Thursday July 9, 2009.
As a result of the FAS 1-for-5 reverse split, every five shares of FAS will be exchanged for one share. Accordingly, the number of FAS shares will decrease by approximately 80%, and the net asset value (NAV) and price of each share at the opening of the markets on Thursday July 9,2009 will increase 5-fold. The total market value of the FAS shares outstanding will not be affected as a result of this reverse split except with respect to the redemption of fractional shares. Based on yesterday’s closing prices, the reverse splits will raise the per-share cost of FAZ from $5.12/share to $51.20/share and boost the price of FAS from $8.34/share to $41.70/share.” (see the press release HERE)