Barclays announced today that it will implement a 1 for 4 reverse split of its iPath® S&P 500 VIX Short-Term Futures Exchange Traded Notes effective Wednesday, August 23, 2017. The ETNs trade on the NYSE Arca stock exchange under the ticker symbol VXX. ....
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ETN Name Ticker Exchange iPath® S&P 500 VIX Short-Term FuturesTM ETN (“VXX ETNs”) VXX NYSE Arca
Barclays Bank PLC has the right (but no obligation) to initiate such a reverse split of each series of ETNs if the closing indicative value of the ETNs falls below $25.00 on any business day, as described in the pricing supplement relating to the ETNs. On August 9, 2017, the closing indicative value of the VXX ETNs was $11.55.
The closing indicative value of the ETNs on August 22, 2017 will be multiplied by four to determine the reversesplit adjusted closing indicative value of the ETNs. The reverse split will be effective at the open of trading on August 23, 2017, and the ETNs will begin trading on NYSE Arca on a reverse-split adjusted basis on such date. The reverse-split adjusted ETNs will have a new CUSIP, but will retain the same ticker symbol.
Investors who held the ETNs as of the close of business on August 22, 2017, and hold a number of ETNs that is not divisible by four will receive one reverse-split adjusted ETN for every four ETNs held on August 22, 2017 and a cash payment for any odd number of ETNs remaining (the “partials”). The cash amount due on any partials will be determined on August 29, 2017, based on the closing indicative value of the reverse-split adjusted ETNs on such date and will be paid by Barclays Bank PLC on September 1, 2017.