Reverse split procedure - what to expect. The F
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Posted On: 10/11/2018 7:17:51 PM
Reverse split procedure - what to expect.
The FINRA agreed r/s will take effect at midnight tonight Oct 11/12.
The r/s ratio is 500:1.
The closing price was .0003 - so the anticipated opening price will be .3 or above.
OTTV will be trading under the ticker OTTV for 20 days starting Oct 12.
It may be possible to buy "new" shares immediately - some brokers may enable it on line immediately - some may require buy orders to be phoned in.
Selling of "old" (pre-r/s) shares will not be allowed until brokers receive the "replacements" electronically. On the most recent successful r/s, the shares were delivered in 2.5 days to E*Trade - it can take 14 days.
On-line selling of replacement "old" shares - quantity 1/500 of the previous holding - tax lot cost basis x 500 the price of "old" ones will be enabled by each broker as soon as all their clients have received their new shares.
Savvy traders don't sell at "averaged down" break even prices - they buy additional new shares to trade from the bottom up and sell old shares by tax lot when in profit (or in a considered manner much later to maximize both short term and long term tax rebates).
The wash sale rule will be explained in the next post.
The FINRA agreed r/s will take effect at midnight tonight Oct 11/12.
The r/s ratio is 500:1.
The closing price was .0003 - so the anticipated opening price will be .3 or above.
OTTV will be trading under the ticker OTTV for 20 days starting Oct 12.
It may be possible to buy "new" shares immediately - some brokers may enable it on line immediately - some may require buy orders to be phoned in.
Selling of "old" (pre-r/s) shares will not be allowed until brokers receive the "replacements" electronically. On the most recent successful r/s, the shares were delivered in 2.5 days to E*Trade - it can take 14 days.
On-line selling of replacement "old" shares - quantity 1/500 of the previous holding - tax lot cost basis x 500 the price of "old" ones will be enabled by each broker as soon as all their clients have received their new shares.
Savvy traders don't sell at "averaged down" break even prices - they buy additional new shares to trade from the bottom up and sell old shares by tax lot when in profit (or in a considered manner much later to maximize both short term and long term tax rebates).
The wash sale rule will be explained in the next post.
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"Per Ardua Ad Astra" - "Through Adversity To The Stars"
A very apposite motto for those who trade successfully in the OTC market..
All posts are my opinion - trade at your own risk.
A very apposite motto for those who trade successfully in the OTC market..
All posts are my opinion - trade at your own risk.
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