gush reverse split date 2020
Accordingly, the total number of the issued and outstanding shares for a Fund will decrease by the approximate percentage indicated above. Am I just out the money and an idiot for holding calls on a leveraged ETF that was trading near 0? The problem with the reverse share split is that, as also noted in today’s USCF FAQ, those 100,000 share blocks that were issued in creation baskets will now become 12,500 share blocks. Bid/ask spreads will widen as open interest goes down. Who could afford to pay $13 million to create 1.3 billion new shares in a fund whose price has been plunging as COVID-19 concerns have pressured demand for oil? The following table shows the effect of a hypothetical 1-for-4 reverse split: For shareholders who hold quantities of shares that are not an exact multiple of the reverse split ratio (for example, not a multiple of 4 for a 1-for-4 reverse split), the reverse split will result in the creation of a fractional share (as an example, a shareholder that holds 5 shares, a 1-for-4 reverse split would result in 1 and ¼ shares). That’s more than a quarter of the 713.5 million barrel capacity of the U.S. Strategic Petroleum Reserve, according to the Department of Energy. & Prod. Cookies are used to offer you a better browsing experience and to analyze our traffic.
So, USO’s sponsor has raised the specter of redemptions of USO, and such moves would only serve to increase the downward pressure on USO’s share price. Please go to the link in the email message to retrieve your password. Cision Distribution 888-776-0942
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