UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of September, 2022
Commission File Number 001-33434
CREDIT SUISSE AG
(Translation of Registrant’s Name Into English)
Paradeplatz 8, CH-8001 Zurich, Switzerland
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. |
Form 20-F ![]() ![]() |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____ |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____ |
Explanatory note
This report on Form 6-K contains the exhibit set forth below. This report on Form 6-K and such exhibit are hereby incorporated by reference into Registration Statement No. 333-238458-02 of Credit Suisse AG.
Exhibit 99.1: Press release of Credit Suisse AG dated September 19, 2022.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE AG | ||||
Date: September 19, 2022 | By: | /s/ Elaine Sam | ||
Name: | Elaine Sam | |||
Title: | Authorized Officer | |||
By: | /s/ Joshua Bartlett | |||
Name: | Joshua Bartlett | |||
Title: | Authorized Officer |
Exhibit 99.1
![]() |
CREDIT SUISSE | |
Eleven Madison Avenue New York, NY 10010 USA
|
Telephone +1 212–325–5200 Fax +1 212–325–6665 |
Media Release
Credit Suisse AG Announces the Reverse Splits of its USOI, GLDI and SLVO ETNs
September 19, 2022
Credit Suisse AG announced today that it will implement 1-for-20 reverse splits of its Credit Suisse X-Links® Crude Oil Shares Covered Call ETNs (“USOI”), Credit Suisse X-Links® Gold Shares Covered Call ETNs (“GLDI”) and Credit Suisse X-Links® Silver Shares Covered Call ETNs (“SLVO”), each expected to be effective as of September 27, 2022.
The reverse splits will be effective at the open of trading on September 27, 2022. USOI, GLDI and SLVO will each begin trading on the Nasdaq Stock Market on a reverse split-adjusted basis on September 27, 2022. Holders of USOI, GLDI and SLVO who purchase such ETNs prior to September 27, 2022 will receive one reverse split-adjusted ETN for every twenty pre-reverse split ETNs.
In addition, such purchasers that hold a number of ETNs not evenly divisible by twenty will receive a cash payment for any fractional ETNs remaining (the “partials”). The cash amount due on any partials will be determined on October 3, 2022 based on the respective closing indicative values of USOI, GLDI and SLVO on such date and will be paid by Credit Suisse AG on or about October 6, 2022.
The closing indicative values (including the current principal amount and any accrued but unpaid coupon amount) of USOI, GLDI and SLVO on September 26, 2022 will be multiplied by twenty to determine their respective reverse split-adjusted closing indicative values (including the current principal amount and any accrued but unpaid coupon amount). Following the reverse splits, USOI, GLDI and SLVO will have new CUSIPs but will retain their current ticker symbols.
Each reverse split will affect the trading denominations of the ETNs, but it will not have any effect on the aggregate principal amount of the ETNs, except that the aggregate principal amount of the ETNs will be reduced by the corresponding aggregate principal amount of the “partials.” Accordingly, any payment that a holder of the ETNs may be entitled to, including any coupon payments, will remain unchanged, other than to the extent of any “partials” ETNs.
Illustration of a Reverse Split
The following table shows the effect of a 1-for-20 reverse split on the hypothetical closing indicative value of the ETNs. The closing indicative value of the ETNs is not the same as the trading price of the ETNs.
Number of ETNs | Hypothetical Closing Indicative Value | Aggregate Closing Indicative Value | |
Pre-Reverse Split | 100,000 | $5.00 | $500,000 |
1-for-20 Post-Reverse Split | 5,000 | $100.00 | $500,000 |
None of the other exchange traded notes issued by Credit Suisse AG are affected by these announcements.
![]() |
Media Release September 19, 2022 Page 2 / 2 |
Reverse Split | Exchange Ticker Symbol | Current CUSIP / New CUSIP |
Credit Suisse X-Links® Crude Oil Shares Covered Call ETNs due April 24, 2037 | USOI | 22539T266 / 22539U602 |
Credit Suisse X-Links® Gold Shares Covered Call ETNs due February 2, 2033 | GLDI | 22542D480 / 22542D233 |
Credit Suisse X-Links® Silver Shares Covered Call ETNs due April 21, 2033 | SLVO | 22542D449 / 22542D225 |
Press Contact
Andre Rosenblatt, Credit Suisse, andre.rosenblatt@credit-suisse.com
Credit Suisse ETNs
Telephone +1 800 320 1225, ETN.Desk@credit-suisse.com
Credit Suisse
Credit Suisse is one of the world's leading financial services providers. The bank’s strategy builds on its core strengths: its position as a leading wealth manager, its specialist investment banking and asset management capabilities and its strong presence in its home market of Switzerland. Credit Suisse seeks 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. The bank employs more than 50,000 people. The registered shares (CSGN) of 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.
Copyright © 2022, CREDIT SUISSE GROUP AG and/or its affiliates. All rights reserved.