Go ahead and try that tomorrow. Schwab is very unlikely to allow that on a pennystock. You might be allowed to do it on a major NASDAQ or NYSE issue over $2 or over $5, butt no brokerage that I am aware of will allow that on a pennystock - because it is technically a short sale and is carried on the brokerages books as such. To do so for any stock under $2, the brokerage is required by law to have $2.50 in CASH in margin PER SHARE. So they would have to front $250,000 to cover 100,000 shares of a 0.02 pennystock (gross proceeds of only $2,000).
It's a legal requirement, as Schwab won't have the new CUSIP post-RS issue in their possession, and it will technically be a short sale insofar as the regulations on brokerages are concerned. So they will have to post the legally required $2.50 per share minimum cash margin.
Any idea on the margin interest cost of posting $250,000? To cover a $2,000 position of a 0.02 pennystock?
That's ONE reason every brokerage I know of won't do that for pennystocks.
Test it tomorrow. Place a small sell order for LOGGD. Then call a broker when the order doesn't execute. He or she will explain it to you further.
And I have a question for you: LOGG (now LOGGD for a few weeks) has steadily lost 99.24 PERCENT in less than 2 years. The CEO is a proven recifivist penny scam operator. The company has no physical location, it's address is a postal address with hundreds of 'buinesses' renting mail drops there. The company's phone number as published in their own documents is for a totally different company - IN CANADA. The 'product' - nothing butt an obsolete, failed generic device from China widely available since 2011 and has nott sold well if at all for LOGG. LOGG is packed to the gills with TOXIC FLOORLESS CONvertible debt.
Therefore, why do you think LOGG is a good 'investment'? What's the investment thesis for holding this pennyscam?
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