About Us Press Release
Credit Suisse AG Announces the Reverse Splits of its VIIX and TVIX ETNs
The reverse splits will be effective at the open of trading on December 2, 2019. VIIX and TVIX will each begin trading on the Nasdaq Stock Market on a reverse split-adjusted basis on December 2, 2019. Holders of VIIX who purchase such ETNs prior to December 2, 2019 will receive one reverse split-adjusted ETN for every five pre-reverse split ETNs. Holders of TVIX who purchase such ETNs prior to December 2, 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 five or ten, as applicable, will receive a cash payment for any fractional ETNs remaining (the "partials"). The cash amount due on any partials will be determined on December 6, 2019 based on the respective closing indicative values of VIIX and TVIX on such date and will be paid by Credit Suisse AG on or about December 11, 2019.
The closing indicative values of VIIX and TVIX on November 29, 2019 will be multiplied by five, and ten, respectively, to determine their respective reverse split-adjusted closing indicative values. Following the reverse splits, VIIX and TVIX will have new CUSIPs but will retain their current ticker symbols.
The reverse splits will affect the trading denominations of VIIX and TVIX, but they will not have any effect on the stated principal amount of any ETN, except that the stated principal amount of each will be reduced by the corresponding aggregate amount of any cash payments for "partials."
Illustrations of Reverse Splits
The following table shows the effect of a 1-for-5 reverse split on the hypothetical closing indicative value of such ETN. The closing indicative value of an ETN is not the same as the trading price of such ETN.
| Number of ETNs | Hypothetical Closing Indicative Value | Aggregate Closing Indicative Value | |
|---|---|---|---|
| Pre-Reverse Split | 100,000 | $5.00 | $500,000 |
| 1-for-5 Post-Reverse Split | 20,000 | $25.00 | $500,000 |
The following table shows the effect of a 1-for-10 reverse split on the hypothetical closing indicative value of such ETN. The closing indicative value of an ETN is not the same as the trading price of such ETN.
| Number of ETNs | Hypothetical Closing Indicative Value | Aggregate Closing Indicative Value | |
|---|---|---|---|
| Pre-Reverse Split | 100,000 | $5.00 | $500,000 |
| 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™ VIX Short Term ETN due December 4, 2030 | VIIX | 22542D365 / 22542D266 |
| VelocityShares™ Daily 2x VIX Short Term ETN due December 4, 2030 | TVIX | 22542D332 / 22542D258 |