secs response lol!
Dear MR. xxxx
Thank you for contacting our office. Please note that areverse stock
split reduces the number of shares and increases the share price
proportionately. For example, if you own 10,000 shares of a company and it
declares a one for ten reverse split, you will own a total of 1,000
shares after the split. A reverse stock split has no affect on the value of
what shareholders own. Companies often split their stock when they
believe the price of their stock is too low to attract investors to buy
their stock. Some reverse stock splits cause small shareholders to be
"cashed out" so that they no longer own the company’s shares.
A company’s board of directors may declare a reverse stock split
without shareholder approval. Although the SEC has authority over a broad
range of corporate activity, state corporate law and a company’s articles
of incorporation and by-laws govern reverse stock splits.
If a company is required to file reports with the SEC, it may notify
its shareholders of a reverse stock split on Forms 8-K, 10-Q and 10-K.
Also, I could not find a company with the stock symbol "GVRP" Is there
a corporate name?
Sincerely,
M.W. Katz
Investor Assistance Specialist
