United States 12 Month Oil Fund, LP (USL): Entry into a Material Definitive Agreement
United States 12 Month Oil Fund, LP (USL) filed an SEC Form 8-K — Entry into a Material Definitive Agreement. Item 1.01 Entry into a Material Definitive Agreement. On September 25, 2026, The Marygold Companies, Inc. (“TMC”) publicly announced its entry into a definitive agreement with Madison Dearborn Partners (“MDP”), a leading private equity firm based in Chicago, for TMC to become a p
How this was made
The 30-second read
Why it matters
The acquisition will make USL privately held, removing it from public trading and likely causing a price decline.
Market read
The deal directly affects USL's listing status and could trigger price movement for the fund and related oil‑sector instruments.
What to watch
Potential regulatory hurdles and shareholder approval could delay or cancel the deal.
Background
USL is a 12‑month oil commodity fund listed on NYSE; its sole shareholder, The Marygold Companies, is selling to Madison Dearborn Partners.
Ticker impact
SEC Form 8‑K reports USL's sole shareholder entering a definitive all‑cash acquisition, which will delist the fund from NYSE.
Potential downward pressure as investors anticipate delisting and reduced market access.
Delisting events historically cause price drops and reduced trading volume.
Market effects
May signal consolidation in commodity fund space, but limited broader sector impact.
U.S. listed fund market sees one less oil‑linked vehicle.
Minimal global effect; primarily affects US investors holding USL.
Counterpoint
If the transaction fails, USL could rebound on speculation of a higher bid.
Key entities
- FundUnited States 12 Month Oil Fund, LP
Publicly traded oil commodity fund (ticker USL).
- Parent CompanyThe Marygold Companies, Inc.
Current sole shareholder of USL.
- Private Equity FirmMadison Dearborn Partners
Acquirer in the all‑cash transaction.
