SoFi Announces Reverse Stock Split for SoFi Select 500 ETF (SFY)
20 September 2024 - 10:17PM
The Board of Trustees of Tidal ETF Trust (the “Trust”) has approved
a reverse stock split of the issued and outstanding shares of the
SoFi Select 500 ETF (NYSE Arca: SFY) (the “Fund”). The reverse
split will take effect after the close of trading on the NYSE Arca,
Inc. (the “Exchange”) on October 1, 2024.
Following the reverse stock split, every five shares of the Fund
will be consolidated into one share, effectively decreasing the
total number of issued and outstanding shares by approximately 80%.
The per-share net asset value (NAV) and the opening market price
will increase proportionally by five times on the following trading
day.
Details of the Reverse Stock Split:
- Reverse Split
Ratio: 1:5
- Approximate Decrease in
Total Outstanding Shares: 80%
Additionally, the Fund’s CUSIP number will change as follows,
effective after the close of the market on the Effective Date:
Old CUSIP |
New CUSIP |
886364207 |
886364173 |
Impact on Shareholders
The reverse stock split will not alter the overall value of a
shareholder’s investment. The value of an investor’s holdings in
the Fund remains unchanged, even though the number of shares will
decrease, and the per-share price will increase:
Shares of the Fund will begin trading on a split-adjusted basis
on the Exchange on October 2, 2024.
Redemption of Fractional Shares and Tax
Implications
In cases where shareholders hold fractional shares following the
reverse split, the Fund will redeem those fractional shares for
cash at the Fund’s split-adjusted NAV on the Effective Date. This
redemption could result in tax consequences, with shareholders
potentially recognizing gains or losses based on the redemption of
fractional shares. However, apart from this, the reverse split will
not be a taxable event for shareholders, and no transaction fees
will be charged for the redemption of fractional shares.
About Tidal Financial Group
Formed by ETF industry pioneers and thought leaders, Tidal
Financial Group set out to revolutionize the way ETFs have
historically been developed, launched, managed, marketed, and sold.
With a focus on growing AUM, Tidal offers a comprehensive suite of
services, proprietary tools, and methodologies designed to bring
clients ideas to market. Tidal is an advocate for ETF innovation
and is on a mission to provide issuers with the intelligence and
tools needed to effectively launch ETFs and optimize growth
potential in a highly competitive space. As of September 1, 2024,
Tidal managed 172 funds with over $19 billion in AUM.
For more information, visit Tidal Financial Group.
About SoFi
SoFi's mission is to empower individuals to achieve financial
independence and fulfill their ambitions. Financial independence
isn’t just about being wealthy; it’s about having your money work
for the life you want to live. Everything SoFi does is focused on
helping people take control of their finances. SoFi is always
innovating and creating solutions that provide the tools and
resources needed for them to reach their goals.
Before investing you should carefully consider the
Fund’s investment objectives, risks, charges and expenses. This and
other information is in the prospectus. A prospectus may be
obtained by visiting www.sofi.com. Please read the prospectus
carefully before you invest.
Investing involves risk including loss of principal. Please
visit each fund’s page for specific fund risks.
SoFi ETFs are distributed by Foreside Fund Services, LLC.
Contact:
pr@sofi.com
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