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Brazilian fintech Nubank announced last week that it plans to stop being a publicly traded company in Brazil. The company also reported that theNuMembers” could choose between selling or converting the paper when the lockup come to an end.
The bank announced that NuSócios, along with other investors in BDRs, will have the power to choose between converting or selling their BDRs. Nubank will disclose transparent and simple information along with the step-by-step in the application and on the platform’s blog, also containing the schedule.
Last week, Nubank also announced a plan to cancel its registration with the CVM (Brazilian Securities and Exchange Commission) as a publicly-held company. For this to occur, the fintech share receipts (BDRs), traded on B3 (Brazil’s official stock exchange) with the code NUBR33, will change from Level III for the Level I.
Upon migrating to Level I, Nubank will no longer need to register with the CVM and will no longer be listed on the B3, although it will continue to have securities traded on the Brazilian stock exchange, as is the case with other international companies.
Is Nubank leaving B3?
According to Felipe Miranda, CEO and chief strategist at Empiricus Research, for the Money Times website, the answer is yea. According to him, even before fintech announced its departure from B3, he already considered investing in NUBR33 shares as a bad choice.
The CEO has already been observing the signs that the macroeconomic scenario has resulted in fintech since the beginning of this year. Inflation and high interest rates were crucial factors for the strategist to realize that Nubank was not worth much. The fintech reached the stock exchange with a price evaluated above the largest bank in Latin America, Itaú.
The digital bank had its IPO (initial public offering) at a much more beneficial market moment than the current one. Inflation was under control and interest rates were low, plus the promise of profits was good. So investors were confident at first.
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