Inter Bank started trading shares on the Nasdaq, New York, this Thursday (23). Shares are now traded with the INTR ticker. As of 1:20 p.m. ET, INTR assets were down 3.18% at $3.65, a low of 12 cents from their initial trading threshold ($3.77).
Plans to migrate to the United States have been resumed and materialized after an unsuccessful attempt at the end of 2021. With the change, the expectation is for more visibility, access to a more diversified investor base and also a capital increase option keeping the structure under control.
Shareholders will be able to invest in Inter&Co directly via the American stock exchange. Investments in Inter could already be made via the BDRs (Brazilian Depositary Receipts) of Inter & Co INBR31 since June 20; Last Friday marked the last trading day for BIDI3 and BIDI4 shares, in addition to BIDI11 units on B3, amid the process of migrating shareholding to the United States.
In a press release, the bank explained that, since June 22, 2022, shareholders who have received BDRs can, at any time, request the conversion of the BDRs they hold into Class A Shares issued by Inter & Co (INTR). to USA. This is done by having its custodian institution request Banco Bradesco, the custodian institution of Inter’s BDR program, for the respective conversion.
The shareholder must have a valid account with a brokerage firm in the United States, to which the Class A shares underlying the dismantled BDRs will be allocated.
Here is the timetable for the migration to the Nasdaq:
As part of the company’s reorganization process, Inter has set the final amount of R$39.18 per share to be paid to shareholders who opt for cash withdrawal – leaving the company’s base in exchange for a cash amount.
The value takes into account the price of R$ 38.70, corresponding to the economic value per preferred or ordinary share issued by the bank, established according to the terms of the withdrawal report and is updated according to the variation of the DI rate calculated between the date of the general meeting (AGE) on the restructuring — May 12, 2022 — and the date of the actual buyout payment, June 20.
According to the company, during the first 30 days of trading BDRs on B3, shareholders will be covered for their costs relating to the conversion into Inter&Co shares on the Nasdaq. If it chooses to keep the BDRs, Inter has informed that it will not be necessary for the shareholder to do anything to receive them. The BDRs would already be automatically deposited in the shareholder’s account with the brokerage firm.
In May (between the 13th and the 20th), the Bank offered two alternatives to holders of BIDI3, BIDI4 and BIDI11 securities: the option to receive level 1 BDRs backed by Inter&co class A shares or the Cash-out option, in which it was possible to receive the amount indicated above for 6 shares of Banco Inter. In this case, those 6 shares would entitle you to one cash redeemable preferred share of HoldFin.
For those who elected to receive BDRs, the amount changed proportionally to the amount previously held. For each tranche of 6 or more ordinary or preferred shares (BIDI3 OR BIDI4), one BDR was delivered. In the case of Units, BIDI11, each of the two gave the right to one BDR (one BIDI11 corresponds to 0.5 BDR).
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