Wednesday, June 17, 2009
Penny Ante Arbitrage V: Conclusion
In previous posts (e.g., "Penny Ante Arbitrage" and "Penny Ante Arbitrage Update") I mentioned that I bought 749 shares of Asure Software (Nasdaq Capital Market: ASUR) at between 17 and 18 cents per share in several different accounts, in the hopes of getting them cashed out at 36 cents each after the company's proposed 750-1 reverse split (the first step in the company's plan to go private). In my last post on this, I mentioned that this go-private plan was foiled. Yesterday, I set GTC limit orders at .24 on each of my ASUR positions (not knowing, of course, that the stock would spike higher today). Today those orders filled at an average price of .25, so these positions have all been closed out.