NEW YORK, Nov. 16, 2018
/PRNewswire/ -- Credit Suisse AG announced today that it will
implement a 1-for-20 reverse split of its VelocityShares™ 3x
Inverse Natural Gas ETNs ("DGAZ"), expected to be effective as of
November 26, 2018.
The reverse split will be effective at the open of trading on
November 26, 2018. DGAZ will begin
trading on the NYSE Arca on a reverse split-adjusted basis on
November 26, 2018. Holders of DGAZ
who purchased such ETNs prior to November
26, 2018 will receive one reverse split-adjusted ETN for
every twenty pre-reverse split ETNs.
In addition, such purchasers that hold a number of ETNs not
evenly divisible by twenty will receive a cash payment for any
fractional ETNs remaining (the "partials"). The cash amount
due on any partials will be determined on November 30, 2018 based on the closing indicative
value of DGAZ on such date and will be paid by Credit Suisse AG on
or about December 5, 2018.
The closing indicative value of DGAZ on November 23, 2018 will be multiplied by
twenty to determine the reverse split-adjusted closing indicative
value. Following the reverse split, DGAZ will have a new CUSIP, but
it will retain its current exchange ticker symbol.
The reverse split will affect the trading denomination of DGAZ,
but it will not have any effect on the stated principal amount of
DGAZ, except that the stated principal amount of DGAZ will be
reduced by the corresponding aggregate amount of any cash payments
for the "partials."
Illustration of a Reverse Split
The following table shows the effect of a 1-for-20 reverse split
on 100,000 ETNs:
|
Number of
ETNs
|
Hypothetical
Closing
Indicative Value
|
Aggregate
Closing
Indicative Value
|
|
Pre-Reverse
Split
|
100,000
|
$5.00
|
$500,000
|
|
1-for-20 Post-Reverse
Split
|
5,000
|
$100.00
|
$500,000
|
The above table illustrates the effect of the reverse split on
the number of ETNs and the hypothetical closing indicative value of
the ETNs. Note that the closing indicative value is not the same as
the trading price of the ETNs.
None of the other exchange traded notes issued by Credit Suisse
AG are affected by this announcement.
|
Reverse
Split
|
Exchange Ticker
Symbol
|
Current CUSIP / New
CUSIP
|
|
VelocityShares™ 3x
Inverse Natural Gas ETNs due February 9, 2032
|
DGAZ
|
22542D373 /
22542D282
|
Press Contacts
Karina Byrne, Credit Suisse AG,
telephone +1 212 538 8361, karina.byrne@credit-suisse.com
Credit Suisse ETNs
Telephone +1 800 320 1225,
ETN.Desk@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'). Our strategy builds on Credit Suisse's core strengths:
its position as a leading wealth manager, its specialist investment
banking capabilities and its strong presence in our home market of
Switzerland. We seek to follow a
balanced approach to wealth management, aiming to capitalize on
both the large pool of wealth within mature markets as well as the
significant growth in wealth in Asia
Pacific and other emerging markets, while also serving key
developed markets with an emphasis on Switzerland. Credit Suisse employs
approximately 45,560 people. The registered shares (CSGN) of Credit
Suisse AG'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