Yes, millions of shares at $.004 will be lost...1/250 to be exact, yet value per share will rise 250X. Bottomline, the RS is account value neutral at the close the Night before and just before the open the day after. Shareholders lose or gain nothing with splits.
It’s after RS trading that can drop the value. The vast majority lose value, but some recover in a few days or weeks and again shareholders lose nothing.
I’m. It sure your understanding of stock splits is correct. Hope this helps. Ask your broker if still confused.
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