Direxion Launches 1-For-10 Reverse Share Split Of ETF
March 1, 2010 (FinancialWire) — Direxion said that it will execute a one-for-10 reverse split of the shares of Direxion Daily Emerging Markets Bear 3x Shares ETF (NYSE: EDZ) for shareholders of record after the close of the markets on Wednesday, March 3, 2010. EDZ shares will begin trading on NYSE Arca on a split-adjusted basis on Thursday March 4, 2010. Â
The CUSIP for EDZ will change to 25459W 482 from 25459W 409.
As a result of the EDZ one-for-10 reverse split, every ten shares of EDZ will be exchanged for one share. Accordingly, the number of EDZ shares issued and outstanding, will decrease by around 90% and the net asset value and price of each share at the opening of the markets on Thursday March 4, 2010 will increase 10-fold. Â
The shares of each fund will be offered on a split-adjusted basis on March 4. Direxion Funds and Direxion Shares, managed by Rafferty Asset Management, LLC, offer long and short tactically oriented investments including leveraged index funds, ETFs and alternative-class fund products for investment advisors and investors.
The company posts around $6.3 billion in assets under management as of February 11.
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