TD Ameritrade says my SPNG shares are "restricted", thus cannot be traded. Their only "solution" is for me to use another brokerage, transfer my SPNG shares to them, and then attempt a trade? Wow. Something very fishy here...
Messages received from TD Ameritrade's customer service rep:
In response to my initial inquiry on why I am unable to trade my SPNG shares using TD:
"I can assist you regarding SPNGQ. This stock is restricted. The DTCC, the Depository Trust & Clearing Corporation, has designated this stock with a global lock. It is not eligible for deliver, transfer, or withdrawal which prohibits a clearing firms¿ ability to settle any movement of positions including trades. There is a variety of reasons for global lock designation, which may involve upcoming corporate actions, allegations of fraud at an issuer or agent or some other type of irregularity that makes the validity of the issuer¿s outstanding shares suspect.
Based on the industry wide DTC "Global Lock" restriction that prohibits a clearing firms', specifically TD AMERITRADE¿s, ability to settle trades. If we is unable to settle our clients¿ trades the liability of the trade becomes TD AMERITRADE¿s. In lieu of the industry wide lock, TD AMERITRADE has removed the ability to trade this security.
Regrettably, at this point, the only recourse you have is to contact the investor relations department of SPNGQ. Please let me know if I can assist you further."
I then asked if that is the ONLY way and received this as a response:
"You are able to transfer the stock to a firm that does not have a restriction on the shares. You will need to contact them so they can request the assets on your behalf."
AI
