About Us Press Release
Credit Suisse AG Announces the Reverse Split of Its UGAZ ETNs
The reverse split will be effective at the open of trading on December 23, 2019. UGAZ will begin trading on the NYSE Arca on a reverse split-adjusted basis on December 23, 2019. Holders of UGAZ who purchase such ETNs prior to December 23, 2019 will receive one reverse split-adjusted ETN for every ten pre-reverse split ETNs.
In addition, such purchasers that hold a number of ETNs not evenly divisible by ten will receive a cash payment for any fractional ETNs remaining (the "partials"). The cash amount due on any partials will be determined on December 30, 2019 based on the closing indicative value of UGAZ on such date and will be paid by Credit Suisse AG on or about January 3, 2020.
The closing indicative value of UGAZ on December 20, 2019 will be multiplied by ten to determine the reverse split-adjusted closing indicative value. Following the reverse split, UGAZ will have a new CUSIP but will retain its current ticker symbol.
The reverse split will affect the trading denomination of UGAZ, but it will not have any effect on the stated principal amount of the ETNs, except that the stated principal amount will be reduced by the corresponding aggregate amount of any cash payments for "partials."
Illustration of Reverse Split
The following table shows the effect of a 1-for-10 reverse split on the hypothetical closing indicative value of the ETNs. The closing indicative value of the ETNs is not the same as the trading price of the ETNs.
|Number of ETNs||Hypothetical Closing Indicative Value||Aggregate Closing Indicative Value|
|1-for-10 Post-Reverse Split||10,000||$50.00||$500,000|
None of the other exchange traded notes issued by Credit Suisse AG are affected by these announcements.
|Reverse Split||Exchange Ticker Symbol||Current CUSIP / New CUSIP|
|VelocityShares™ 3x Long Natural Gas ETN due February 9, 2032||UGAZ||22539T217 / 22539T183|