ICAN - (now ICBX)

[Moonlight]

ICAN was at 0.0001/share a couple days ago, now the symbol is IBCX, but it's 0.01/share today. So does that mean people who own a million shares a couple days have just became a millionaire as of today? I am a little confused. Does anyone know what I am talking about?:confused:

Moonlight

[Moonlight]

Can someone tell me how much is ICAN per share, and what it was 2 days ago. It's assigned a new symbol, IBCX now. Thanks.
Moonlight

[dinaro]

IBAC Corporation New Ticker Symbol Will Be Effective at the Open of the Market on 3/10/2006, and the New Symbol for the Company Will Be IBCX
Thursday March 9, 9:09 pm ET

NEW YORK--(BUSINESS WIRE)--March 9, 2006--IBAC Corporation (ICAN:PK) has a new ticker symbol (IBCX:PK) for its stock, effective Friday March 10, 2006 at the commencement of trading.
The NASDAQ Stock Market assigns a new ticker symbol when a company undertakes a reverse split of its stock.

As a result of the reverse-split, every 80 shares of company's common stock will be changed into one share of common stock. The reverse split affects all shares of common stock outstanding before Friday. The company will issue an additional share of common stock in lieu of fractional shares.

"This is the first step in restructuring the company for the anticipated growth and plans going forward, I reiterate that the company will have 150 million common shares outstanding and a total of 500 million common shares authorized, the 350 million common share difference will remain in the company's treasury and will not be liquidated. The next phase of this restructuring will be the completion of the audited financial statements and then filing to trade on the OTCBB. The company has several potential acquisitions that it is reviewing and will be determining which of those it will acquire in the very near term," said Wayne Burmaster President & COO IBAC Corporation.

[Moonlight]

what does a reverse split mean? so if a stock was at 0.0001 a share before, how much is it now per share after a reverse split? Also what does it mean for that compnay after they have a reverse split? I am referring to ICAN, please respond dinaro or anyone. Thanks.
Moonlight

[dinaro]

what does a reverse split mean? so if a stock was at 0.0001 a share before, how much is it now per share after a reverse split? Also what does it mean for that compnay after they have a reverse split? I am referring to ICAN, please respond dinaro or anyone. Thanks.
Moonlight


This is from the SEC on reverse splits.


Reverse Stock Splits
A reverse stock split reduces the number of shares and increases the share price proportionately. For example, if you own 10,000 shares of a company and it declares a one for ten reverse split, you will own a total of 1,000 shares after the split. A reverse stock split has no affect on the value of what shareholders own. Companies often split their stock when they believe the price of their stock is too low to attract investors to buy their stock. Some reverse stock splits cause small shareholders to be "cashed out" so that they no longer own the company’s shares.


If you already had ICAN shares you received 1 share of IBCX for every 80 shares of ICAN you had.If you want to buy now you would be buying IBCX at their new price which would have been equivalent to 80 shares of ICAN at their old price.But if it was at .0001 and is now at .01,that is really 100 times so holders of ICAN should have received 1 share of IBCX per 100 shares of ICAN so they did well and made out with an additional 20 shares.

[Lux]

I've split off the various penny stocks into separate threads for further discussion.

We will stick to IBCX (formerly ICAN) on this thread ----- and Sea Rays (of course ;))

Special thanks Dinaro for your contributions!

We will try to stick to a thread per stock for easier reference.

:wave: