Delayed Quote. Delayed  - 06/29 04:00:01 pm
153.06USD -1.03%

Brazil's Banco Inter shareholders okay switch to Nasdaq

05/12/2022 | 05:22pm

SAO PAULO, May 12 (Reuters) - Shareholders in Brazil's Banco Inter SA on Thursday approved a corporate reorganization that aims to transfer the online lender's shares to the Nasdaq, the company said in a statement.

According to Inter, which is backed by investors including Japan's SoftBank Group Corp, roughly 85% of the shareholders voted in favor of the move, which its management hopes could expose it to more tech-savvy investors.

The lender had originally pushed for the reorganization in 2021, but ended up backing out of the move as shareholders' requests to cash out exceeded a previously determined threshold.

Last month, it said it was resuming the process with new terms and conditions, with the cash out option being limited to 1.1 billion reais ($214.52 million), or 10% of its outstanding shares.

Shareholders will now have until May 20 to decide whether they want to exercise their cash out rights or swap their stocks for Brazilian Depositary Receipts (BDRs). The exchange ratio was set at 19.35 reais per unit in Inter, it said.

Under the new terms, if the cash out demand exceeds the previously set threshold, there will be a proportional division and shareholders will get part in cash, part in BDRs, Inter said in a statement.

"Migrating our shares to the Nasdaq will strengthen our position as a global technology company, while giving us access to the world's most mature capital markets and opening up revenue sources as the company continues its solid pace of growth," Chief Executive Joao Vitor Menin said.

Units in Banco Inter closed up 6.7% at 14.27 reais on Thursday, making it one of the top gainers on Brazil's Bovespa stock index, which rose 1.2%.

($1 = 5.1278 reais) (Reporting by Aluisio Alves; Writing by Gabriel Araujo; Editing by David Gregorio)

© Reuters 2022
Copier lien
All news about NASDAQ
27m ago
22h ago
1d ago
1d ago
1d ago