So PKDC announced their going-private reverse split ratio of 1-50 on Friday March 20, 2020. They have a provision that anyone holding less than 50 shares will be cashed out at $30 per pre-split share, But the sneaky ba****ds made the "effective time" of those to be cashed out BEFORE they announced the ratio on March 20,2020
The language in their DEF14A states : prior to the effective time of the Reverse Stock Split (the “effective time”)
But the reverse split hasn't happened yet, At least it never showed up on the daily list. How can the effective time of the Reverse Split be weeks or months before it actually occurs? Or how can they claim a reverse split/forward split happened without it being approved/posted on the Daily List?
So all those who bought 49 shares (including me) on Friday will continue to be shareholders after the Reverse Split. Those who bought more than 49 shares before March 20 will also still be shareholders.
Sneaky
Their wording in the SC 13E3/A on Friday March 20 states: "The Company filed certificates of amendment to the Company’s Charter with the Secretary of State of the State of Delaware to effect the Stock Splits, both effective on March 19, 2020."
THE REVERSE SPLIT HASN'T HAPPENED YET! AT LEAST ACCORDING TO THE DAILY LIST, IT WAS NEVER POSTED.
