Xyon (xyon) wrote,

  • Mood:

The story of the little stock that couldn't

There once was a foolish man who bought 100 shares of PPT Vision (PPTV) at $0.62 per share.

Less than a week later PPTV stock reverse split 1:4 and the stock jumped not to $2.56, but $2.70! Ameritrade charged the unfortunate owner of these (now 25) shares of stock $20.00 in an "involuntary reorginazation fee".

(Aside: The reverse split was because NASDAQ requirements are that the stock maintains $1.00 per share. If it falls under it has so long to close at $1.00 or higher for 10 days running before NASDAQ drops the stock)

The next day the stock closed at $2.05; losing almost 25% of its value.

The next next day (today) the stock closed at $0.70... a 66% loss of value.

Since I bought the stock two weeks ago it has lost 71.77% of its value and cost me $20 in maintenance fees.

::sigh:: The first few days I finished up; and now I'm down 10% of my investments overall.
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