Well sorry to inform you what I have said ALL alone for these SORRY Reverse Stock Splits. All that they EVER accomplish is having a much taller building to drop from. As one can see, that is exactly what is happening big time right now.
Yes odie your right. Someone mentioned the leftover shares from the split. What leftover shares? FNB seen fit to get rid of those. I got screwed big time. Still getting it, that's why I'm trying to sell before they go under. They done two, yes two, reverse stock splits. My example is I had 66,973 and after the second split I had 669. This bank is still unstable and I'm getting out as soon as I can.
1st, volume is exceptionally low, almost dried up.
What trades there are are single blocks.
The spread between bid+ask is massive.....over 4%
What this says to me is a couple of things.. 1) The trades I believe are whats left over from the GRAN acquisition. A 1K trade today is really a 100,000 shares of pre split FNBN. I think these are chunks of shares left over from the GRAN transaction.
2) The spread (60c+ out of $14 3/4) is saying that the market isn't serious out about trading this interim stock (FNBND). I think that there is a wait and see attitude going on. We probaby will have to wait until the next earnings report come out that will hopefully give some indication of how the combined operation is working.
Lastly, there is still the question of outstanding warrants. Although I don't have all of the details to hand, I seem to recall that the original FNBN investors (pre GRAN) are to be given 4:1 warrants at $16. That pretty much sets the price ballpark for these shares.
My overall take is that we won't see much recovery until we get close to the first combined earnings report in about 3 months.