Nine months after its debut on the Brazilian Stock Exchange B3, Nubank (NU) announced Thursday evening that it will restructure its BDR (Brazilian Depositary Receipts) program, transforming it from Level III to Level I.
In practice, the company will no longer be listed on the B3 but only on the New York Stock Exchange.
Nubank said in a statement to the market that it made this decision to increase efficiency and minimize the impact of listing a company in more than one country.
In May, Nubank debuted in Colombia’s capital markets through brokerage Acciones y Valores, which sponsors the fintech paper in Colombia and offers domestic investors a marketplace to buy stock certificates listed on foreign exchanges without having to open accounts with brokerage firms in the United States.
In Thursday’s statement, Nubank did not say whether there would be changes in the Colombian market.
Nubank said it distributed an additional 800,000 BDR in B3 when it went public in December 2021, not counting the 7.5 million customers who received at least one BDR through its membership program.