I believe the cusip change itself does nothing to the PPS, unless there is a large short position and then the thought is that they will be forced to cover and thus drive the price up. If there is no short position or a small one then no big effect I guess.
Anyone feel free to correct me if I am wrong. That is my understanding though.
Cusip change will force the brokers who are short...mainly non Penson brokers...such as NITE, SBSH, UBSS and or ETRADE. They generally use their own rules for reporting and shorting etc.
Certs have to be all accounted for so if within so many days I think it's 5 days...they don't anti up their shares for exchange they will be forced to cover. Meaning they have to buy in the open market.
And if the company is real and has any block buster news we could be in for a really big move here. I've been through this before and it can take days to weeks for this to happen.
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