US Natural Gas Fund: TMC signs all-cash buyout deal

Closing is expected during the first half of 2027 or earlier, subject to stockholder, regulatory and change-of-control approvals.

Available on EDGAR 09/25/2026 - 05:30 PM EDT Accepted by SEC EDGAR 09/25/2026 - 05:28 PM EDT

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

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Form Type

8-K

Rhea-AI Filing Summary

United States Natural Gas Fund, LP (UNG) disclosed that The Marygold Companies, Inc. (TMC) entered a definitive agreement with Madison Dearborn Partners for TMC to become privately held in an all-cash transaction. TMC is the sole shareholder of USCF Investments, Inc., which is the holding company and sole member of United States Commodity Funds LLC, UNG’s general partner.

The transaction is expected to close during the first half of 2027 or earlier, subject to customary closing conditions, including TMC stockholder approval, regulatory approvals and certain change-of-control approvals. Upon completion, TMC’s common stock will no longer be listed on the New York Stock Exchange. TMC and MDP indicated that, after closing and at the appropriate time, their leaders will execute TMC’s previously announced transformation strategy to refocus USCF’s business. Completion is not guaranteed.

8-K Event Classification

Item 1.01 — Entry into a Material Definitive Agreement

1 item

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Key Figures

Expected closing timeframe: First half of 2027 or earlier

1 metrics

Expected closing timeframe First half of 2027 or earlier TMC-MDP transaction; subject to customary closing conditions

Key Terms

all-cash transaction, change-of-control approvals, general partner, privately held company

4 terms

all-cash transaction financial

"in an all-cash transaction"

An all-cash transaction is a deal where the full purchase price is paid immediately in cash or cash equivalents, rather than through financing or installment payments. For investors, this type of transaction often indicates a quick, straightforward sale and can signal confidence from the buyer, potentially affecting the value and perception of the involved assets.

change-of-control approvals regulatory

"certain change-of-control approvals"

Approvals required when control of a company shifts to a new owner or group—often from lenders, regulators, counterparties, or contractual counterparties—so that loans, licenses, supplier contracts, or regulatory permissions remain valid after the transfer. Investors should care because failure to obtain these consents can trigger loan defaults, termination of important contracts, or regulatory blocks, similar to needing a landlord’s OK before transferring a lease to a new tenant.

general partner technical

"the general partner of United States Natural Gas Fund, LP"

A general partner is the person or firm that runs an investment partnership and legally represents it — they make the day-to-day decisions, choose which assets to buy or sell, and are responsible for the partnership’s obligations. Investors care because the general partner’s judgment, risk-taking and fee and profit-sharing arrangements determine both the potential returns and the level of exposure to losses; think of the GP as the ship’s captain whose skill and honesty shape the voyage’s outcome.

privately held company financial

"TMC will become a privately held company"

A privately held company is owned by a small group of people—founders, managers, or private investors—and does not sell its stock on public exchanges. For investors this matters because such firms share less public financial information, are harder to buy or sell into, and can have uncertain valuations and different growth or risk profiles compared with publicly traded companies, much like a family-owned store versus a shop on a busy public market.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When is the TMC transaction involving UNG expected to close?

The transaction is expected to close during the first half of 2027 or earlier, subject to customary closing conditions. These include TMC stockholder approval, regulatory approvals and certain change-of-control approvals.

What happens to TMC stock if the transaction involving UNG closes?

Upon completion, TMC will become a privately held company and its common stock will no longer be listed on the New York Stock Exchange.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 25, 2026

UNITED STATES NATURAL GAS FUND, LP

(Exact name of registrant as specified in its charter)

Delaware

001-33096

20-5576760

(State or other jurisdiction
of incorporation)

(Commission File Number)

(I.R.S. Employer

Identification No.)

1850 Mt. Diablo Boulevard, Suite 640

Walnut Creek, California 94596

(Address of principal executive offices) (Zip Code)

(510) 522-9600

Registrant’s telephone number, including area code

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered:
Shares of United States Natural Gas Fund, LP	UNG	NYSE Arca, Inc.

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 privately held company in an all-cash transaction (the “Transaction”). TMC is the sole shareholder of USCF Investments, Inc., which is the holding company and sole member of United States Commodity Funds LLC (“USCF”), the general partner of United States Natural Gas Fund, LP.

The Transaction is expected to close during the first half of 2027 or earlier upon satisfaction of customary closing conditions, including the approval of TMC stockholders, regulatory approvals, and certain change-of-control approvals. Upon completion of the Transaction, TMC will become a privately held company and its common stock will no longer be listed on the New York Stock Exchange. TMC and MDP have indicated that, after the close of the Transaction and at the appropriate time, MDP and TMC’s leaders will execute on TMC’s previously announced transformation strategy to refocus USCF’s business. There is no guarantee that the Transaction will be completed within the expected time frame, or at all.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		UNITED STATES NATURAL GAS FUND, LP
		By:	United States Commodity Funds LLC, its general partner

Date:	September 25, 2026	By:	/s/ John P. Love
		Name:	John P. Love
		Title:	President and Chief Executive Officer, and Management Director

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

3 documents