Monitor for further filings from TMC or MDP disclosing the per-share consideration and any potential changes to USCF's management or fee structure post-close. UGA's trading will continue to track gasoline futures, unaffected by this ownership change.
Price Chart
Executive Summary
The Marygold Companies, Inc. (TMC), the ultimate parent of UGA's general partner, entered into a definitive agreement to be taken private by Madison Dearborn Partners in an all-cash transaction. The deal is expected to close in the first half of 2027, subject to TMC stockholder approval, regulatory approvals, and change-of-control consents. For UGA unitholders, this represents a change in control of the fund's general partner but no direct financial impact on the fund's net asset value or operations.
Key Financial Metrics
Key Facts
- The Marygold Companies, Inc. (TMC) agreed to be acquired by Madison Dearborn Partners in an all-cash transaction.
- TMC is the sole shareholder of USCF Investments, Inc., which indirectly controls USCF, the general partner of UGA.
- Transaction expected to close during the first half of 2027, subject to TMC stockholder approval, regulatory approvals, and change-of-control consents.
- Upon closing, TMC will become privately held and its common stock will be delisted from the NYSE.
- No financial terms of the transaction (price, premium, deal value) were disclosed in this filing.
Financial Impact
No financial impact on UGA's net asset value or operations; the transaction affects only the ownership of the general partner's parent company.
Risk Factors
- Transaction may not close if TMC stockholders fail to approve or if regulatory/change-of-control approvals are not obtained.
- Post-closing, MDP may alter USCF's business strategy, potentially affecting UGA's expense ratio or operational structure.
- No deal value disclosed, making it impossible to assess the premium or valuation of TMC.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0002071876-26-000218 |
| Document: 0002071876-26-000218-index-headers.html | 0002071876-26-000218 |
| Document: 0002071876-26-000218-index.html | 0002071876-26-000218 |
| Document: 0002071876-26-000218.txt | 0002071876-26-000218 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 29, 2026 27d ago | 8-K | $140.03 | awaiting T+20 | — | $142.86 (+2.02%) |
Sep 25, 2026 4w ago | 8-K | $141.97 $145.10 | ▲ +2.20% | ▲ +2.24% | $142.86 (+0.63%) |
Aug 28, 2026 8w ago | 8-K | $126.73 $141.97 | ▲ +12.03% | ▲ +11.77% | $142.86 (+12.73%) |
Jul 29, 2026 12w ago | 8-K | $121.48 $122.14 | ▲ +0.54% | ▼ −4.48% | $142.86 (+17.60%) |
May 28, 2026 21w ago | 8-K | $107.74 $100.52 | ▼ −6.70% | ▼ −3.56% | $142.86 (+32.60%) |
Apr 29, 2026 25w ago | 8-K | $119.64 $106.40 | ▼ −11.07% | ▼ −16.53% | $142.86 (+19.41%) |
US Market Status
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