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Recent SEC Rule amendments may impact your account - goodbye, Elio stock...

TMOSteel

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My brokerage sent notification that makes it look like Elio stock is done for, at least from a buying perspective. They reference new SEC amendments going into effect 9/28/2021. They're basically saying the only thing I'll be able to do is liquidate Elio, and I might even have trouble doing that. Anyone else receive this type of notification? It's not just Elio stock affected but for me it's the only stock I own that is. I really wish Elio had filed for bankruptcy already so I can claim my stock on my next return.

 
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TMOSteel

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Yeah, I got it too. I was also informed about it a year ago and been wondering why it hadn't happened yet. Elio stock is on sale, I'm still buying.
But why? Regardless of what the market value says come September (or sooner - my brokerage is putting this in effect next month) the stock is basically worthless - you won't be able to buy or sell it. I just want them to declare bankruptcy already so I can claim the loss on my taxes. My $100 deposit I said goodbye to a while ago.
 

Made in USA

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But why? Regardless of what the market value says come September (or sooner - my brokerage is putting this in effect next month) the stock is basically worthless - you won't be able to buy or sell it. I just want them to declare bankruptcy already so I can claim the loss on my taxes. My $100 deposit I said goodbye to a while ago.
Even though the stock won't be traded on the OTC, there is a possibility of it being traded on the grey market. Most brokers won't touch it. Way too risky.
 

TMOSteel

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Even though the stock won't be traded on the OTC, there is a possibility of it being traded on the grey market. Most brokers won't touch it. Way too risky.
So we'd be back to square one for those of us that bought it during crowdfunding - we had stock but couldn't do anything with it. Makes it worthless to me then and most likely many others.
 

Samalross

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My brokerage sent notification that makes it look like Elio stock is done for, at least from a buying perspective. They reference new SEC amendments going into effect 9/28/2021. They're basically saying the only thing I'll be able to do is liquidate Elio, and I might even have trouble doing that. Anyone else receive this type of notification? It's not just Elio stock affected but for me it's the only stock I own that is. I really wish Elio had filed for bankruptcy already so I can claim my stock on my next return.

Most brokers will buy your shares for a dollar to give you the tax write off. Not sure if online brokerages have a similar system.
 
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