My collegue and i are interested in buying shares our brokerage houses will not sell your shares. who do you suggest we talk to?
Great question! I’ve heard this a lot. Brokers never push penny stocks, although that’s where the biggest multiples are to be found. Going from half a penny to 50 cents would be a 100-fold increase. You can’t get that on any other stock exchange. I personally think that we’re a very democratic stock; anybody can afford a share, no matter how poor. Not so with Google, which costs over $400 a share, way too much for most people.
So the trick becomes buying the stock without paying an arm and a leg for the commission. As far as I know, Scottrade and Ameritrade handle our stock (GMED is the ticker symbol). Schwab doesn’t yet. But I can’t vouch for who has the lowest brokerage price. It seems to me ridiculous to have to spend more on the broker than on the stock.
Thanks again for your question.
Dave Moskowitz MD
ADDENDUM: From a GenoMed investor:
There are banks that will sell penny stocks and there are commissions. the bank i use charges this: penny stocks (stocks priced less than $1.00/share) online / automated telephone trading there are different prices based on how what kind of service is provided by the bank. greater of $34.95 or 3.5% of principal greater of $24.95 or 2.5% of principal agent-assisted trading $25.00 + online trading commission
From a 2nd GenoMed investor:
I have bought Genomeds stock (GMED) through E Trade online.