Granite Shares 3X NIO long ETP

[jno73]

I logged in this morning to discover Granite Shares had turned my 4423924 shares into 88 and by shutting the position had effectively halved the price of my account in value.

 

Surely this can't be right? IG don't seem to care at all about it.

Any ideas?

[OfentseIG]

On 17/04/2023 at 10:59, jno73 said:

I logged in this morning to discover Granite Shares had turned my 4423924 shares into 88 and by shutting the position had effectively halved the price of my account in value.

 

Surely this can't be right? IG don't seem to care at all about it.

Any ideas?

Hi @jno73

Thanks for reaching out. 

There was a consolidation event which went ex-date on the 17th of April with the terms 1 for 50,000 shares. 

A consolidation or reverse stock split is when a company wants to lower the number of outstanding shares and increase its share price. Some stock exchanges have a minimum share value, so a company may employ a reverse stock split to avoid being delisted from said exchange. This can also take place to make a company appear more valuable to potential investors, as a higher-value share could improve sentiment.

All the best, OfentseIG

[jno73]

So if the share price increased with the reverse stock split then why did the value of my account stay exactly the same?

[OfentseIG]

18 minutes ago, jno73 said:

So if the share price increased with the reverse stock split then why did the value of my account stay exactly the same?

Hi @jno73

We can check that for your account. Can you please contact our helpdesk by Live chat for more assistance and a quicker response than email https://www.ig.com/uk/contact-us. We are unable to discuss account related queries on this platform as it is a public platform. 

Thank you, OfentseIG