According to Bloomberg, IPLO has only 4,504,000 shares outstanding.
The 3 largest shareholders are: Standard Resources (3,915m or 86,92 %), Owen M. Naccarato (0,225m or 5,00 %) and Steven Westlund (0,1535m or 3,41 %).
This leaves a free float of just 210.500 shares or 4,67 % of the issued!!!
This company is profitable, no shares have been converted recently. I don't even know, if there are still convertibles outstanding.
With such a low free float, this baby can run fast and high....