NEW YORK, Feb. 14, 2018 /PRNewswire/ -- Credit Suisse
AG ("Credit Suisse") announced today that The Nasdaq Stock Market
("Nasdaq") intends to suspend trading of Velocity Shares™ Daily
Inverse VIX Short Term ETNs ("XIV") following the market close on
February 15, 2018 and institute
delisting proceedings.
Nasdaq published an Equity Trader Alert prior to the market open
on February 14, 2018 stating its
intent to suspend trading of XIV following the market close on
February 15, 2018. Nasdaq's
announcement to suspend trading of XIV does not change the dates
related to the Event Acceleration of XIV other than with regard to
the last day of trading of XIV on Nasdaq.
Event Acceleration of XIV
On February 6, 2018, Credit Suisse
announced the Event Acceleration of XIV due to an Acceleration
Event. The Acceleration Date for XIV is February 21, 2018, which is three business days
after the Accelerated Valuation Date, February 15, 2018, each of which is subject to
postponement due to certain events. On the Acceleration Date,
investors will receive a fixed cash payment per ETN in an amount
equal to the Closing Indicative Value of XIV on the Accelerated
Valuation Date. As of February 6,
2018, Credit Suisse no longer issued new units of XIV.
Nasdaq Notification
After the market close on February 13,
2018, Credit Suisse received a notification from Nasdaq that
it intends to suspend trading of XIV following the market close on
February 15, 2018 and institute
delisting proceedings. Nasdaq informed Credit Suisse that the
ability to trade XIV following the Accelerated Valuation Date
provides no benefit to holders. Nasdaq specifically noted that XIV
will cease to be a tool that can manage daily trading risks because
the cash payment due upon Event Acceleration will remain fixed
after the Accelerated Valuation Date. Therefore, pursuant to Nasdaq
Listing Rule 5710(k)(iv)(C)(2)(c), Nasdaq informed Credit Suisse
that the Event Acceleration of XIV is an event or condition which
in the opinion of Nasdaq makes further dealings on Nasdaq
inadvisable. Credit Suisse will not appeal this determination.
None of the other ETNs offered by Credit Suisse are affected by
this announcement. Capitalized terms used but not defined in this
Media Release have the meaning set forth in the Pricing Supplement
for XIV that has been publicly filed with the U.S. Securities and
Exchange Commission.
Title of
ETN
|
ETN Ticker
Symbol
|
ETN
CUSIP
|
Velocity Shares™
Daily Inverse VIX Short Term
ETNs due December 4, 2030
|
XIV
|
22542D795
|
Press Contacts
Nicole Sharp, Credit Suisse AG,
telephone +1 212 325 8708, nicole.sharp@credit-suisse.com
Azar Boehm, Credit Suisse AG,
telephone +1 212 538 3953, azar.boehm@credit-suisse.com
Credit Suisse AG
Credit Suisse AG is one of the
world's leading financial services providers and is part of the
Credit Suisse group of companies (referred to here as 'Credit
Suisse'). As an integrated bank, Credit Suisse offers clients its
combined expertise in the areas of private banking, investment
banking and asset management. Credit Suisse provides advisory
services, comprehensive solutions and innovative products to
companies, institutional clients and high-net-worth private clients
globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in
Zurich and operates in over 50
countries worldwide. The group employs approximately 46,720 people.
The registered shares (CSGN) of Credit Suisse's parent company,
Credit Suisse Group AG, are listed in Switzerland and, in the form of American
Depositary Shares (CS), in New
York. Further information about Credit Suisse can be found
at www.credit-suisse.com.
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SOURCE Credit Suisse AG