authorized the deposit of $1.5 billion into the litigation escrow account previously established under the Company's U.S. retrospective responsibility plan (the "Plan"). Under the terms of the Plan, when the Company funds the U.S. litigation escrow account, the value of the Company's class B-1 and B-2 common stock, which are held predominantly by U.S. financial institutions and their affiliates and successors, are subject to dilution through downward adjustments to the conversion rates of the class B-1 to class A common stock and class B-2 to class A common stock. This has the same effect on earnings per share as repurchasing the Company's class A common stock. The deposit and the adjustments to the class B-1 and B-2 conversion rates will be conducted in accordance with the Company's certificate of incorporation currently in effect.