GVRP - What's up?! A large reverse split followed by a large forward split is not uncommon to reduce shareholders, paying off those that hold fractional shares in cash. The reverse split is followed immediately by the forward split, Now GVRP:
Once the reverse split was performed, the box in level2 stayed blank, no MM's since early morning 05/17/05. An MM showed up EFGI on the offer, selling the shares $3.50 to start, WAAAY before Ex-Date 05/23/05. Then shortly later a PR came out stating it has finalized a Merger Agreement with DigiKidz Holdings, Inc, and has also filed with the State of Florida to change its name to Media Magic, Inc. after effecting the Merger.
Well, it appears the company jumped the gun, thinking they had already forward split the shares and had begun a news release and dump campaign. They sold a total of 34,853 shares, shares that have due bills attached entitling the buyer to the Ex-Date forward split!
GVRP open high low close change volume 05/17/05 3.50 4.75 2.90 3.75 +0.25 34,853 05/16/05 0.00 3.50 3.50 3.50 +0.00 0 05/13/05 0.00 3.50 3.50 3.50 +3.50 0
Now the company will have billions of shares out beginning Monday 05/23/05, just from the shares sold on 05/17/05 alone. They have a mess at hand, calls made confirmed the forward split has not been performed yet, calls to transfer agent showed there was 3 shareholders at the beginning of the day. Shares were sold, and the buyers are having a really fun time, if nothing else, it's worth the entertainment value. Many have bought their admission ticket and having a ball!
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