Le Lézard
Classified in: Business
Subject: STS

Credit Suisse AG Announces the Reverse Splits of its VIIX and TVIX ETNs


NEW YORK, Nov. 22, 2019 /PRNewswire/ -- Credit Suisse AG announced today that it will implement a 1-for-5 reverse split of its VelocitySharestm VIX Short Term ETN ("VIIX") and a 1-for-10 reverse split of its VelocitySharestm Daily 2x VIX Short Term ETN ("TVIX"), each expected to be effective as of December 2, 2019.

Credit Suisse logo. (PRNewsFoto/Credit Suisse)

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

VelocitySharestm VIX Short Term ETN due December 4,
2030

VIIX

22542D365 / 22542D266

VelocitySharestm Daily 2x VIX Short Term ETN due
December 4, 2030

TVIX

22542D332 / 22542D258

Press Contacts
Karina Byrne, Credit Suisse AG, telephone +1 212 538 8361, [email protected]

Credit Suisse ETNs
Telephone +1 800 320 1225, [email protected]

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 47,440 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.

SOURCE Credit Suisse AG


These press releases may also interest you

at 16:05
Metasphere Labs Inc. (formerly Looking Glass Labs Ltd., "Metasphere" or the "Company") (Cboe Canada: LABZ) (FRA: H1N) is thrilled to announce its participation in Consensus 2024 alongside Bot Ventures Inc. ("Bot Ventures"), where they will unveil an...

at 16:05
Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced it has declared an increase in the company's common stock monthly cash dividend to $0.2625 per share from $0.2570 per share. The dividend is payable on...

at 16:00
As the cost of living increases throughout the country and the Bureau of Labor Statistics reports inflation is still elevated at over 3%, consumer spending has shown signs of softening but has ultimately remained stable. According to Rob Haworth, a...

at 16:00
Spend management company StrategicSource, Inc announced today they officially saved their clients over $700 million using their spend management model. This milestone is a major accomplishment for StrategicSource, who is well on their way to a goal...

at 16:00
National Bank Investments Inc. ("NBI") today announced portfolio sub-advisor changes for certain NBI Funds (the "Funds") and the closure of the NBI Diversified Canadian Equity Private Portfolio, the NBI Diversified U.S. Equity Private Portfolio and...

at 15:58
Aramco, one of the world's leading global energy and chemicals company, yesterday entered into a Memorandum of Understanding (MoU) with Rondo Energy, the leading provider of lower-carbon industrial heat and power. The companies have started...



News published on and distributed by: