Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 18

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 18
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 including: (i) the size,
pricing and structure of the Offer, including the transferability of the Rights and the ability of the Dealer Manager to purchase and
exercise Rights; (ii) that the Offer, if it is well-subscribed, could increase the liquidity of the Common Shares on the NYSE, where the
Common Shares are traded; (iii) the opportunity the Offer represents for current Common Shareholders to buy Common Shares at a discount
to NAV or market price, or, in many cases, both; (iv) the costs of the Offer, including dilution of Common Shareholders’ interests
through the Offer and fees paid to the Dealer Manager; (v) the possible negative effect of the Offer on the market price of Common Shares;
and (vi) that the Offer will increase the Fund’s asset base and thus allow it to spread fixed expenses over a larger base of assets
and that continued growth in the Fund’s asset base may lead to reductions in the Fund’s expense ratio. The Board noted that
the Investment Adviser has an inherent conflict of interest in recommending the Offer because its fees are based on a percentage of the
Fund’s Managed Assets (the greater the Managed Assets of the Fund, the greater the compensation paid to the Investment Adviser).

There can be no assurance that the Offer (or the investment
of the proceeds of the Offer) will be successful. The completion of the Offer may result in an immediate dilution of the NAV per Common
Share for all existing Common Shareholders, including those who fully exercise their Rights (as defined below). For a discussion of the
potential impact of the Offer on current Common Shareholders, such as dilution, see “Risks Relating to the Offer” in this
Prospectus Supplement.

| S-11 |

Important Terms of the Offer

The Fund is issuing transferable rights (“Rights”)
to its Common Shareholders of record (“Record Date Shareholders”) as of 5:00 p.m., Eastern time, on November 17,
2025 (the “Record Date”), entitling the holders of those Rights to subscribe for up to an aggregate of 1,555,870 of Common
Shares (the “Shares”) (the “Offer”). Record Date Shareholders will receive one Right for each outstanding whole
Common Share of the Fund held on the Record Date. The Rights entitle their holders to purchase one Common Share for every three Rights
held (1-for-3). Fractional Common Shares will not be issued