Huge mistake

Nope, i bought 25900 shares for the avg cost of $0.15 per share for a total of $3885.00. Now the old share is frozen and they released the new one for about $18 which is still not tradeable on the app but my account says that i’ve got about 500k on it. Is a mistake from the app? Like it thinks that i own 25900 shares of the new one?

 

Yes, that sounds like a mistake. You should have ~$2500 by my calculation. But call or message your broker to confirm.

 

It's likely that your broker updated the conversion of shares, but hasn't yet updated the share price.

 

Yes, everything got wiped out. I lost everything

 

Whether the OP win or lose, moral of the story: don't trade what you don't understand.

 

Your wealth should be unaffected since the price for new shares will be set as there won't be arbitrage opportunity. MM theorem says no combination of securities can improve or worsen company value in efficient market so no reason for worries.

 

Best I can tell, you lost $1300 -- about the cost of a fender-bender repair. That's "everything"?

 

Dude, that’s like the cost of my car!

 

I lost about 4200

 

So which one is it?

Ps. I see the new shares settling at 18.8 so @truetype is more or less in the ballpark.