But then, there are shyster companies that get away with moving the goal posts after the fact. (maybe rare - but this just recently happened and I lost a bunch of money because of it)
Stock PKDC (Parker Drilling Inc [pinksheet]) went through a 1-50 reverse stock split on April 15 2020.
They were to payout $30 per pre-split share for any shareholder holding less than 50 shares. (price day before split was about $7)
All the brokers also thought that anyone who bought day before the ex-date (April 14) would be eligible for the cash-out, so all brokers (that I know of) moved shareholder's PKDC positions into "contra" status for cash-out.
But the company had different plans. Per their press release The day before the reverse split, but after close of trading for the day....
"only stockholders of record owning fewer than 50 shares immediately prior to the effective time of the reverse stock split (i.e. as of 6:51 p.m. ET on March 19, 2020) are entitled to a fraction of a share of common stock as a result of the reverse stock split under Delaware law and, accordingly, only such stockholders of record are entitled to be paid cash in lieu of such fraction of a share of common stock on the basis of $30.00, without interest, for each share of common stock held by such holders immediately prior to the effective time. Stockholders should not rely upon any communications referring to a different effective date other than as of 6:51 p.m. ET (in the case of the reverse stock split) and 6:52 p.m. ET (in the case of the forward stock split) on March 19, 2020, and instead should refer to the Company's prior communications, including the Company's public filings for purposes of determining the extent which they could be entitled to a cash payout in connection with the stock splits."
So the company, basically saying to ignore FINRA, and the daily list, and decided that the "effective time" of the reverse split, was a month before the split actually happened. Again, even all the brokers thought otherwise, and clearly were instructed (by DTC?) to move shares into contra for cash-out.
Then it was all reverseed, and brokers had to prove the shareholder owned the stock before March 19. crazy. https://investors.parkerdrilling.com/press-releases/detail/265/parker-drilling-makes-statement-regarding-recent-stock