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Inter & Co, Inc. received partial approval from the Brazilian Securities and Exchange Commission (CVM) to discontinue…
INTRInter & Co, Inc.
Inter & Co, Inc. received partial approval from the Brazilian Securities and Exchange Commission (CVM) to discontinue its Level II Sponsored Brazilian Depositary Receipts (BDR) program under a differentiated procedure. The CVM granted three options for holders of BDRs trading on B3: receipt of Class A ordinary shares traded on NASDAQ, receipt of Unsponsored Level I BDRs in a 1:1 ratio, or the Sales Facility, which involves selling the underlying shares on NASDAQ and delivering proceeds to investors. The standard procedure defaults to the Sales Facility for investors who do not explicitly choose an alternative. Inter & Co will disclose the full schedule and details within ten Brazilian business days of receiving the CVM's official letter. This regulatory development impacts the company's capital structure and investor liquidity options in Brazil. Inter & Co operates as a digital financial services provider offering banking, insurance, and investment products.