Marqeta Files 8-K Report
Ticker: MQ · Form: 8-K · Filed: Mar 26, 2024 · CIK: 1522540
Sentiment: neutral
Topics: regulatory-filing, 8-K
Related Tickers: MQ
TL;DR
MQ filed an 8-K, standard procedure, no major news.
AI Summary
On March 25, 2024, Marqeta, Inc. filed an 8-K report to disclose other events. The filing does not contain specific financial figures or material agreements, but rather procedural information related to its corporate reporting.
Why It Matters
This filing indicates Marqeta is fulfilling its regulatory reporting obligations by submitting an 8-K, which is standard practice for publicly traded companies.
Risk Assessment
Risk Level: low — The filing is a routine 8-K report and does not contain information that suggests a change in the company's risk profile.
Key Players & Entities
- Marqeta, Inc. (company) — Registrant
- March 25, 2024 (date) — Date of earliest event reported
- 180 Grand Avenue, 6th Floor Oakland, California 94612 (address) — Principal executive offices
FAQ
What is the purpose of this 8-K filing by Marqeta, Inc.?
The purpose of this 8-K filing is to report 'Other Events' as of March 25, 2024, fulfilling Marqeta, Inc.'s current reporting obligations.
What is the exact date of the earliest event reported in this filing?
The date of the earliest event reported is March 25, 2024.
What is Marqeta, Inc.'s principal executive office address?
Marqeta, Inc.'s principal executive offices are located at 180 Grand Avenue, 6th Floor, Oakland, California 94612.
What is Marqeta, Inc.'s telephone number?
Marqeta, Inc.'s telephone number is (877) 962-7738.
Under which section of the Securities Exchange Act of 1934 is this report filed?
This report is filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Filing Stats: 836 words · 3 min read · ~3 pages · Grade level 12.1 · Accepted 2024-03-26 16:16:01
Key Financial Figures
- $0.0001 — which registered Class A common stock, $0.0001 par value per share MQ The Nasdaq Stock
- $425,000.00 — The Company subsequently agreed to pay $425,000.00 to Plaintiff's counsel, on behalf of al
Filing Documents
- mq-20240325.htm (8-K) — 31KB
- 0001522540-24-000002.txt ( ) — 167KB
- mq-20240325.xsd (EX-101.SCH) — 2KB
- mq-20240325_def.xml (EX-101.DEF) — 3KB
- mq-20240325_lab.xml (EX-101.LAB) — 24KB
- mq-20240325_pre.xml (EX-101.PRE) — 14KB
- mq-20240325_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events. On August 24, 2023, a putative class action and shareholder derivative lawsuit was filed in the case captioned Stephanie Smith v. Jason Gardner, et al. (C.A. No. 2023-0872-MTZ) in the Court of Chancery of the State of Delaware against each of the members of our board of directors of Marqeta, Inc. (the "Company") and naming the Company as a nominal defendant. The complaint alleges that the individual defendants breached fiduciary duties in approving the Company's share repurchase program on May 8, 2023 (the "2023 Share Repurchase Program") by failing to implement measures to prevent Company founder Jason Gardner from acquiring control of the Company or to ensure that unaffiliated stockholders receive a control premium. The plaintiff sought damages and injunctive relief in the case, among other relief. The plaintiff also filed a motion to expedite proceedings to obtain expedited discovery to support a contemplated preliminary injunction motion to enjoin purchases under the 2023 Share Repurchase Program. The Company and the individual defendants opposed the motion. The Court heard argument on, and denied, the motion on September 15, 2023. On February 24, 2024 the parties entered into a Standstill and Release Agreement (the "Standstill Agreement") in which (i) the plaintiff agreed to file a stipulation of dismissal of the lawsuit, (ii) Mr. Gardner agreed not to take unilateral, affirmative action to increase his voting power above 49.99% of the total voting power of the Company's outstanding stock for the period of time between and including February 24, 2024 and September 11, 2024, and (iii) the parties agreed to releases and related provisions. The stipulation of dismissal has received court approval. The summary of the Standstill Agreement is qualified in its entirety by reference to the full text, which is filed as Exhibit 99.1 to the Company's Form 10-K for the fiscal year ended December 31, 2023, and is incorporated herein by reference.