Either the stock has been delisted, halted or the company is being reorganized by a consolidation of its shares. This is a very common industry event where the number of shares you own is reduced by a factor (e.g. 4x) and the trading price of the stock is increased by the same factor. Ultimately there is no change to the net value of your position. You are holding the old version of the shares, and the new shares will be sent to us in the next 3-5 business days. Until then the number of shares and their value will not be accurate.
If you wish to sell the old version of the shares you will need to research what the consolidation basis was (e.g. one new for four old) and phone Qtrade at 1.877.787.2330. A trader will enter a manual order for you based on the numbers you provide. The following are some considerations:
- As you are selling before you have the new shares; this ‘short’ position may not be able to be maintained and you may be forced to buy back your shares
- You are responsible for any calculation errors. You may have to buy more shares to cover any shortfall or sell extra shares you are not entitled to.
- The agent phone rate commission may apply, which is a minimum of $45.00
We are here to help you sell if you need to over the phone. You may certainly buy more shares, as the updated version of the stock is trading.