In addition, there will be no automatic adjustment

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In addition, there will be no automatic adjustment of the stock price as there would be with a forward split and the newly issued stock will have the same trading characteristics as the underlying securities.

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Well this may not be a forward split, however all dividends get deducted from the share price on the ex date. I think they are playing on words. IMHO the share price should drop on 12/3 on a 1/21 basis, so $21 would become $1. Again, just my logical opinion on how all dividends get accounted for. And if you think about it, the company did not all of a sudden become worth 21 times more money overnight just because they decide to dividend stock.

Disclaimer: Of course, all of this is my opinion and you should not make any investment decisions based on my opinion. I have not received any non-public information.