This could trade longer than you think.
I have had this on my screen for a few years. I noticed the crazy selling today. It looks like they rammed through this POR and got it approved on short notice. Now, the question is, at what point are the ABKFQ shares going to disappear from the screen?
At first glance, it would look to be Wednesday, May 1st. That is two days from now. However, there is a huge difference between canceling shares at the end of day Tuesday, sometime Wednesday, or end of day Wednesday. Also, it is not entirely clear if these shares absolutely go dark Wednesday. It could be that even with the issuance of new equity, that this will trade until the PLAN is absolutely finalized. Is that days or is that months?
Looking at today's action there were only 40 million sells out of the 67 million shares traded. That means that 27 million shares traded at the ask. This is very interesting.
Will shorts/naked shorts cover tomorrow and/or Wednesday? Will ABKFQ trade until Wednesday, through Wednesday,until midday Wednesday, or for days or weeks after Wednesday?
It seems as if there has to be some type of grace period after getting the confirmation order today. Not so sure they can totally clean it up in a day and a half without allowing for some type of objection.
Eventually the shares are definitely worth zero. The only question is if tomorrow is the last day of trading, or Wednesday, or a later date.
If it turns out that this trades through Wednesday the price should spike as the market maker had to take on a ton of shares today. He has to unload those or take a few hundred thousand dollar loss on today's trades alone. Shares will go much higher if this trades past Wednesday. They will go higher even if it trades at all Wednesday, as Tuesday looks to be a full day no matter what, since there are conditions that must be met before this is official, and that cannot get done before Wednesday.
The odds favor at least a full day of trading tomorrow (Tuesday), so my guess is that the price goes to at least 1.5 cents. This is a strange one, and the reason that it just may spike more than you imagine is that because even seasoned traders and flippers are afraid here. When EVERYONE is afraid, and the rug can get pulled at any time, this is how you create a low and you might just get a quick triple up tomorrow.
