If you've never been through a name and symbol change in an OTC stock, you might want to do some research. I've been through many. It's not always a good thing. And it doesn't make the shorts go away as Steve has described. Maybe temporarily for a few days, sure. But they'll be right back.
Here's what will happen: during the name and ticker change, the "grandfathered" shares are locked up and cannot be sold. Since "new" shares can be bought and sold during this window time, the price will likely go up temporarily. Selling is limited, and most of the trading will be buying only...that's why you'll see a temporary lift in price. But you will not be able to sell your "old" shares at that this higher price. Those shares are locked up until the name & ticker changes are fully executed. Meanwhile, a bunch of shareholders sit around frustrated that they can't sell their shares at the higher price. By the time the "old" shares become unlocked, the price will likely be right back down to where it started or maybe even lower.
While Steve makes this sound like a good thing, it isn't always the case.
The best way to make a short-term profit in these situations is to buy the new shares soon after the name & ticker changes happens and sell those shares before the "old" shares become unlocked.
