NEW YORK,Sept. 19, 2022/PRNewswire/ --Credit Suisse AG announced today that it will implement 1-for-20 reverse splits of its Credit Suisse X-Links®Crude Oil Shares Covered Call ETNs ("USOI"), Credit Suisse X-Links®Gold Shares Covered Call ETNs ("GLDI") and Credit Suisse X-Links®Silver Shares Covered Call ETNs ("SLVO"), each expected to be effective as ofSeptember 27, 2022。
的再保险verse splits will be effective at the open of trading onSeptember 27, 2022。USOI, GLDI and SLVO will each begin trading on the Nasdaq Stock Market on a reverse split-adjusted basis onSeptember 27, 2022。Holders of USOI, GLDI and SLVO who purchase such ETNs prior toSeptember 27, 2022will 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 onOctober 3, 2022based on the respective closing indicative values of USOI, GLDI and SLVO on such date and will be paid by Credit Suisse AG on or aboutOctober 6, 2022。
The closing indicative values (including the current principal amount and any accrued but unpaid coupon amount) of USOI, GLDI and SLVO onSeptember 26, 2022will bemultiplied bytwenty 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 a Reverse Split
The following table shows the effect of a1-for-20 reverse spliton 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 |
Hypothetical Closing |
Aggregate Closing Indicative |
|
Pre-Reverse Split |
100,000 |
$5.00 |
$500,000 |
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 |
USOI |
22539 t266 / 22539 u602 |
Credit Suisse X-Links®Gold Shares Covered Call ETNs |
GLDI |
22542D480 / 22542D233 |
Credit Suisse X-Links®Silver Shares Covered Call ETNs |
SLVO |
22542D449 / 22542D225 |
Press Contact
Andre Rosenblatt, Credit Suisse,[email protected]
Credit Suisse ETNs
Telephone +1 800 320 1225,[email protected]
Credit Suisse
Credit Suisse is one of the world's leading financial services providers. The bank's strategy builds on its core strengths: its position as a leading wealth manager, its specialist investment banking and asset management capabilities and its strong presence in its home market ofSwitzerland。Credit Suisse seeks 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 inAsia Pacificand other emerging markets, while also serving key developed markets with an emphasis onSwitzerland。银行雇佣了超过50000人。的再保险gistered shares (CSGN) of Credit Suisse Group AG, are listed inSwitzerlandand, in the form of American Depositary Shares (CS), inNew York。Further information about Credit Suisse can be found atwww.credit-suisse.com。
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SOURCE Credit Suisse AG
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