Visa reduces conversion rates on B-1, B-2 common shares
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- Visa (NYSE:V) decreased the conversion rates applicable to its class B-1 and B-2 common stock, resulting from the company’s deposit of $1.5B into its U.S. litigation escrow account on Sept. 26, 2024.
- The conversion rate for class B-1 common stock decreased to 1.5653 from 1.5875, and the rate on class B-2 common stock fell to 1.5430 from 1.5875. Both were effective as of Sept. 26.
- The adjustments have the same effect as repurchasing class A common stock, Visa (V) said. As a result, the as-converted B-1 common count was reduced by 107,575 to ~7.57M and the as-converted class B-2 shares count was reduced by 5.35M shares to ~185.7M.