Major lurking
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Nice they responded. Not crazy about how this whole thing was done for sure...
Got a response to my email...here you go...
Left a message and also sent an email. We'll see what happens...
Lovely...hope someone calls you back!
Agree completely. Just don't what the conversion process is. Simply calling your broker? Or is there some other process?
Ok...been doing some digging into the Class B shares.
First off they have a different CUSIP than the Class A shares. Class B's CUSIP is 69376K205 and A shares are 69376K106. The B shares are not quoted so since our A's were converted to B's you will not see the price reflected in your broker's portfolio.
So how do the class B's convert to A's?
From the S-1 (paraphrased):
When a 'Sunset' clause becomes effective. The 'Sunset' clause will be triggered 3 ways:
1. The Sunset Holders cease to maintain direct or indirect beneficial ownership of 10% of the outstanding shares of Class A Common Stock (determined assuming all outstanding shares of Class B Common Stock have been converted into Class A Common Stock)
2. The Sunset Holders collectively cease to maintain direct or indirect beneficial ownership of at least 25% of the aggregate voting power of the outstanding shares of Common Stock
3. Upon the tenth anniversary of the effective date of our amended and restated certificate of incorporation.
Plus, holders of Class B common stock may elect to convert shares of Class B common stock on a one-for-one basis into Class A common stock at any time.
And Class B holders are not entitled to any dividends the company decides to disburse.
I do not see anything stated in the S-1 as how to convert B shares into A shares.
Not real happy about how all this went down...
Well that's interesting...my Fidelity account which was showing PX has now flipped to the CUSIP...
Etrade is still showing the pre-split amount and the $11.10 closing price...
Is the share count correct?
My Fidelity account had PX in it the next day.
I can sell my mine!
Good point though. The majority would be from the offering imo. If insiders are selling their 8.5 million you'd think we'd see some Form 4's filed...
I would have to think it is some buying pressure. No other catalyst for a 4% move that I'm aware of...
Etrade is still showing the CUSIP and the pre-split # of shares.
Nice to see a bit of a bounce today...
Understand what you're saying. I'm still significantly up on this stock but don't like seeing the value of my holdings drop by 25%. I imagine other folks feel the same...like the employees...
Not real happy about how the company went about all this...but what do I know?
In the May 14 letter to shareholders they said that the "vast majority" of shares are held by insiders. I wonder how management is addressing the 25% drop internally? Got to be some unhappy employees right now...
Yep, my Fidelity holdings are 7K now instead of 10K. Etrade is still showing the pre split amount...
You are correct on all counts Bob. Class B shares have 10X the voting power of Class A shares...
Seems broker specific. My Fidelity account shows PX as a holding and I just put an order in to sell 100 @ $13. Took it with no problem and it's still valid.
In my Etrade account I don't show PX but instead I see a CUSIP...
So I think that once the brokerage gets things cleaned up with the TA and you see PX in your account you can sell your shares by simply placing an order as you normally would...
I think...
Good question!
Good news is the stock has a lot more liquidity than before...
Bad news is $12 post-split is a big drop. Equates to $8.40 pre-split...ouch...
Have to see what the next few days bring. Once the insiders are done selling their 8.5 million shares we may see a bounce...
Showing an initial bid/ask of 6.58/25.25 and no volume...
PIOE closed at $11.10 yesterday which adjusts to $15.85 post-split so any price today for PX that is less than that will be a loss of value compared to yesterday.
PIOE is no more. The shares in my Fidelity account are now showing as PX with 0 value and no bid/ask at this point.
Still have PIOE in Etrade right now so they haven't processed the change yet...
Golfing tomorrow as well...final championship round for our league.
Kind of strange trading today...nothing new. lol
I guess tomorrow is the last day of trading for PIOE?
Good to have a hobby...
Did you read all 200 pages of the S-1 yet??? lol
Hmm...I don't get that. Here's the article...
A Dallas investment firm that caters to wealthy and institutional investors is set to begin trading Thursday on the New York Stock Exchange.
P10 Holdings Inc. expects to raise $300 million in its initial stock offering — cash it’ll use to pay down debt and put toward future expansion, according to the company’s regulatory filing. It will offer 20 million shares for sale under the ticker symbol PX, with pricing expected in the $14 to $16 range.
If the IPO is successful, the investment manager would launch with an enterprise value just under $2 billion.
The company manages and monitors the portfolios of private investors by leveraging its “relationships with high performing, difficult to access fund managers,” according to P10's regulatory filing.
P10 said it was collecting management and advisory fees on $14.2 billion in assets under management as of June 30. Revenue totaled $121 million last year. Through the first half of this year, the company has brought in $65 million in fees.
Its client base of 2,400 investors spans six continents and includes some of the world’s largest pension funds, endowments, foundations and financial institutions.
It’s headed by chairman and co-CEO Robert Alpert, who has been with the firm since 2017. He previously was CEO and chairman of Globalscape and founder and portfolio manager of Atlas Capital Management.
Alpert’s team numbered 154 at mid-year, with 76 investment professionals in 10 offices in nine states. Over 100 employees have an equity interest in P10, collectively owning 73% of the company before the IPO.
“While the IPO isn’t cheap, the firm’s revenue growth trajectory, operating margin performance and potential for future growth are enviable, so the IPO is worth a close look,” wrote IPO Edge author Donovan Jones on Seeking Alpha.
P10 now trades over the counter on the so-called pink sheets under ticker PIOE. That listing will cease when it begins trading on NYSE.
And if it does my head will still explode...but in a good way! :)
I think you're correct...this isn't the normal R/S that I'm used to (and been hurt by)...
Agree with that. Never seen an uplist like this before. I imagine it's because PIOE is not going to exist anymore as an individual entity but will be part of P10...I think...
I seem to be saying that a lot! lol
Your 10k shares of PIOE become 7k shares of PX which will be trading on the NYSE. The price will depend on the last close of PIOE. If it closes at 11 on it's last trading day then PX should open at $15.71 ($11/.7) Then the price movement on PX's first day of trading will depend on demand.
I think...
This is making my head explode.
Good question. I read it to mean that if you sell Class B shares they convert to Class A and are sold...you still get your cash! I think...
From the Oct 12 PR:
Amen to that!!!
Sounds like they'll be trading...
Sounds to me like all our shares will become Class B shares...
Hope you get a response from IR!
I have a golf tournament today so I'll be out of pocket the entire day...
Hope it can hold 11!
And if my math is right doesn't the ipo price of 14-16 seem low? After the rs that equates to a pre-split price range of 9.80 to 11.20? And we are already trading higher than that...
Well that's interesting. What do you make of all that?
Thank you sir...and please understand that wasn't meant as a criticism whatsoever. You and chemist convinced me that this was a long term hold...but I did divest 1/2 of my holdings on the way up.
Everyone has their own trading style and comfort levels and I fully understand that. But I still thank the two of you for your contributions and insights to this board. Made some nice money as a result!
It would but appears to have been a seller out there. Back down to $10.50 but this thing moves on air....