A split changes how many shares you hold and the price per share. It doesn't change what your position is worth. Enter a ratio to see what happens to your shares and any option contracts.
| Action | What happens to shares | What happens to options |
|---|---|---|
| Reverse split | Fewer shares at a higher price; value unchanged | Deliverable adjusted; contracts may become non-standard |
| Spinoff | You receive shares of the new company | Deliverable usually includes the new shares |
| Buyback | Company retires shares; your share count is unchanged | No adjustment |
| Special cash dividend | Price usually drops by the dividend | Strikes are often adjusted for large specials |
| Merger | Shares swapped for cash, stock or both | Deliverable becomes the merger terms |