Business
XP Inc. Announces Results of Annual General Meeting Held on October 1, 2021
SÃO PAULO, Brazil, Oct. 01, 2021 (GLOBE NEWSWIRE) -- XP Inc. (Nasdaq: XP), a leading, technology-driven financial services platform and a trusted provider of
About this update from Xp Inc.
[{"type":"text","content":"SÃO PAULO, Brazil, Oct. 01, 2021 (GLOBE NEWSWIRE) -- XP Inc. (Nasdaq: XP), a leading, technology-driven financial services platform and a trusted provider of low-fee financial products and services in Brazil, announced today that the resolutions as set out in its Notice of Annual General Meeting dated October 1, 2021 were duly passed at its Annual General Meeting held today. As a result, in connection with the consummation of the Merger, XPart was merged into XP and XPart ceased to exist, providing XPart’s stockholders the opportunity to hold direct interest in XP, by holding either Class A Shares issued by XP (Itaúsa, IUPAR, and holders of Itaú Unibanco’s ADRs) or BDRs issued by XP (other XPart’s stockholders). The Brazilian Depositary Receipts (BDRs) of XP Inc. are expected to start trading at B3 as of October 4, 2021. Additional information regarding the merger can be found at www.xpartsa.com.br. XP believes that this transaction will enhance its corporate governance structure and contribute to improve its capital structure and leverage capacity, so that the controlling shareholders of XP and GA will be the only holders of Class B shares of XP, which are entitled to 10 votes per share. Therefore, controlling shareholders are expected to increase their voting rights from 55.4% to 68.3%. Additionally, the Company’s flexibility for certain strategic decisions will be enhanced following the elimination of certain veto rights previously held by Itaú Unibanco. About XPXP is a leading, technology-driven platform and a trusted provider of low-fee financial products and services in Brazil. XP’s mission is to disintermediate the legacy models of traditional financial institutions by: Educating new classes of investors;Democratizing access to a wider range of financial services;Developing new financial products and technology applications to empower clients; andProviding high-quality customer service and client experience in the industry in Brazil. XP provides customers with two principal types of offerings, (i) financial advisory services for retail clients in Brazil, high-net-worth clients, international clients and corporate and institutional clients, and (ii) an open financial product platform providing access to over 800 investment products including equity and fixed income securities, mutual and hedge funds, structured products, l...