Recently, some users of the digital bank were taken by surprise by videos where some statements pointed out that the Nubank would be bankrupt and that it would be important to withdraw the money invested in the applications. Therefore, it is necessary to say that the roxinho did not go bankrupt and, therefore, is not leaving Brazil.
Read more: Investors and Nubank Partners, know that fintech is leaving B3
see more
Large Brazilian banks, such as Bradesco and Caixa, are the target of malware…
Alert: these are the dangers of paying the minimum on your credit card bill…
In December 2021, Nubank was launched on the stock exchange.
When a company enters this medium, it can choose to offer shares publicly (IPO) to more than one stock exchange simultaneously. The intention when entering this market is to raise funds for different purposes. In the case of Nubank, specifically, the resources would be used as working capital, operating expenses, capital expenditure and even new investments and acquisitions.
The company is listed on the NYSE, that is, the New York Stock Exchange. It was also listed on the Brazilian stock exchange, the B3. The difference is that Nubank shares are not traded here in Brazil, but share receipts or Brazilian Depositary Receipts (BRDs). BRDs are certificates that were traded on B3. They represent shares issued by companies that go public in other countries.
Nubank chose level 3 BRDs, which require registration with the Brazilian Securities Commission (CVM) as a publicly-held company. On that occasion, this option was chosen to enable the NuSócios program, which donated BRDs to around 7.5 million customers in exchange for registering with the bank's brokerage.
In September, the bank issued a statement informing its willingness to start the process of discontinuing its Level 3 BRDs Program. That document described the step-by-step process for canceling the bank's registration as a publicly-held company with the CVM.
To be on the two stock exchanges, NYSE and B3, Nubank has a different operating system for each listing in order to meet the necessary standards. The bank's justification for this measure at B3 was "to maximize efficiency and minimize consequential redundancies of a publicly-held company in more than one jurisdiction". For this, the company will need to migrate from level 3 to level 1, which does not require registration with the CVM.
To get there, the roxinho will make three different options available to BRD investors: transform the BRDs into shares in the US, sell them or migrate them to level 1.
This process still needs authorization from B3 and CVM, so there is no estimated timeframe. This does not mean that the virtual bank is going bankrupt, but that Nubank is focused on the American capital market.
Lover of movies and series and everything that involves cinema. An active curious on the networks, always connected to information about the web.
