Huge mistake

[giorgio993]

Depends on what your value was prior. Your average cost, 10.4¢, translates into ~$28 for the new shares. So you've lost about ⅓ the value. If you started with $750k, then $500k is about right.

Nope, i bought 25900 shares for the avg cost of $0.15 per share for a total of $3885.00. Now the old share is frozen and they released the new one for about $18 which is still not tradeable on the app but my account says that i’ve got about 500k on it. Is a mistake from the app? Like it thinks that i own 25900 shares of the new one?

 

[truetype]

Yes, that sounds like a mistake. You should have ~$2500 by my calculation. But call or message your broker to confirm.

 

[lindq]

Nope, i bought 25900 shares for the avg cost of $0.15 per share for a total of $3885.00. Now the old share is frozen and they released the new one for about $18 which is still not tradeable on the app but my account says that i’ve got about 500k on it. Is a mistake from the app? Like it thinks that i own 25900 shares of the new one?

It's likely that your broker updated the conversion of shares, but hasn't yet updated the share price.

 

[giorgio993]

It's likely that your broker updated the conversion of shares, but hasn't yet updated the share price.

Yes, everything got wiped out. I lost everything

 

[rb7]

Whether the OP win or lose, moral of the story: don't trade what you don't understand.

 

[pipeguy]

Hi Guys! I’m new on trading and today i think i’ve made a huge mistake. I put a substantial amount of money on a stock that i discovered emerged successfully today from chapter 11 and i wasn’t able to sell because of day pattern trade rules. On the company’s website says that tomorrow they will be issuing the new stock for unsecured old shareholders, with the same name and the old ones will be exchanged with the new ones on a ratio of 0.003 per share which no matter how much will be the new share cost, will make me lose a huge amount of money. My question is, will i be able to sell my shares tomorrow morning on pre market or at least very early after opening? I’m sorry but i’m new to this and i need help.

Thank you and i really appreciate

Your wealth should be unaffected since the price for new shares will be set as there won't be arbitrage opportunity. MM theorem says no combination of securities can improve or worsen company value in efficient market so no reason for worries.

 

[truetype]

Yes, everything got wiped out. I lost everything

Best I can tell, you lost $1300 -- about the cost of a fender-bender repair. That's "everything"?

 

[sle]

Best I can tell, you lost $1300 -- about the cost of a fender-bender repair.

Dude, that’s like the cost of my car!

 

[giorgio993]

Best I can tell, you lost $1300 -- about the cost of a fender-bender repair. That's "everything"?

I lost about 4200

 

[sle]

Nope, i bought 25900 shares for the avg cost of $0.15 per share for a total of $3885.00.

I lost about 4200

So which one is it?

Ps. I see the new shares settling at 18.8 so @truetype is more or less in the ballpark.