What is a when-issue stock? The "v" symbol - the 5th letter symbol on SPCL ticker
A when-issued stock has yet to see the light of day. The official day of issuance is a few business days off, and for a brief period you can trade in shares without being able to settle for a profit or a loss. It's common for treasury bonds to trade on a when-issued basis, as speculators guess at the rise or fall of the bonds on the day they actually come up for auction. With stocks, when-issued trading only takes place when there is widespread interest and demand for the stock.
the official day of issuance is a few business days off