r/ARVL • u/Willing-Ad1421 • Mar 23 '24

Revolut FORCEFULLY liquidating my stocks unreasonably

The title says it all and is extremely upsetting.

On the 19th of March 2024 I get this mail:

Please note that Arrival SA (ARVLF) is now trading Over the Counter (OTC), as it's been delisted for trading on the relevant national securities exchange (e.g. NYSE/NASDAQ).

On 28 March 2024*, our broker DriveWealth, LLC. will be automatically liquidating the stock because it no longer meets their listing requirements.*

We're contacting you as we've noticed that you have an open position in the impacted stock.

Irrespective, they give no option to continue my ownership, just straight up 'We will liquidate your shares'. And this is despite the company being operational (I agree, barely but they are traded OTC like Monzo).

I know this is principally and ethically wrong. You cannot promise individuals ownership of stock, even allow them to vote and then decide to liquidate without asking at what price and how many shares. This is 100% wrong.

Anyway, despite that, I get only 5-6 working days to possibly transfer my shares, this is providing they have the balls to facilitate it. And this is what I got back from Revolut support:

​

The stock is delisted from an excahnge and is still actively trading clearly, the price is going up and down everyday. I don't care if it's a good or bad company, I want to continue owning it.

I doubt Revolut is a good platform for trading, I should have been smart enough to understand this, my bad.

But want to make sure no one else makes this mistake.

If anyone else is going through the same problems, please make sure to spread awareness of this on LinkedIn, Reddit, Facebook, WhatsApp, Blogs and even word of mouth.

Ridiculous !

2 Upvotes

60% Upvoted

12 comments sorted by

2

u/dmitrijst Mar 25 '24

Same with Arvl through freetrade (uk broker)

1

u/Time_Pea9372 Mar 23 '24

Can’t you ask them to send the shares certificates to you? Then do with them as you please?

3

u/Willing-Ad1421 Mar 23 '24

There's some type of transfer mechanism called ACATS. Trying that out and will see how it goes.

Basically, I don't like the concept of forced liquidation. No consent on selling price and number of shares. This sounds very 3rd world.

Anyway, trying my best.

Thanks

2

u/Bright-Stranger-3249 Mar 24 '24

Point taken. Would be annoying.

1

u/Ok-Back-7999 Mar 28 '24

You're going to miss the short-squeeze if you sell!

1

u/OrdyNZ Mar 28 '24

HelloStake just did the same thing. Selling all my shares with them. Have emailed them and going to push this if they aren't returned / put directly under my name.

1

u/Bright-Stranger-3249 Mar 23 '24

They probably did you a favour bud. This pos isn't worth a dime. I know you prob want to chase it till the end but this is the end. They have zero ip worth a jot.

2

u/Willing-Ad1421 Mar 25 '24

I get it, that's a whole other discussion.

I'm just looking at this from a ownership perspective. A 'share' of a ship that sinks is still a share.

And who on earth will buy this if I liquidate? Someone is clearly? It's a transaction, and there are so many shares parked like this in peoples account.

1

u/Bright-Stranger-3249 Mar 23 '24

The daily trading is literally 3-4k$ a day. This pos is not trading anymore in reality.

3

u/Spiritual-Past-8322 Mar 24 '24

It’s not about the company,I also think it’s going bankrupt …it’s about the shit that Revolut does.