STOCK TITAN

United States Oil Fund: Marygold agrees to cash deal

TMC’s transition to private ownership remains conditional on stockholder, regulatory and change-of-control approvals.

(Moderate)
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

United States Oil Fund, LP (USO) disclosed that The Marygold Companies, Inc. (TMC), the sole shareholder of USCF Investments, Inc., announced a definitive agreement with Madison Dearborn Partners (MDP) for TMC to become privately held in an all-cash transaction. USCF Investments is the holding company and sole member of United States Commodity Funds LLC (USCF), USO’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. TMC and MDP’s leaders have indicated that, after closing and at an appropriate time, they will carry out TMC’s previously announced transformation strategy to refocus USCF’s business. Completion within the expected timeframe, or at all, is not guaranteed.

Positive

  • None.

Negative

  • None.
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.
Expected closing First half of 2027 or earlier Transaction timing, subject to customary closing conditions
all-cash transaction financial
"for TMC to become a privately held company 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.
customary closing conditions regulatory
"upon satisfaction of customary closing conditions"
"Customary closing conditions" are standard rules or checks that must be met before a business deal can be finalized, like making sure all paperwork is in order or that certain approvals are obtained. They matter because they help protect both parties, ensuring everything is in place and reducing the risk of surprises or problems after the deal is closed.
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.

FAQ

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

When is the TMC transaction involving USO expected to close?

The transaction is expected to close during the first half of 2027 or earlier, subject to customary closing conditions. Those include TMC stockholder approval, regulatory approvals and certain change-of-control approvals; completion within the expected timeframe, or at all, is not guaranteed.

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

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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 OIL FUND, LP

 (Exact name of registrant as specified in its charter)

 

  Delaware 001-32834 20-2830691
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation)     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 Oil Fund, LP   USO   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 Oil 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 OIL 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

 

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