[8-K] VISA Inc. Reports Material Event
Visa completed the fourth mandatory release assessment tied to the Visa Europe acquisition and the Litigation Management Deed and will release approximately $1.4 billion from its Series B and Series C Convertible Participating Preferred Stock. The release triggers downward adjustments to the Class A Common Equivalent Numbers and a partial conversion of the Preferred Stock into Series A Convertible Participating Preferred Stock under the applicable certificates of designation.
Specifically, the Series B Preferred Stock will reflect a Liability Coverage Reduction of about $287 million, reducing the Conversion Adjustment by 0.327 and the Class A Common Equivalent Number from 0.996 to 0.669. The Series C Preferred Stock will reflect a Liability Coverage Reduction of about $1.1 billion, reducing the Conversion Adjustment by 1.019 and the Class A Common Equivalent Number from 1.783 to 0.764. Effective August 18, 2025, Visa will issue approximately 40,080 shares of Series A Preferred (subject to fractional-share cash payments), and each Series A Preferred share will convert into 100 shares of Class A Common Stock upon a sale to an eligible holder. The issuance relies on the Section 3(a)(9) exemption from registration under the Securities Act.
Visa ha completato la quarta valutazione obbligatoria collegata all'acquisizione di Visa Europe e al Litigation Management Deed e libererà circa $1.4 billion dalle sue azioni privilegiate convertibili partecipanti di Serie B e Serie C. Questo rilascio comporterà adeguamenti al ribasso dei numeri equivalenti alle azioni ordinarie di Classe A e una conversione parziale delle azioni privilegiate in azioni privilegiate convertibili partecipanti di Serie A, ai sensi dei relativi certificati di designazione.
In dettaglio, le azioni di Serie B registreranno una Riduzione della copertura delle passività di circa $287 million, riducendo la Rettifica di conversione di 0.327 e il numero equivalente di azioni ordinarie di Classe A da 0.996 a 0.669. Le azioni di Serie C registreranno una Riduzione della copertura delle passività di circa $1.1 billion, riducendo la Rettifica di conversione di 1.019 e il numero equivalente di azioni ordinarie di Classe A da 1.783 a 0.764. Con effetto dal 18 agosto 2025, Visa emetterà circa 40,080 azioni di Serie A Preferred (soggette a pagamenti in contanti per frazioni di azione), e ciascuna azione di Serie A Preferred si convertirà in 100 azioni di Class A Common Stock al momento della vendita a un titolare idoneo. L'emissione si basa sull'esenzione prevista dalla Section 3(a)(9) dalla registrazione ai sensi del Securities Act.
Visa completó la cuarta evaluación obligatoria vinculada a la adquisición de Visa Europe y al Litigation Management Deed y liberará aproximadamente $1.4 billion de sus acciones preferentes convertibles participantes de Series B y Series C. Esta liberación provoca ajustes a la baja en los Números Equivalentes de Acciones Comunes Clase A y una conversión parcial de las acciones preferentes en acciones preferentes convertibles participantes Series A, de conformidad con los certificados de designación aplicables.
Específicamente, las Series B mostrarán una Reducción de la Cobertura de Pasivos de aproximadamente $287 million, reduciendo el Ajuste de Conversión en 0.327 y el Número Equivalente de Acciones Comunes Clase A de 0.996 a 0.669. Las Series C mostrarán una Reducción de la Cobertura de Pasivos de aproximadamente $1.1 billion, reduciendo el Ajuste de Conversión en 1.019 y el Número Equivalente de Acciones Comunes Clase A de 1.783 a 0.764. Con efecto a partir del 18 de agosto de 2025, Visa emitirá aproximadamente 40,080 acciones de Series A Preferred (sujetas a pagos en efectivo por fracciones de acción), y cada acción de Series A Preferred se convertirá en 100 acciones de Class A Common Stock al realizarse la venta a un titular elegible. La emisión se ampara en la exención de registro de la Section 3(a)(9) del Securities Act.
Visa는 Visa Europe 인수 및 Litigation Management Deed와 관련된 네 번째 의무적 해제 심사를 완료했으며 Series B 및 Series C 전환 참여 우선주에서 약 $1.4 billion을 해제할 예정입니다. 이 해제는 Class A 보통주 등가 수치의 하향 조정과 해당 지정 증서(certificates of designation)에 따른 우선주의 일부를 Series A 전환 참여 우선주로의 전환을 촉발합니다.
구체적으로 Series B 우선주는 약 $287 million의 부채 보장 감소(Liability Coverage Reduction)를 반영하여 전환 조정(Conversion Adjustment)을 0.327만큼 낮추고 Class A 보통주 등가 수를 0.996에서 0.669로 줄입니다. Series C 우선주는 약 $1.1 billion의 부채 보장 감소를 반영하여 전환 조정을 1.019만큼 낮추고 Class A 보통주 등가 수를 1.783에서 0.764로 줄입니다. 2025년 8월 18일부로 Visa는 약 40,080주의 Series A 우선주를 발행(분할주에 대한 현금 지급 대상)하며, 각 Series A 우선주는 적격 보유자에게 매각되는 경우 100주의 Class A 보통주로 전환됩니다. 이번 발행은 증권법(Securities Act)상의 등록 면제인 Section 3(a)(9)에 근거합니다.
Visa a réalisé la quatrième évaluation de libération obligatoire liée à l'acquisition de Visa Europe et au Litigation Management Deed et va libérer environ $1.4 billion de ses actions privilégiées convertibles participantes des Series B et Series C. Cette libération entraîne des ajustements à la baisse des nombres équivalents d'actions ordinaires de catégorie A et une conversion partielle des actions privilégiées en Series A Convertible Participating Preferred Stock conformément aux certificats de désignation applicables.
Plus précisément, les actions Series B feront apparaître une Réduction de la couverture des passifs (Liability Coverage Reduction) d'environ $287 million, réduisant l'Ajustement de conversion (Conversion Adjustment) de 0.327 et le nombre équivalent d'actions ordinaires de catégorie A de 0.996 à 0.669. Les actions Series C feront apparaître une Réduction de la couverture des passifs d'environ $1.1 billion, réduisant l'Ajustement de conversion de 1.019 et le nombre équivalent d'actions ordinaires de catégorie A de 1.783 à 0.764. À compter du 18 août 2025, Visa émettra environ 40,080 actions de Series A Preferred (sous réserve d'un paiement en numéraire pour les fractions d'action), et chaque action Series A Preferred se convertira en 100 actions de Class A Common Stock lors d'une vente à un titulaire éligible. L'émission s'appuie sur l'exemption prévue par la Section 3(a)(9) de l'enregistrement en vertu du Securities Act.
Visa hat die vierte verpflichtende Freigabeprüfung im Zusammenhang mit der Übernahme von Visa Europe und dem Litigation Management Deed abgeschlossen und wird ungefähr $1.4 billion aus seinen Series B- und Series C-Convertible Participating Preferred Stock freigeben. Die Freigabe führt zu Abwärtsanpassungen der äquivalenten Anzahl an Class A-Stammaktien und zu einer teilweisen Umwandlung der Vorzugsaktien in Series A Convertible Participating Preferred Stock gemäß den anwendbaren Zertifikaten der Designation.
Konkret weisen die Series B-Vorzugsaktien eine etwa $287 million betragende Reduzierung der Haftungsdeckung (Liability Coverage Reduction) auf, wodurch die Umwandlungsanpassung (Conversion Adjustment) um 0.327 gesenkt und die äquivalente Anzahl an Class A-Stammaktien von 0.996 auf 0.669 reduziert wird. Die Series C-Vorzugsaktien weisen eine etwa $1.1 billion betragende Reduzierung der Haftungsdeckung auf, wodurch die Umwandlungsanpassung um 1.019 gesenkt und die äquivalente Anzahl an Class A-Stammaktien von 1.783 auf 0.764 reduziert wird. Mit Wirkung zum 18. August 2025 wird Visa rund 40,080 Aktien der Series A Preferred ausgeben (vorbehaltlich Barausgleichs für Bruchteile von Aktien), und jede Series A Preferred-Aktie wird beim Verkauf an einen berechtigten Inhaber in 100 Aktien der Class A Common Stock umgewandelt. Die Ausgabe stützt sich auf die Ausnahmeregelung des Section 3(a)(9) von der Registrierung nach dem Securities Act.
- Fourth mandatory release assessment completed, finalizing the release amount and required adjustments under the Litigation Management Deed
- Concrete reduction in Class A Common Equivalent Numbers: Series B from 0.996 to 0.669 and Series C from 1.783 to 0.764, as calculated per CODs
- Approx. 40,080 Series A Preferred shares to be issued, with clear conversion mechanics and fractional-share cash treatment
- ~40,080 Series A Preferred shares issued that are convertible into 100 Class A shares each upon sale to eligible holders, which could result in future issuance of common stock
- Liability Coverage Reductions total ~ $1.4 billion, reflecting a release from the Preferred Stock balances (Series B ~ $287M; Series C ~ $1.1B)
Insights
TL;DR: Visa finalized a $1.4B preferred-stock release that reduces conversion equivalents and issues ~40,080 Series A preferred shares, altering convertible economics.
The action is a procedural step under the Litigation Management Deed that changes the conversion math for the Series B and Series C Convertible Participating Preferred Stock. The reductions are concrete: Series B conversion equivalent falls from 0.996 to 0.669 and Series C from 1.783 to 0.764, reflecting Liability Coverage Reductions of ~$287M and ~$1.1B respectively. Visa will issue ~40,080 Series A Preferred shares, each convertible into 100 Class A shares upon applicable sale, with cash paid for fractional shares. These are material capital-structure adjustments but arise from pre-existing contractual mechanics rather than a new financing event.
TL;DR: The company followed LMD procedures; conversion adjustments and issuance are finalized and executed under the certificates of designation and applicable exemptions.
Visa and the Litigation Management Committee followed the procedures set out in the Litigation Management Deed and the certificates of designation. The filings specify exact conversion-adjustment reductions and the issuance mechanics for Series A Preferred shares, including reliance on Section 3(a)(9) of the Securities Act and cash in lieu for fractional shares. This disclosure clarifies corporate-record conversion terms and the mechanics for issuing and converting the resulting Series A Preferred shares.
Visa ha completato la quarta valutazione obbligatoria collegata all'acquisizione di Visa Europe e al Litigation Management Deed e libererà circa $1.4 billion dalle sue azioni privilegiate convertibili partecipanti di Serie B e Serie C. Questo rilascio comporterà adeguamenti al ribasso dei numeri equivalenti alle azioni ordinarie di Classe A e una conversione parziale delle azioni privilegiate in azioni privilegiate convertibili partecipanti di Serie A, ai sensi dei relativi certificati di designazione.
In dettaglio, le azioni di Serie B registreranno una Riduzione della copertura delle passività di circa $287 million, riducendo la Rettifica di conversione di 0.327 e il numero equivalente di azioni ordinarie di Classe A da 0.996 a 0.669. Le azioni di Serie C registreranno una Riduzione della copertura delle passività di circa $1.1 billion, riducendo la Rettifica di conversione di 1.019 e il numero equivalente di azioni ordinarie di Classe A da 1.783 a 0.764. Con effetto dal 18 agosto 2025, Visa emetterà circa 40,080 azioni di Serie A Preferred (soggette a pagamenti in contanti per frazioni di azione), e ciascuna azione di Serie A Preferred si convertirà in 100 azioni di Class A Common Stock al momento della vendita a un titolare idoneo. L'emissione si basa sull'esenzione prevista dalla Section 3(a)(9) dalla registrazione ai sensi del Securities Act.
Visa completó la cuarta evaluación obligatoria vinculada a la adquisición de Visa Europe y al Litigation Management Deed y liberará aproximadamente $1.4 billion de sus acciones preferentes convertibles participantes de Series B y Series C. Esta liberación provoca ajustes a la baja en los Números Equivalentes de Acciones Comunes Clase A y una conversión parcial de las acciones preferentes en acciones preferentes convertibles participantes Series A, de conformidad con los certificados de designación aplicables.
Específicamente, las Series B mostrarán una Reducción de la Cobertura de Pasivos de aproximadamente $287 million, reduciendo el Ajuste de Conversión en 0.327 y el Número Equivalente de Acciones Comunes Clase A de 0.996 a 0.669. Las Series C mostrarán una Reducción de la Cobertura de Pasivos de aproximadamente $1.1 billion, reduciendo el Ajuste de Conversión en 1.019 y el Número Equivalente de Acciones Comunes Clase A de 1.783 a 0.764. Con efecto a partir del 18 de agosto de 2025, Visa emitirá aproximadamente 40,080 acciones de Series A Preferred (sujetas a pagos en efectivo por fracciones de acción), y cada acción de Series A Preferred se convertirá en 100 acciones de Class A Common Stock al realizarse la venta a un titular elegible. La emisión se ampara en la exención de registro de la Section 3(a)(9) del Securities Act.
Visa는 Visa Europe 인수 및 Litigation Management Deed와 관련된 네 번째 의무적 해제 심사를 완료했으며 Series B 및 Series C 전환 참여 우선주에서 약 $1.4 billion을 해제할 예정입니다. 이 해제는 Class A 보통주 등가 수치의 하향 조정과 해당 지정 증서(certificates of designation)에 따른 우선주의 일부를 Series A 전환 참여 우선주로의 전환을 촉발합니다.
구체적으로 Series B 우선주는 약 $287 million의 부채 보장 감소(Liability Coverage Reduction)를 반영하여 전환 조정(Conversion Adjustment)을 0.327만큼 낮추고 Class A 보통주 등가 수를 0.996에서 0.669로 줄입니다. Series C 우선주는 약 $1.1 billion의 부채 보장 감소를 반영하여 전환 조정을 1.019만큼 낮추고 Class A 보통주 등가 수를 1.783에서 0.764로 줄입니다. 2025년 8월 18일부로 Visa는 약 40,080주의 Series A 우선주를 발행(분할주에 대한 현금 지급 대상)하며, 각 Series A 우선주는 적격 보유자에게 매각되는 경우 100주의 Class A 보통주로 전환됩니다. 이번 발행은 증권법(Securities Act)상의 등록 면제인 Section 3(a)(9)에 근거합니다.
Visa a réalisé la quatrième évaluation de libération obligatoire liée à l'acquisition de Visa Europe et au Litigation Management Deed et va libérer environ $1.4 billion de ses actions privilégiées convertibles participantes des Series B et Series C. Cette libération entraîne des ajustements à la baisse des nombres équivalents d'actions ordinaires de catégorie A et une conversion partielle des actions privilégiées en Series A Convertible Participating Preferred Stock conformément aux certificats de désignation applicables.
Plus précisément, les actions Series B feront apparaître une Réduction de la couverture des passifs (Liability Coverage Reduction) d'environ $287 million, réduisant l'Ajustement de conversion (Conversion Adjustment) de 0.327 et le nombre équivalent d'actions ordinaires de catégorie A de 0.996 à 0.669. Les actions Series C feront apparaître une Réduction de la couverture des passifs d'environ $1.1 billion, réduisant l'Ajustement de conversion de 1.019 et le nombre équivalent d'actions ordinaires de catégorie A de 1.783 à 0.764. À compter du 18 août 2025, Visa émettra environ 40,080 actions de Series A Preferred (sous réserve d'un paiement en numéraire pour les fractions d'action), et chaque action Series A Preferred se convertira en 100 actions de Class A Common Stock lors d'une vente à un titulaire éligible. L'émission s'appuie sur l'exemption prévue par la Section 3(a)(9) de l'enregistrement en vertu du Securities Act.
Visa hat die vierte verpflichtende Freigabeprüfung im Zusammenhang mit der Übernahme von Visa Europe und dem Litigation Management Deed abgeschlossen und wird ungefähr $1.4 billion aus seinen Series B- und Series C-Convertible Participating Preferred Stock freigeben. Die Freigabe führt zu Abwärtsanpassungen der äquivalenten Anzahl an Class A-Stammaktien und zu einer teilweisen Umwandlung der Vorzugsaktien in Series A Convertible Participating Preferred Stock gemäß den anwendbaren Zertifikaten der Designation.
Konkret weisen die Series B-Vorzugsaktien eine etwa $287 million betragende Reduzierung der Haftungsdeckung (Liability Coverage Reduction) auf, wodurch die Umwandlungsanpassung (Conversion Adjustment) um 0.327 gesenkt und die äquivalente Anzahl an Class A-Stammaktien von 0.996 auf 0.669 reduziert wird. Die Series C-Vorzugsaktien weisen eine etwa $1.1 billion betragende Reduzierung der Haftungsdeckung auf, wodurch die Umwandlungsanpassung um 1.019 gesenkt und die äquivalente Anzahl an Class A-Stammaktien von 1.783 auf 0.764 reduziert wird. Mit Wirkung zum 18. August 2025 wird Visa rund 40,080 Aktien der Series A Preferred ausgeben (vorbehaltlich Barausgleichs für Bruchteile von Aktien), und jede Series A Preferred-Aktie wird beim Verkauf an einen berechtigten Inhaber in 100 Aktien der Class A Common Stock umgewandelt. Die Ausgabe stützt sich auf die Ausnahmeregelung des Section 3(a)(9) von der Registrierung nach dem Securities Act.
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
| VISA INC. | |||||||||||||||||
| Date: | August 8, 2025 | By: | /s/ Chris Suh | ||||||||||||||
| Chris Suh Chief Financial Officer | |||||||||||||||||
FAQ
What did Visa (V) announce in this Form 8-K?
How much was released from Series B and Series C Preferred Stock?
What are the new Class A Common Equivalent Numbers for the preferred series?
How many Series A Preferred shares will be issued and what happens on conversion?
Under what exemption are the Series A Preferred and related common shares issued?
