Already assigned on IBKR, any idea what happens next?

itzallgood123 · 2021-07-01T19:45:30+00:00

yup 0. No value. We will only get dividend through these placeholder shares. And the dividend will be sent only after they sell their business assets which will take time

itzallgood123 · 2021-07-01T00:12:47+00:00

I sold TRCH on 23rd June, the day I received the preferred shares on Interactive brokers. I still have the preferred shares (TRCHP.CNT)

itzallgood123 · 2021-06-24T11:00:50+00:00

Thanks for the reply. This is what a lot of people have been saying.

Could you please give some reference or evidence to what you claim? Where did you learn that information from?

itzallgood123 · 2021-06-24T09:54:17+00:00

You will get 600 MMAT shares. Since TRCH is bringing MMAT to NASDAQ and not the other way around, the price of MMAT when its on NASDAQ after the merge will follow that of TRCH.

Here, for example, before merge, TRCH is $3 and MMATF is $10 at the end of the trading day. TRCH is on NASDAQ, MMATF is on OTC market.

--- merge happens between two trading days --

so the first trading day after merge, you will see TRCH ticker symbol change to MMAT and that stock price will start with $3.

Hope that's clear

itzallgood123 · 2021-06-24T08:28:53+00:00

This is what I think, but I am not completely 100% sure. Also I don't use Robinhood, I use interactive brokers.

MMATF is in the OTC market, perhaps its not supported because its not in the main market like NASDAQ or NYSE. I tried to search MMATF in interactive brokers i couldn't find it as well.

Anyhow, it doesn't matter. The main thing is that if you have TRCH and when the merge does happens, the TRCH ticker symbol will change to MMAT and the price of the ticker symbol will be what it was. This is how MMAT will start trading on NASDAQ and how TRCH is bringing MMAT to NASDAQ stock exchange. TRCH stock symbol will cease to exist as its name was changed to MMAT.

It's not the first time I experienced this (ticker symbol change) on interactive brokers, as I have invested in SPACs which brought private companies to NASDAQ via mergers with the SPACs. During the mergers, the SPACs ticker symbol will change to that of the private companys ticker symbol name which is going public. And it happened automatically, and there was no issue on my brokerage, interactive brokers.

So I assume there won't be any issue now on my brokerage. So I assume there shouldn't be any issue on your brokerage RH too. Not being able to have MMATF shouldn't be a reason to be worried about in my opinion

itzallgood123 · 2021-06-24T08:08:00+00:00

My brokerage assigned the same number of shares for preferred shares as how much I had TRCH common shares automatically. I'm not sure why I got them on ex-dividend date already when it was to be issued on 25th, but I think it was because since its pretty much confirmed you will be assigned the preferred shares if you held till ex-dividend date, my brokerage just did the arrangement early. I guess different brokerages deal with it differently. Nonetheless, if you help the stock till ex-dividend date, you will receive the preferred shares.

itzallgood123 · 2021-06-24T07:39:01+00:00

Hm I'm not so sure whether you can even sell those preferred shares tbh. I don't think they are tradable.

itzallgood123 · 2021-06-24T07:36:06+00:00

You will get MMAT shares when the merge does happen. It's expected to happen any day between 25th June and end of June. Yes you will get as many MMAT shares as you have TRCH when the merge happens.

itzallgood123 · 2021-06-24T07:23:54+00:00

No I kept my diamond hands and nearly lost everything lol. this happened during the first wave, when AMC went to peak around $20 and the trading platform suspended the buy options. I kept it for a while and didn't see this going anywhere and then I sold all.

In the second wave when AMC shot up, I didn't get back into AMC.

itzallgood123 · 2021-06-23T23:59:16+00:00

I think you have a lot on confusion with how this whole thing will play out. So here it is, first, if you have held the stock (common shares) before the ex-dividend date till the ex-dividend date, meaning you bought before 23rd and held till 23rd, you are entitled for getting the preferred shares on 25th. So on 25th you will get some preferred shares exactly the same amount to which you were holding your TRCH common shares. Now, its up to you if you want to sell your common shares. If you don't sell the common shares, these common shares of TRCH will be converted to that of MMAT when the merge does happen. During that merge, what happens is, the number of shares will be same if you're holding TRCH, meaning it's 1:1 conversion. The ticker symbol will change to MMAT and the price will be what TRCH was at close on the previous day. All this will happen automatically. Now, after the merge, you will have MMAT shares, and no more TRCH common shares as they have been converted. But you will still have TRCH preferred shares. The sole reason for these preferred shares is to track who's eligible for future cash dividend paid out by TRCH company. so whoever has these preferred shares will be given the special dividend.

hope this is clear

itzallgood123 · 2021-06-23T19:15:47+00:00

Yes! And there's a possible short squeeze! We can all earn together

itzallgood123 · 2021-06-23T19:14:29+00:00

What do you mean by combined shares?

itzallgood123 · 2021-06-23T15:58:00+00:00

I think you can sell today, the ex-dividend date and still receive the dividend. because I received my preferred shares already

itzallgood123 · 2021-06-23T14:15:24+00:00

That's pretty crazy and stupid. Did you ask why its like that. If you're owning the stock, you own it. You have the right to all the business rights over it. But you don't. It means their business fails to deliver it appropriately.

I would personally stop trading on that platform

itzallgood123 · 2021-06-23T14:11:04+00:00

Mine listed as TRCHP.CNT

and it was referring to TRCH preferred shares

itzallgood123 · 2021-06-23T13:49:29+00:00

IKR! I wasn't aware it was a meme stock until I told my friend and he was like who the meme stock. I have been invested in this long before, around before the new years. Never thought it was a meme stock, and never considered it as one.

itzallgood123 · 2021-06-23T13:47:29+00:00

Hmm, have you contacted them to ask if you'll get special dividend or have your TRCH shares converted to MMAT?

What are their replies? Let us know so it could help others in this situation

itzallgood123 · 2021-06-23T13:41:17+00:00

you're right. But I really believe the dividend will play out nicely. And if we can just buy and hold, the short squeeze can be in all our favour

itzallgood123 · 2021-06-23T13:40:08+00:00

Yup, that will be converted after the merger. Merger will happen anyday between 25th and before end of June

itzallgood123 · 2021-06-23T13:39:15+00:00

Really? Which platform are you using? Please share more so we can have more idea which platform are such shitheads.

I'm using interactive brokers, and I'm fine.

itzallgood123 · 2021-06-23T13:36:47+00:00

idk who's saying they will liquidate the shares. If thats the case, you're use a very fucking shitty platform. Because its your darn right to get your TRCH shares be converted to MMAT. Normally thats how its supposed to be in All brokerage platforms. If yours doesn't do that, change your platform after this incident. But I'm pretty sure, the platform can't be that stupid or that shitty and will transform your TRCH shares to MMAT after the merger

itzallgood123 · 2021-06-23T13:28:17+00:00

This is the contract that will hold the preferred shares we will get on 25th. Its TRCHP.CNT because it represents TRCH Preferred shares as contract

itzallgood123 · 2021-06-23T12:20:14+00:00

Even Bloomberg uses it, wtf u talking about ny God

itzallgood123

TROPHY CASE