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[–] 31 points 1 year ago (2 children)

I tried researching this a bit, and from what I understand, the company basically has no money, which in turn makes the stock worthless. So since the stock is effectively $0.00 per share, they can just "cancel" the stock completely.

This could be oversimplified or dead wrong, but I don't understand any other way this could work legally.

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