Popular UK trading platform Trading 212 liquidated $SPRT shares without notice. Shareholders were notified that their $SPRT shares have been liquidated for £3.87 ($5.34) per share. This comes as a shock as investors of $SPRT were hoping to receive the converted $GREE shares.
The notification further added, Greenidge Generation Holdings Inc. (GREE) has acquired Support.com (SPRT) in a 100% stock deal. As per the deal, you are entitled to 0.01150 GREE shares for every SPRT shares held. Stock distribution is not yet available through the platform; consequently you will recioeve the stock part in cash, following the ratio. As a result, your position will be closed at $5.34 for every 1 SPRT share held
It further added, All GREE shares were sold on the market on September 15th at $46.44 per share.
Greenidge Generation Holdings (GREE) ended its first day of trading, 22% lower than the opening price of $57. Its currently trading at $47.35 (+9.22%).
Trading 212 has responded to our request to get more clarity on the issue.
“currently, the conversion of shares is not among our supported services. I assure you, we are working hard to achieve this in the near future. For administrative reasons, this is the current way of handling such corporate events. Once we receive the new shares, they are immediately liquidated on the market at the best available price at the moment of liquidation.”Trading 212 Customer Service