PHILADELPHIA, Oct. 26,
2023 /PRNewswire/ -- (ETF Architect) -- Upon the
recommendation of Empowered Funds, LLC, dba EA Advisers, the Board
of Trustees (the "Board") of EA Series Trust (the "Trust") approved
a proposal to liquidate the Merlyn.AI Bull-Rider
Bear-Fighter ETF and Merlyn.AI SectorSurfer Momentum ETF ("WIZ" and
"DUDE", or the "Funds"), each a series of the Trust. After careful
consideration of a number of factors, including its inability to
attract sufficient investment assets, the Board concluded that it
is advisable and in the best interest of the Funds and its
shareholders to liquidate the Funds. Any shareholders
still holding shares of the funds at liquidation will receive a
cash distribution equal to the net asset value (NAV) of their
shares.
WIZ will cease trading on the NASDAQ Stock Market LLC
("NASDAQ"), DUDE will cease trading on the Cboe BZX Exchange, INC.
("Cboe"). The funds will be closed to purchase by investors as of
the close of regular trading on November 10,
2023 (the "Closing Date"). The Funds will not accept
purchase orders after the Closing Date.
Shareholders may sell their holdings in the Funds prior to the
Closing Date and customary brokerage charges will apply to these
transactions. However, from November 10,
2023 through November 17, 2023
(the "Liquidation Date"), shareholders may be able to sell their
shares only to certain broker-dealers and there is no assurance
that there will be a market for the Funds' shares during this time
period. Between the Closing Date and the Liquidation Date, the
Funds will be in the process of closing down and liquidating the
Funds' portfolio. This process will result in the Funds increasing
its cash holdings, which is inconsistent with the Funds' investment
objective and strategy.
On or about the Liquidation Date, the Funds will liquidate its
assets and distribute cash pro rata to all shareholders of record
who have not previously redeemed or sold their shares, subject to
any required withholding. Liquidation proceeds paid to shareholders
generally should be treated as received in exchange for shares and
will therefore be treated as a taxable event giving rise to a
capital gain or loss depending on a shareholder's tax basis.
Shareholders should contact their tax adviser to discuss the income
tax consequences of the liquidation. In addition, these payments to
shareholders may include distributions of accrued capital gains and
dividends. As calculated on the Liquidation Date, the Funds' net
asset value will reflect the costs of closing the Funds. Once the
distributions are complete, the Funds will terminate.
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Investors should consider the investment objectives,
risks, charges and expenses carefully before investing. For a
prospectus or summary prospectus with this and other information
about the Funds, please call 1.215.882.9983 or visit our website at
merlynetfs.com. Read the prospectus or summary prospectus carefully
before investing.
Investing involves risk. Principal loss is
possible.
The Funds are distributed by Quasar Distributors, LLC.
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SOURCE ETF Architect