AGÕæÈ˹ٷ½

STOCK TITAN

[8-K] VISA Inc. Reports Material Event

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

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.

VisaëŠ� Visa Europe ì¸ìˆ˜ ë°� Litigation Management Deed와 ê´€ë ¨ëœ ë„� 번째 ì˜ë¬´ì � í•´ì œ 심사ë¥� 완료했으ë©� Series B ë°� Series C 전환 참여 우선주ì—ì„� ì•� $1.4 billionì� í•´ì œí•� 예정입니ë‹�. ì� í•´ì œëŠ� Class A 보통ì£� 등가 수치ì� 하향 ì¡°ì •ê³� 해당 ì§€ì � ì¦ì„œ(certificates of designation)ì—� 따른 ìš°ì„ ì£¼ì˜ ì¼ë¶€ë¥� Series A 전환 참여 우선주로ì� 전환ì� 촉발합니ë‹�.

구체ì ìœ¼ë¡� Series B 우선주는 ì•� $287 millionì� ë¶€ì±� 보장 ê°ì†Œ(Liability Coverage Reduction)ë¥� ë°˜ì˜í•˜ì—¬ 전환 ì¡°ì •(Conversion Adjustment)ì� 0.327ë§Œí¼ ë‚®ì¶”ê³� Class A 보통ì£� 등가 수를 0.996ì—서 0.669ë¡� 줄입니다. Series C 우선주는 ì•� $1.1 billionì� ë¶€ì±� 보장 ê°ì†Œë¥� ë°˜ì˜í•˜ì—¬ 전환 ì¡°ì •ì� 1.019ë§Œí¼ ë‚®ì¶”ê³� Class A 보통ì£� 등가 수를 1.783ì—서 0.764ë¡� 줄입니다. 2025ë…� 8ì›� 18ì�ë¶€ë¡� VisaëŠ� ì•� 40,080ì£�ì� Series A 우선주를 발행(ë¶„í• ì£¼ì— ëŒ€í•� 현금 ì§€ê¸� 대ìƒ�)하며, ê°� Series A 우선주는 ì ê²© 보유ìžì—ê²� 매ê°ë˜ëŠ” 경우 100ì£�ì� Class A 보통주로 전환ë©ë‹ˆë‹�. ì´ë²ˆ ë°œí–‰ì€ ì¦ê¶Œë²�(Securities Act)ìƒì˜ ë“±ë¡ ë©´ì œì� Section 3(a)(9)ì—� 근거합니ë‹�.

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.

Positive
  • 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
Negative
  • ~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.

VisaëŠ� Visa Europe ì¸ìˆ˜ ë°� Litigation Management Deed와 ê´€ë ¨ëœ ë„� 번째 ì˜ë¬´ì � í•´ì œ 심사ë¥� 완료했으ë©� Series B ë°� Series C 전환 참여 우선주ì—ì„� ì•� $1.4 billionì� í•´ì œí•� 예정입니ë‹�. ì� í•´ì œëŠ� Class A 보통ì£� 등가 수치ì� 하향 ì¡°ì •ê³� 해당 ì§€ì � ì¦ì„œ(certificates of designation)ì—� 따른 ìš°ì„ ì£¼ì˜ ì¼ë¶€ë¥� Series A 전환 참여 우선주로ì� 전환ì� 촉발합니ë‹�.

구체ì ìœ¼ë¡� Series B 우선주는 ì•� $287 millionì� ë¶€ì±� 보장 ê°ì†Œ(Liability Coverage Reduction)ë¥� ë°˜ì˜í•˜ì—¬ 전환 ì¡°ì •(Conversion Adjustment)ì� 0.327ë§Œí¼ ë‚®ì¶”ê³� Class A 보통ì£� 등가 수를 0.996ì—서 0.669ë¡� 줄입니다. Series C 우선주는 ì•� $1.1 billionì� ë¶€ì±� 보장 ê°ì†Œë¥� ë°˜ì˜í•˜ì—¬ 전환 ì¡°ì •ì� 1.019ë§Œí¼ ë‚®ì¶”ê³� Class A 보통ì£� 등가 수를 1.783ì—서 0.764ë¡� 줄입니다. 2025ë…� 8ì›� 18ì�ë¶€ë¡� VisaëŠ� ì•� 40,080ì£�ì� Series A 우선주를 발행(ë¶„í• ì£¼ì— ëŒ€í•� 현금 ì§€ê¸� 대ìƒ�)하며, ê°� Series A 우선주는 ì ê²© 보유ìžì—ê²� 매ê°ë˜ëŠ” 경우 100ì£�ì� Class A 보통주로 전환ë©ë‹ˆë‹�. ì´ë²ˆ ë°œí–‰ì€ ì¦ê¶Œë²�(Securities Act)ìƒì˜ ë“±ë¡ ë©´ì œì� Section 3(a)(9)ì—� 근거합니ë‹�.

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.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K
 
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 8, 2025
logoa14.gif
VISA INC.
(Exact name of Registrant as Specified in Its Charter)
 
     
Delaware 001-33977 26-0267673
(State or Other Jurisdiction
of Incorporation)
 (Commission File Number) (IRS Employer
Identification No.)
 
   
P.O. Box 8999 
San Francisco,
California 94128-8999
(Address of Principal Executive Offices)(Zip Code)

Registrant’s Telephone Number, Including Area Code: (650) 432-3200

N/A
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, par value $0.0001 per shareVNew York Stock Exchange
1.500% Senior Notes due 2026V26New York Stock Exchange
2.250% Senior Notes due 2028V28New York Stock Exchange
2.000% Senior Notes due 2029V29New York Stock Exchange
3.125% Senior Notes due 2033V33New York Stock Exchange
2.375% Senior Notes due 2034V34New York Stock Exchange
3.500% Senior Notes due 2037V37New York Stock Exchange
3.875% Senior Notes due 2044V44New York Stock Exchange




Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 3.02 Unregistered Sales of Equity Securities.

On August 8, 2025, Visa Inc. (“Visa” or the “Company”) announced that it will release approximately $1.4 billion from its Series B and Series C Convertible Participating Preferred Stock (“Series B Preferred Stock” and “Series C Preferred Stock,” respectively, and collectively, “Preferred Stock”) in connection with the fourth mandatory release assessment on June 21, 2025, the ninth anniversary of the Visa Europe acquisition transaction and the issuance of the Preferred Stock. As required by the Litigation Management Deed (“LMD”) entered into at the time of the transaction, at each release assessment, Visa, in consultation with the Litigation Management Committee comprising representatives of former Visa Europe members (“LMC”), performs a conservative assessment of the ongoing risk of liability to Visa and its subsidiaries arising from certain existing and potential litigation relating to the setting of multilateral interchange fee rates in the Visa Europe territory. Visa and the LMC have followed the procedures identified in the LMD, and the fourth release amount is now final.
The release will result in a downward adjustment of the Class A Common Equivalent Number (as defined in the certificates of designations (“CODs”) for the Preferred Stock), and a partial conversion of the Preferred Stock into Series A Convertible Participating Preferred Stock (“Series A Preferred Stock”) in accordance with the applicable COD, each of which was filed as an exhibit to Visa’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024. The adjustments were calculated in accordance with the CODs using the volume-weighted average price for Visa’s Class A Common Stock over the 10-day trading period from June 6, 2025 through June 20, 2025.
Effective August 18, 2025 (the “Effective Date”), the Liability Coverage Reduction Amount (as defined in the CODs), Conversion Adjustment (as defined in the CODs) and new Class A Common Equivalent Number for each series of Preferred Stock will be updated as follows:
a.    Series B Preferred Stock: A Liability Coverage Reduction Amount of approximately $287 million, which will result in a Conversion Adjustment Reduction of 0.327 and reduce the Class A Common Equivalent Number for the Series B Preferred Stock from 0.996 to 0.669; and
b.    Series C Preferred Stock: A Liability Coverage Reduction Amount of approximately $1.1 billion, which will result in a Conversion Adjustment Reduction of 1.019 and reduce the Class A Common Equivalent Number for the Series C Preferred Stock from 1.783 to 0.764.
On the Effective Date, the Company will issue approximately 40,080 shares of Series A Preferred Stock, subject to adjustment to account for fractional shares, to holders of record of Preferred Stock as of August 18, 2025. Each holder of Preferred Stock will receive a number of shares of Series A Preferred Stock equal to the applicable Conversion Adjustment Reduction per share of Preferred Stock, divided by 100. The Company will pay cash in lieu of issuing fractional shares of Series A Preferred Stock. Each share of Series A Preferred Stock will be automatically converted into 100 shares of Class A Common Stock in connection with a sale to a person eligible to hold Class A Common Stock in accordance with Visa’s certificate of incorporation.
The Series A Preferred Stock issued in connection with the release, and the Class A Common Stock issued in connection with any sale of Series A Preferred Stock to a person eligible to hold Class A Common Stock, will be issued in reliance on the exemption from the registration requirements of the Securities Act of 1933 set forth in Section 3(a)(9) thereof.




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
     
  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?

Visa announced the fourth mandatory release assessment under the Litigation Management Deed and will release approximately $1.4 billion from Series B and Series C Preferred Stock.

How much was released from Series B and Series C Preferred Stock?

The release included a Liability Coverage Reduction of about $287 million for Series B and about $1.1 billion for Series C.

What are the new Class A Common Equivalent Numbers for the preferred series?

After the adjustment, the Class A Common Equivalent Number is 0.669 for Series B (was 0.996) and 0.764 for Series C (was 1.783).

How many Series A Preferred shares will be issued and what happens on conversion?

Visa will issue approximately 40,080 shares of Series A Preferred (subject to fractional-share cash payments); each Series A Preferred share will convert into 100 Class A Common shares upon sale to an eligible holder.

Under what exemption are the Series A Preferred and related common shares issued?

The Series A Preferred and any Class A Common Stock issued on sale are issued in reliance on the Section 3(a)(9) exemption from registration under the Securities Act.
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