Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 42

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 42
---
Increase in Share Price Volatility; Decrease in Share Price

The Offer may result in an increase in trading of the
Common Shares, which may increase volatility in the market price of the Common Shares. The Offer may result in an increase in the number
of Common Shareholders wishing to sell their Common Shares, which would exert downward price pressure on the price of Common Shares.

Under-Subscription

It is possible that the Offer will not be fully subscribed.
Under-subscription of the Offer could have an impact on the net proceeds of the Offer and whether the Fund achieves any benefits.

Risks of Acquiring Rights to Purchase Common Shares

Shares of closed-end funds such as the Fund frequently
trade at a discount to NAV. Since inception, the Fund’s Common Shares have frequently traded at a discount in relation to NAV. See
“Description of Common Shares.” If the Formula Price is less than 92.5% of NAV on the Expiration Date, then the Subscription
Price will likely be greater than the market price of a Common Share on that date. In addition, the Formula Price, even if above 92.5%
of NAV, may still be above the market price of a Common Share on the Expiration Date. If either event occurs, the Rights will have no
value, and a person who exercises Rights will experience an immediate loss of value.

There can be no assurance that a market for the Rights
will develop or, if such a market develops, what the price of the Rights will be. Changes in market conditions may result in the Common
Shares purchasable upon exercise of the Rights being less attractive to investors at the Expiration Date. This may reduce or eliminate
the value of the Rights. Investors who receive or acquire Rights may find that there is no market to sell Rights that they do not wish
to exercise.

| S-25 |

<div align='center'>PLAN OF DISTRIBUTION</div>

Distribution Arrangements

UBS Securities LLC will act as Dealer Manager for this
Offer. Under the terms and subject to the conditions contained in the Dealer Manager Agreement among the Dealer Manager, the Fund and
the Investment Adviser, the Dealer Manager will provide financial structuring and solicitation services in connection with the Offer and
will solicit the exercise of Rights and participation in the over-subscription privilege. The Offer is not contingent upon any number
of Rights being exercised. The Dealer Manager will also be responsible for forming and managing a group of selling broker-dealers (each
a “Selling Group