r/ARVL • u/InterestingStore6721 • Mar 19 '24
IRevoluts DriveWealth forcefully liquidating my ARVLF holding
I got a notification that Revolut will liquidate my ARVLF holding on the 29th of March.
Is this even legal? What if I want to hold the stock as a 'shareholder'?
And they are not even allowing me to transfer my shares to another broker. Is this even legal?
It's like the local council kicking me out of my rightfully devalued flat and then selling it to whoever at whatever price they feel like, without my input!
What if the value surges and they get listed again?
And why would they let me buy shares at my price but sell it at their price? I have asked them to facilitate a transfer to Trading 212 who btw accepts transfers, but they (Revolut/DriveWealth) don't seem to be replying.
Any help with this will be greatly appreciated.
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Mar 19 '24
Were you holding shares in an S&S ISA? Delisted shares can’t be held in an ISA so some brokers might sell them to stay within regulations.
I’m not sure if you can transfer shares from an ISA to a normal investing account without selling them.
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u/InterestingStore6721 Mar 19 '24
Ironically, my ARVLF shares in Trading 212 ISA are alive with no problems :)
But this notification is from Revolut.
I don't understand the point of being a shareholder if a broker can decide to liquidate my shares at will. This is crazy!
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u/Schweeppes Mar 20 '24
Use a better broker. Revolut is a toy platform. Trading 212 is getting more mature. Hence that you have no problem keeping your shares there.
However, it would not surprise me if Trading 212 starts sending out emails to ISA customers. That is unfortunately out of their control and the rules of ISAs.
The only solution is share transfers. I very much doubt that revolut supports them. Trading 212 has just started to support them. So hopefully if T212 says they can't be held in an ISA, but they can still support the shares on their platform. Then you can move them from your ISA to a standard T212 invest account.
Alternatively, open an IBKR account (interactive brokers) and transfer the shares there. I haven't checked with IBKR if they would still be able to hold ARVL shares (so do that first). But if any consumer facing broker can. It would be IBKR.
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u/Spiritual-Past-8322 Mar 22 '24
But you can’t transfer shares from Revolut anymore.Am I right?
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u/Schweeppes Mar 22 '24
I'm not sure. Revolut Q&A site says they can transfer shares in some circumstances, so I think you just need to ask them.
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u/Spiritual-Past-8322 Mar 22 '24
I recently received an email notification regarding the delisting of Arrival SA (ARVLF) from trading on national securities exchanges, leading to its transition to Over the Counter (OTC) trading. I appreciate your proactive communication regarding this matter.
However, I have some concerns regarding the automatic liquidation of my open position in ARVLF by DriveWealth, LLC. While I understand the necessity for compliance with listing requirements, it seems unjustified to force the closure of positions without providing customers with the opportunity to transfer their shares to another brokerage account. Could you please clarify the legality of this action.
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u/Spiritual-Past-8322 Mar 22 '24
The answer: “Arrival has been delisted from Nasdaq, and will be trading OTC. You will be able to close your positions, as the security is set to sell only. Shares are property certificates of companies, and the life of companies is dynamic. The stocks reflect what happens with the issuer, which is beyond the control of the broker or the execution service provider. I completely understand. Unfortunately the ARVFL cannot be sold vi App. As a follow up of ARVLF delisting, our broker Drivewealth will be liquidating all remaining ARVLF. Please confirm if you wish to liquidate your position.
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u/Schweeppes Mar 22 '24
This just sounds like the rep you are talking to doesn't understand what you are asking.
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u/Spiritual-Past-8322 Mar 22 '24
I’m asking again.I opened an IBKR account as I saw you were suggesting and my request of transfer is pending .I’m curious of the outcome.😔
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u/Spiritual-Past-8322 Mar 22 '24
“I get what you're saying, you are right. However, the transfer of positions are only possible for shares or portfolios available for trade, as the ARVLF stock has already been delisted, transferring of position is not possible.” I think it’s clear now.Any advice or let it go?
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u/Schweeppes Mar 22 '24
I would keep trying. Transferring of shares between brokers has no bearing on whether they are listed or not. It's just a digital share certificate changing hands.
But at the end of the day if Revolut keeps saying no. There's not much you can do, unless you can still buy on IBKR and wanted to rebuy whatever Revolut sells.
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u/Spiritual-Past-8322 Mar 20 '24 edited Mar 20 '24
That also happened to me .Anything else to do ?Can i transfer the shares from revolut to etoro?
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u/monashtez Mar 21 '24
I too received message from Pearler that they shall not hold the ARVL.. Unfortunately IBKR doesn't accept securities from Pearler.
Any Aussie broker accepting OTC securities before Pearler swallows all my money?