My Vanguard broker finally responded to my inquiry about paying $2.29 rather than rounding up fractional share to 1 share of SAFO (Safe Foods Inc)
Dear Mr. XXX
Thank you for taking the time to contact us.
As a follow up from our previous correspondence, our research department confirmed the process for the corporate action for Save Foods Inc (SAFOD).
The shares were rounded up on a participant level and not a beneficial level, meaning Vanguard's shares as a whole, and not on the client level.
Beneficial owners, such as yourself, were accurately paid Cash in Lieu at arate of $16 per share.
Participant level?? Is that like Shareholder of Record?
DEF14C on Nov 2,2020 states:
The Corporation intends for the Reverse Stock Split to treat Stockholders holding Common Stock in street name through a nominee (such as a bank or broker) in the same manner as Stockholders whose shares are registered in their names. Nominees will be instructed to effect the Reverse Stock Split for their beneficial holders.
Their 8k filing on Feb 25 2021 stated.. "No fractional shares will be issued, and no cash or other consideration will be paid as a result of the Reverse Split."
I'm a dumbass for sure, but I was also pretty sure I interpreted the filings correctly.
oh well.
