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Will orders be adjusted on the ex-dividend date if the stock "will not be quoted ex-dividend"?

Personal Finance & Money Asked on March 20, 2021

Consider a stock that will soon pay a dividend, but the dividend announcement says that the stock "will not be quoted ex". Will the prices in the order book be adjusted on the ex-dividend date in this case?

For example, suppose a company’s dividend announcement says that its stock will not be quoted ex. Suppose tomorrow is the ex-dividend date. The stock price today is $100. I place a buy limit order of $99 (good for a few days) that did not get filled today. Will my limit order’s price be reduced tomorrow (the ex-dividend date)?

I am aware that FINRA rule 5330. Adjustment of Orders says:

(a) A member holding an open order from a customer or another broker-dealer shall, prior to executing or permitting the order to be executed, reduce, increase, or adjust the price and/or number of shares of such order by an amount equal to the dividend, payment, or distribution on the day that the security is quoted ex-dividend, ex-rights, ex-distribution, or ex-interest, except where a cash dividend or distribution is less than one cent ($0.01), as follows: […]

The rule seems to apply to securities that are quoted ex-dividend only. Can someone confirm that my understanding of "will not be quoted ex-dividend" and order adjustments are correct?

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