Refocus Group (RFCG.OB) stock jumped today on news of an FDA approval to allow the company to initiate the final phase of a clinical trial for their surgical treatment of presbyopia. As you might remember, I purchased shares of Refocus group for my son’s Coverdell ESA and my Roth IRA earlier this year. The stock actually hit $0.35 a share today, which is also the going private tender offer price.
I wish I had sold my shares today for $0.35 a share, since it would have increased my annualized rate of return. I put in a limit order this afternoon to sell my shares for $0.35, but I don’t think that this order will be executed any time soon. The lesson here is to remember to place a limit order at the tender price to sell the stock of a company going private just in case a spike in price occurs like it did with Refocus Group today.
One lucky reader, KJ, was able to sell out for $0.35 a share after adjusting his order. KJ noted my previous post regarding problems with odd lot orders, and so he changed his order from 1,990 shares to 1,900 and quickly sold his shares. I’m glad that KJ and other readers were able to profit from my previous experience.