Credit Suisse AG announced today that it will implement a 1-for-10 reverse split of its VelocityShares 3x Long Natural Gas ETN (UGAZ), expected to be effective as of December 20, 2017.
The reverse split will be effective at the open of trading on December 20, 2017. UGAZ will begin trading on the NYSE Arca on a reverse split-adjusted basis on such date. Holders of units of UGAZ who purchased such units prior to December 20, 2017 will receive one reverse split-adjusted unit of UGAZ for every ten prereverse split units of UGAZ. In addition, such purchasers that hold a number of units of UGAZ not evenly divisible by ten will receive a cash payment for any fractional number of units remaining of UGAZ (partials). The cash amount due on any partials is expected to be determined on December 27, 2017 based on the closing indicative value of UGAZ on such date and will be paid by Credit Suisse AG on or about January 2, 2018.
The closing indicative value of UGAZ on December 19, 2017 will be multiplied by ten to determine its reverse split-adjusted closing indicative value. Following the reverse split, UGAZ will have a new CUSIP but will retain its same ticker symbol.