It was a hard day for investors in Supernova Metals Corp (OTCMKTS:ABETF) as the company’s stock suffered from a strong selloff and ended up with a decline of as much as 16% as a consequence.
Trading Data
On Thursday, ABETF stock ended flat at $0.0270 with more than 26k shares, compared to its average volume of 5k shares. The stock has moved within a range of $0.0270 – 0.0270 after opening trade at $0.0270.
Supernova Announces Consolidation
Yesterday, the company was in focus after it made an announcement with regards to the fact that it was aiming to have a consolidation of all the outstanding and issued commons shares. The consolidation is going to take place in way so that 1 new share represents 8 shares that are being held currently by the investors. In addition to that, it was also announced that new ISIN and CUSIN numbers are also going to be issued.
In this regard, the company noted that the current shareholders are going to get a letter of transmittal which is going to provide them with all the necessary information on how to go about exchanging their current shares for the new ones.
That being said, those who do not hold shares in their name or hold it through an intermediary or a brokerage, would not need to compete the transmittal letter. It appears the announcement did not go down well with investors.
