Health Sciences Group Inc (HESG)

[VeronicaFox]

It was a “penny for the lot” transaction @ $0.000001. Many brokers offer this service.

Nothing nefarious about it, it’s a common occurence with these illiquid no bid securities, especially at the last quarter for tax purposes, i.e., someone wishes to take the loss to offset capital gains on real stock.

The firm purchases the shares to remove the position from the customer’s account and to enable the customer to claim a capital loss for tax purposes. The purchase price typically is nominal and set solely for purposes of liquidating the position. In some instances, it may not be a per share price, but may be sold, for example, for one penny or one dollar for the entire lot. Hence, these sales sometimes are referred to as “penny for the lot” transactions.