Color Imaging Approves Reverse Stock Split
On September 19, 2005, Color Imaging (CIIG.OB) announced that shareholders had approved the proposed reverse stock split. After the annual meeting, the Board of Directors met and selected the one-for 2500 reverse stock split option. The effective day for the reverse stock split was set for September 22, 2005.
This is good news for my son’s Coverdell ESA. I had purchased 900 shares of Color Imaging on September 7, 2005 for $0.90 a share. Since my 900 shares will be cashed out for $1.10 each, I expect to make $173.05 in profit, which is a 21 percent gain on my investment. I should receive the cash in a couple of weeks.
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How long does it usually take for your broker to post the proceeds?
It can take up to two months for the broker to post the proceeds according to my past experience.
Great News! CIMG cashout is complete. Purchased on 9/19, credit to account 10/7…..19% in 3 weeks….nice…
Thanks,
Andrew
Thanks for the update Andrew! I also posted an entry about the cash I received for Color Imaging. I made over 21% in just a month, which is a 936% APY!