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Thursday, March 03, 2016 5:29:23 AM
The stock is reverse splitting before the market opens today.
Until new shares are calculated by the transfer agent and updated with your broker with the new CUSIP, your shares are frozen. The split stock will trade with a new symbol GDETD for a month or so to avoid confusion with the pre-split shares.
You will likely see shares trade at somewhere close to their fair value after the split of $1. Then the price will fall fast.
Whatever the price, DON'T BE TEMPTED TO BUY MORE because the only people who can sell shares are those with new shares (toxic lenders, insiders). This greatly limits the available pool of shares being offered for sale and the price will be higher until - the split shares are again available for sale. At that point the price will fall dramatically as some who got screwed over decide to dump and take the tax loss. Most will probably hold on because their shares will be worth so little.
“No one in this world, so far as I know — and I have searched the records for years, and employed agents to help me — has ever lost money by underestimating the intelligence of the great masses of the plain people"
H.L. Mencken
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