Oh No, GCFC Deal is a No Go
Well, it looks like it’s finally happened. A “going private” transaction has not gone through. Central Federal Corp. announced yesterday that its Board has decided not to go forward with the reverse split. It least I can say they at least warned us.
I plan on holding this stock until at least the ex-dividend date. Then I will reassess the situation and potentially move my money into another special situation opportunity.
I think the lesson I learned hear is to avoid any risk with these “going private” transactions and also to make sure the company has enough cash to cover the buyouts.
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I put together a slighly longer list of lessons learned from my own experience. You can see it at Wealth Junkie.