Receive Inter&Co shares traded on NASDAQ (INTR) directly, also at a 1:1 ratio. Those who choose Class A Shares (INTR) must opt in within the deadline and contact their broker to understand the required procedures. In addition, you must have an active custody account with a U.S. broker authorized by NASDAQ before submitting the request. Opening and maintaining this account is the investor’s responsibility.
What does this mean?
Our request to discontinue the Level II Sponsored Brazilian Depositary Receipts program has been approved, and Inter&Co’s INBR32 BDRs will no longer be traded on B3. This means that, as a BDR holder, you will need to choose what to do with your position. You will have clear options and defined deadlines.
What happens to your Inter&Co BDRs?
With the approval to discontinue the program, INBR32 holders will have a 30‑day window between September 17 and October 16, 2026 to choose one of three paths: keep the position in Inter&Co on B3 through Level I Unsponsored BDRs, keep the position directly on NASDAQ by receiving Class A Shares, or liquidate the position and receive the proceeds in Brazilian reais via the Sales Facility.
You may choose one of the options below:
1
Receipt of Class A Shares (INTR)
2
Receipt of Level I Unsponsored BDRs (INBR34)
Stay invested in Inter&Co with a security traded on B3, with the same backing as before, at a 1:1 ratio. As with the Level II Sponsored BDRs (INBR32), each Level I Unsponsored BDR (INBR34) represents one Inter&Co Class A common share (INTR). Those who choose this option must do so within the deadline and contact their broker to understand the required procedures, deadlines, and cut-off times. The new BDRs (INBR34) will be deposited into the account registered with your broker at the end of the process.
3
Sales Facility
Liquidate your position and receive the equivalent in Brazilian reais, calculated based on the average sale price of the shares on NASDAQ, converted by the depositary institution and net of applicable taxes. This is the default option for investors who do not expressly choose an alternative within the established period. In this case, the BDRs will be blocked from trading automatically on the business day following the end of the Selection Period.
Questions?
Contact us through our dedicated support channel for this matter:
Phones:
0800 590 0581
+55 (11) 4210 3755
Email:
bdr.inter@investor.sodali.com
Frequently Asked Questions
Why will the Level II Sponsored BDR Program be discontinued?
The proposal to discontinue the Level II Sponsored BDR Program aims to maximize efficiency and minimize redundancies that arise from maintaining public company registrations in more than one jurisdiction.
What is the deadline to make my decision?
You must choose one of the three options within 30 days from the launch of the Company’s plan to discontinue the Level II Sponsored BDR Program, that is, between September 17 and October 16, 2026 (the “Selection Period”).
How should I submit my decision?
You must contact the broker where you hold your INBR32 position and submit your decision during the Selection Period, following the broker’s process.
Since each broker may adopt different procedures, it is essential that you obtain the specific instructions directly from your broker.
What happens if I do not submit my decision within the 30-day period?
The Sales Facility will be the default option if there is no valid submission, or if the submission does not follow the applicable procedures, during the Selection Period.
What will be the new ticker for the Level I Unsponsored BDR?
The new ticker will be INBR34.
What do I need to do to receive Class A common shares (INTR)?
You will need to have an active custody account with a NASDAQ‑eligible U.S. broker and instruct your Brazilian broker to cancel your Level II Sponsored BDRs on B3 and deliver the Class A shares to your U.S. brokerage account during the Selection Period.
Each broker has its own operational process, so we recommend contacting your broker in advance to understand the applicable procedures, deadlines, and cut‑off times.
From what date will the Level I Unsponsored BDRs (INBR34) start trading on B3?
Level I Unsponsored BDRs (INBR34) will begin trading on B3 on October 19, 2026.
Until when can I trade Level II Sponsored BDRs (INBR32) as usual?
If you have not yet submitted your decision, Level II Sponsored BDRs (INBR32) can be traded on B3 until the close of trading on October 16, 2026. After that date, trading in INBR32 will be suspended.
When will I receive the proceeds if I choose the Sales Facility or do not submit my decision within 30 days?
The sale of the shares on NASDAQ will be carried out within up to 30 days after the end of the Selection Period, that is, from October 19 to November 17, 2026, the “Subsequent Period.”
During this period, one or more sales may occur until the full liquidation of your Level II Sponsored BDRs (INBR32). After the sale is completed, the proceeds will be converted from U.S. dollars to Brazilian reais at the exchange rate in effect on the sale date and then credited to the account linked to your broker or custody agent. Inter will publish a new Notice to BDR Holders with the estimated payment date and the final amount in reais per Level II Sponsored BDR (INBR32).
When will I see the Class A shares (INTR) in my U.S. brokerage account if I opt for conversion?
During the Selection Period, instruct your Brazilian broker to cancel your INBR32. After that, the Class A shares (INTR) will be transferred to your U.S. brokerage account within 2 business days.
Attention: Requests must be submitted by 3:00 p.m. Brasília time, which is the cut‑off time for receiving instructions.
When will I see the Level I Unsponsored BDR (INBR34) if I opt for substitution?
Level I Unsponsored BDRs (INBR34) will be delivered within 3 business days after the end of the Selection Period, that is, by October 21, 2026. Please note that these BDRs will only start trading on B3 after trading of the Level II Sponsored BDRs is halted.
Learn more
Documents
Here you find all documents and filings related to the changes in the BDR program:
