Current price: $19.59
Cash-Out Price: $30
Expiration Date: expected in Jan 2020
Yet another odd-lot case for some lunch money. For more detailed background on PKD and previous offer refer to this post.
PKD intends to deregister from SEC by conducting a reverse split and reducing total shareholder count to below 300. Fractional shareholders will be cashed out at $30/share. Under the terms of the previous proposal, the reverse split was supposed to happen at 100-1 ratio, but as odd-lots piled in and the cost of transaction increased, company made amends.
Now the reverse split ratio is undefined, but will stand between 5-1 and 100-1. PKD board has sole discretion to decide on this. The ratio will be announced immediately preceding the transaction.
Buying 4 shares and waiting for the announcement seems to be the easy way to play this.
Shareholder meeting is set for 9th of January and if approved the transaction should proceed shortly afterwards.