Personal Finance & Money Asked on February 15, 2021
If a company goes public on say 01/22/2021 shouldn’t I be able to purchase shares from this company?
Specifically I was trying to buy shares of UWMC (United Wholesale Mortgage Company). However, my brokerage firm (Fidelity) does not recognize the symbol UWMC even though when I enter it in it shows up correctly.
It’s when I preview my order right before submitting it where it errors out. It states that the symbol may have been entered incorrectly or cannot be found. This even though if you search for this symbol on fidelity finds the company exactly.
Is this normal for companies that just go public that it takes time for companies like Fidelity to register their stock symbol? Seems kind of odd.
It's not uncommon for brokerage firms to have delays in adding new listings and making them available for trading. This occurs most commonly when a stock begins trading on the OTC BB market before getting its official listing on a major exchange such as the NYSE. To a lesser degree, it also happens with smaller offbeat SPAC mergers. To rectify this, you need to call your broker's trading desk. If the security is trading, they'll usually add the issue to their platform within a day.
Correct answer by Bob Baerker on February 15, 2021
This was a SPAC deal. The SPAC traded as 'GHIV', Gores Acquisition IV, while the SPAC managers looked for a deal. They then announced the deal to acquire United Wholesale. Weeks/months later, the acquisition deal was consummated, which is reported in the media as an IPO for privately-held United. A little later, the stock ticker changed from 'GHIV' to 'UWMC', which is just a name change by the Gores company.
Answered by Orange Coast- reinstate Monica on February 15, 2021
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