United States Oil Fund (USO) says USCF management is suspending ability of USO Authorized Purchasers to purchase new creation baskets

United States Oil Fund (NYSE: USO) disclosed:

In the Form 8-K filed on April 20, 2020 (“April 20 Form 8-K”), United States Oil Fund, LP (“USO”), indicated that it would announce through a current report on Form 8-K when USO has determined to temporarily suspend the issuance of additional Creation Baskets. Today, USO issued all of its currently remaining registered shares. The registration statement that USO filed on April 20, 2020 with the Securities and Exchange Commission (“SEC”) to register an additional 4,000,000,000 shares has not been declared effective. As a result, USCF management is suspending the ability of the USO Authorized Purchasers to purchase new creation baskets until such time as the new USO registration statement for the additional shares has been declared effective by the SEC. The ability of Authorized Purchasers to redeem Redemption Baskets during the suspension of the sale of Creation Baskets will remain unaffected. In addition, trading of USO shares on the NYSE Arca, Inc. will not be discontinued as a result of the suspension of sales of Creation Baskets.

USO will issue a subsequent current report on Form 8-K to announce the effectiveness of the above-mentioned registration statement offering the additional, new shares as well as USO’s ability to resume offering Creation Baskets to its Authorized Purchasers.

For information relating to the creation and redemption of shares of USO, including the procedures for the creation and redemption of baskets of shares as well as the potential consequences of suspending the purchase and sale of Creation Baskets, please see the April 20 Form 8-K. Defined terms used in this Form 8-K and not defined herein shall have the meanings ascribed to them in the April 20 Form 8-K and the USO prospectus, as applicable.

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