All:
I've been reading this board for the past several months b/c it is one of the few places I found to get information to help with due diligence and allow me to make more informed decisions regarding my FITX position.
I have not posted to the board before, but I thought the following spin-off example of a stock I own would provide context for the FITX spinoff.
I own shares of mCIG, which you can read about in the link provided (Assuming I copied the URL correctly).
http://finance.yahoo.com/news/mcig-obtains-se...01386.html
As the PR states, they filed their registration statement (S-1) on April 21, 2014. I remember at least 2 iterations where the SEC provided feedback and mCIG needed to address their concerns before the refiled/amended S-1 was accepted by the SEC.
The spinoff process takes time (See mCIG timeline below):
Timeline
4/21/14 - MCIG filed S-1with the SEC
10/16/14 - Amended registration statement (S-1) filed
11/5/14 - SEC declared effective the VitaCig Inc. (spin-off company)amended registration statement (S-1) filed on October 16, 2014
11/25/14 - received approval from the Financial Industry Regulatory Authority ("FINRA"
for the VitaCig, Inc. dividend, and spinoff
11/28/14 - The Record Date for the dividend. This is the official date when a shareholder must be recorded as a shareholder of mCig, Inc. to be eligible for the dividend (shares of VitaCig, Inc the spin-off company)
11/25/14 - The company filed a Form 211 with FINRA and OTC Markets, LLC clearing VitaCig Inc. for trading on the OTCQB. This process takes 30-60 days.
The new company is currently listed on my brokerage account showing my spin-off shares, but does not have a symbol and is not trading as of today.
Hopefully this helps everyone understand the spinoff process takes time and we could only speculate WHEN the company can announce the details.
GLTL
I've been reading this board for the past several months b/c it is one of the few places I found to get information to help with due diligence and allow me to make more informed decisions regarding my FITX position.
I have not posted to the board before, but I thought the following spin-off example of a stock I own would provide context for the FITX spinoff.
I own shares of mCIG, which you can read about in the link provided (Assuming I copied the URL correctly).
http://finance.yahoo.com/news/mcig-obtains-se...01386.html
As the PR states, they filed their registration statement (S-1) on April 21, 2014. I remember at least 2 iterations where the SEC provided feedback and mCIG needed to address their concerns before the refiled/amended S-1 was accepted by the SEC.
The spinoff process takes time (See mCIG timeline below):
Timeline
4/21/14 - MCIG filed S-1with the SEC
10/16/14 - Amended registration statement (S-1) filed
11/5/14 - SEC declared effective the VitaCig Inc. (spin-off company)amended registration statement (S-1) filed on October 16, 2014
11/25/14 - received approval from the Financial Industry Regulatory Authority ("FINRA"
for the VitaCig, Inc. dividend, and spinoff 11/28/14 - The Record Date for the dividend. This is the official date when a shareholder must be recorded as a shareholder of mCig, Inc. to be eligible for the dividend (shares of VitaCig, Inc the spin-off company)
11/25/14 - The company filed a Form 211 with FINRA and OTC Markets, LLC clearing VitaCig Inc. for trading on the OTCQB. This process takes 30-60 days.
The new company is currently listed on my brokerage account showing my spin-off shares, but does not have a symbol and is not trading as of today.
Hopefully this helps everyone understand the spinoff process takes time and we could only speculate WHEN the company can announce the details.
GLTL
