27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
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.
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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."
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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.
SOURCE Cushing® Asset Management, LP
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.