This from a press release today:
LAKEWOOD, Colo., Feb. 21, 2013 (GLOBE NEWSWIRE) -- Pershing Gold Corporation (PGLC) ("Pershing") and Continental Resources Corporation (CRGC) ("Continental") today jointly announced that Continental has set March 1, 2013 as the record date for Continental's dissolution and intends to commence its liquidation shortly thereafter, including the distribution of Pershing common stock to Continental shareholders, subject to approval by FINRA. In connection with these actions, Continental also intends to discontinue reporting with the SEC prior to the due date for its 2012 Annual Report on Form 10-K. Continental's shareholders approved the dissolution in 2011, subject to the effectiveness of Pershing's registration statement which was declared effective on February 12, 2013.
This is why I"ve been under the impression the swap already occurred.
To start I'm no expert, but I do have a sizable investment in PGLC, after the CRGC shareholders stop selling their converted shares I think the price will stabilize at .45 I do not know for a fact that they are selling their converted shares that's just an opinion on my part. Its the only thing I can think of to explain the recent price drop that has occurred in in PGLC stock. the converted stock will have the current value of PGLC Stock at the time the swap occurs which is looking to be around .45 mbrezee's reply accurately explains the swap ratio. GLTA