Viridi Funds Announces ETF Liquidation, De-listing

PHILADELPHIA, Dec. 20, 2022 /PRNewswire/ -- 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 Viridi Bitcoin Miners ETF ("RIGZ" or the "Fund"), a series of the Trust. After careful consideration of a number of factors, including the negative macroeconomic climate that has significantly affected the underlying constituents and the ability to deliver on the ETF mandate, the Board concluded that it is advisable and in the best interest of the Fund and its shareholders to liquidate the Fund. Any shareholders still holding shares of the fund at liquidation will receive a cash distribution equal to the net asset value (NAV) of their shares.

RIGZ will cease trading on the NYSE Arca, Inc. ("NYSE") and will be closed to purchase by investors as of the close of regular trading on January 4, 2023 (the "Closing Date"). The Fund will not accept purchase orders after the Closing Date.

Shareholders may sell their holdings in the Fund prior to the Closing Date and customary brokerage charges will apply to these transactions. However, from January 4, 2023 through January 11, 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 Fund's shares during this time period. Between the Closing Date and the Liquidation Date, the Fund will be in the process of closing down and liquidating the Fund's portfolio. This process will result in the Fund increasing its cash holdings, which is inconsistent with the Fund's investment objective and strategy.

On or about the Liquidation Date, the Fund 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 Fund's net asset value will reflect the costs of closing the Fund. Once the distributions are complete, the Fund 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 Fund, please call 1.215.882.9983 or visit our website at https://viridifunds.com. Read the prospectus or summary prospectus carefully before investing.

The Fund is distributed by Quasar Distributors, LLC.

SOURCE ETF Architect