Visa to Release $2.7 Billion in Preferred Shares on Anniversary of European Takeover (NYSE:V)

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Visa (NYSE:V) disclosed on Wednesday that it will release approximately $2.7 billion of its Series B and C convertible preferred shares in connection with a third mandatory release assessment on June 21, 2024. The release will occur on the eighth anniversary of the acquisition of Visa Europe.
The issuance of shares will result in a downward adjustment to the number of shares of Class A common stock and a partial conversion of the preferred stock to Series A convertible preferred stock.
Effective July 19, 2024, the amount of the liability coverage reduction for Series B preferred shares will be ~$1.1 billion, resulting in a reduction of the conversion adjustment by 1,695 and a reduction in the number of Series B preferred shares equivalent to 1,003 from 2,698.
For Series C preferred shares, the approximately $1.6 billion liability coverage reduction amount will result in a reduction of the conversion adjustment by 1.819, reducing the number of Series C preferred shares equivalent to Class A from 3.605 to 1.786.
On the Effective Date, Visa (V) will issue approximately 99,264 shares of Series A Preferred Stock, subject to adjustment for fractional shares, to holders of record of preferred stock as of July 19, 2024, the company said.