This issue was heavily debated in the past couple of years. I have written to FINRA for an explanation and was told that what the company posted in its filings were true. From the most recent 10Q EGPI Firecreek reported:
On January 24, 2013, the Company affected a 1 share for 4,000 shares reverse split of its common stock and all amounts have been retroactively
adjusted for all periods presented.
This 10Q was submitted to the SEC on 08/16/2013. So I pressed how could this be? And was told that "the collective filings are correct and could be trusted". How can that be when the market doesn't represent a rev split? You have to find the answer in the 8K filed on 01/29/2013:
Stockholders whose shares are held in certificate form will receive a transmittal letter from our transfer agent, Computershare, as soon as
practicable after the effective date of the reverse stock split. The letter of transmittal will contain instructions on how to surrender certificate(s)
representing pre-reverse stock split shares to the transfer agent. No new shares will be issued until outstanding certificate(s) are surrendered,
together with a properly completed and executed letter of transmittal, to the transfer agent. Stockholders should not submit any certificate(s)
until requested to do so.
So gentlemen, the stock has already split but the company has delayed the share exchange. Probably due to pressure from the convertable note holders. Pre-split shares may be trading for some time. So when folks ask company representatives if they plan on doing a rev split it is easy for them to say NO. The question to ask is when do they plan on sending out that transmittal letter.
