DALLAS, June 2, 2020 /PRNewswire/ -- The Cushing® NextGen Infrastructure
Income Fund (formerly known as The Cushing® Renaissance Fund)
(NYSE: SZC) announces today that the Fund's Board of Trustees
has approved a 1-for-4 reverse share split of the Fund's common
shares, which will occur after the close of trading on the New York
Stock Exchange on June 12,
2020. Trading in the Fund's common shares on a split adjusted
basis is expected to begin at the market open on June 15, 2020. The Fund's common shares
will continue trading on the NYSE under its existing ticker symbol,
but will be assigned a new CUSIP number.
As a result of the reverse share split, every four of the Fund's
outstanding common shares will be converted into one common share.
A reverse share split will decrease the Fund's common shares
outstanding and potentially increase the market price per common
share by a proportional amount. While the number of outstanding
common shares will decline, neither the Fund's portfolio holdings
nor the total value of shareholders' investments in the Fund will
be affected. After the reverse share split, shareholders' accounts
will reflect proportionally fewer common shares with a higher net
asset value per common share.
The intent of the reverse share split is to potentially increase
the Fund's market price per common share and trading volume,
thereby reducing the per share transaction costs associated with
buying or selling the Fund's common shares in the secondary market.
Each common shareholder will hold the same percentage of the Fund's
outstanding common shares immediately following the reverse share
split as such shareholder held immediately prior to the reverse
share split, subject to adjustments for fractional shares resulting
from the reverse share split.
No fractional shares will be issued as a result of the reverse
share split, other than in the Fund's dividend reinvestment plan.
Fractional shares that result from the reverse share split will be
aggregated and sold on the New York Stock Exchange by the Fund's
transfer agent and the proceeds will be distributed pro rata among
shareholders who would otherwise have received fractional shares in
the reverse share split. Shareholders will be receiving additional
information regarding the reverse share split from U.S. Bank Global
Fund Services, LLC, the Fund's transfer agent.
ADDITIONAL INFORMATION
The Fund is a non-diversified, closed-end management investment
company with an investment objective of seeking a high total return
with an emphasis on current income. The Fund is traded on the
New York Stock Exchange under the symbol "SZC."
There can be no assurance that the Fund will achieve its
investment objectives. Investments in the Fund involve operating
expenses and fees. The net asset value of the Fund will fluctuate
with the value of the underlying securities. It is important to
note that closed-end funds trade on their market value, not net
asset value, and closed-end funds often trade at a discount to
their net asset value.
ABOUT CUSHING® ASSET
MANAGEMENT, LP
Cushing, a subsidiary of Swank
Capital, is an SEC-registered investment adviser headquartered in
Dallas, Texas. Cushing serves as investment adviser to
affiliated funds and managed accounts providing active management
in markets where inefficiencies exist.
Contact:
Blake Nelson
Cushing® Asset
Management, LP
214-692-6334
www.cushingasset.com
IMPORTANT INFORMATION
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
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SOURCE Cushing® Asset Management, LP
