FINRA reverse split question: So Canadian stock Clarke Inc (TSX: CKI) is doing a Reverse stock split 1-1000. It also trades on the pinksheets as symbol CLKFF.
CLKFF is on daily list today showing a reverse/foward split cashout.
Their press release on Oct. 21, 2020 states the effective date of the share consolidation is Oct. 21, 2020, yet Finra dailylist shows the effective date of the reverse/forward split as October 26. I guess that Finra is wrong? and any buyers of less than 1000 shares today won't get the cashout at $5.60?
I hate this confusion. Seen it too much lately.
Daily list only says, "No fractional shares will be issued. Shareholders holding in aggregate less than 1,000 pre-Consolidation Common Shares on the Consolidation Effective Date will be entitled to be paid cash consideration equal to that number of pre-Consolidation Common Shares held by the holder multiplied by $5.60. "
Press release mentions "determination date". There's no "determination date" on the Daily list lol. Only says
HALIFAX, NS, Oct. 21, 2020 /CNW/ - Clarke Inc. ("Clarke" or the "Company") (TSX: CKI)(TSX: CKI.DB), announced today that the previously announced 1 for 1,000 share consolidation (the "Consolidation") of its common shares (the "Common Shares") followed immediately by a 1,000 to 1 share split (the "Split" and together with the Consolidation, the "Share Capital Amendments") became effective today (the "Effective Date").
Shareholders who held less than 1,000 Common Shares at the close of business on October 20, 2020 (the "Determination Date") will be entitled to receive a cash payment in exchange for their Common Shares equal to $5.60 per pre-Consolidation Common Share (the "Cash Consideration").
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