If you have been following the comments of this post, you'll know that another reverse arbitrage play I tried was Point Acquisition. The reverse split occurred back on December 12 and I and several other have been anxiously awaiting our round up shares (the shares needed to bring us up to a round lot of 100 shares post-split). I spoke to their transfer agent today and she tells me she received authorization to send out the round up shares and they have gone out. Apparently, she sends them out in groups to the various brokerages. She said shares have been sent to Scottrade. She said 4,000 shares were sent to Schwab on 1/17. No shares have been sent yet to Fidelity, so if they are your broker, you might want to give them a call. I have not received any share in my accounts yet, so it still may be another day or to until they show up.
The share price was hovering around $5.00 for the last couple weeks, but it seems to have fallen down to $2.50 or so lately. I expect a price decline due to a bit of dumping as the round up shares start making their way into people's accounts, so I would be sure to use a limit order when selling (if you are going to sell). As always, this is not a solicitation to buy or sell any security. Do your own due diligence.
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