About Us Press Release
Credit Suisse AG Announces the Reverse Splits of its USOI, GLDI and SLVO ETNs
The reverse splits will be effective at the open of trading on September 27, 2022. USOI, GLDI and SLVO will each begin trading on the Nasdaq Stock Market on a reverse split-adjusted basis on September 27, 2022. Holders of USOI, GLDI and SLVO who purchase such ETNs prior to September 27, 2022 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 October 3, 2022 based on the respective closing indicative values of USOI, GLDI and SLVO on such date and will be paid by Credit Suisse AG on or about October 6, 2022.
The closing indicative values (including the current principal amount and any accrued but unpaid coupon amount) of USOI, GLDI and SLVO on September 26, 2022 will be multiplied by twenty to determine their respective reverse split-adjusted closing indicative values (including the current principal amount and any accrued but unpaid coupon amount). Following the reverse splits, USOI, GLDI and SLVO will have new CUSIPs but will retain their current ticker symbols.
Each reverse split will affect the trading denominations of the ETNs, but it will not have any effect on the aggregate principal amount of the ETNs, except that the aggregate principal amount of the ETNs will be reduced by the corresponding aggregate principal amount of the "partials." Accordingly, any payment that a holder of the ETNs may be entitled to, including any coupon payments, will remain unchanged, other than to the extent of any “partials” ETNs.
Illustration of Reverse Split
The following table shows the effect of a 1-for-20 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-20 Post-Reverse Split||5,000||$100.00||$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|
|Credit Suisse X-Links® Crude Oil Shares Covered Call ETNs due April 24, 2037||USOI||22539T266 / 22539U602|
|Credit Suisse X-Links® Gold Shares Covered Call ETNs due February 2, 2033||GLDI||22542D480 / 22542D233|
|Credit Suisse X-Links® Silver Shares Covered Call ETNs due April 21, 2033||SLVO||22542D449 / 22542D225|