Very plausible scenarios. Could be a combination of things.
1) first of all, NO RS is coming. It first has to be announced. Secondly, you don't reduce AS and THEN R/S. Its the other way around. You RAISE AS and then R/S. Stupid to reduce and then R/S. You'll only have to re-raise AS after that and that makes no sense. And why RS with a company with no notes? Future notes, quite plausible with changeover, but we still have time for that.
2) Before changeover, I wonder if interim CEO is forced to sell his shares or forced to convert before leaving the company (cashing in) as we know there are a good bit of restricted shares (but not convertibles notes!).
3) If anyone was really paying attention just to the bid/asks, that was clear retail manipulation going on, and a lot of it. Stacked the ask and threw up a wall, but once ask started getting tapped, asks were pulled and set higher same time bids were increased and targeted lower, but once bids were hitting, they were pulled and set further lower, looking to see just how low it'll go. That's pure retail flipping right there. 3 tick flippers are going to kill this ticker like TBEV (only difference here are there are no notes). So thing happened last week when we hit mid 2's. EXACT same thing! If the flippers want to make some cash....STOP 3 TICK FLIPPING! No reason this shouldn't have hit high 2's/ lower 3's today even with the dilution (if in fact that's what it was...restricted shares being sold by outgoing CEO). So if we have a group of quick flippers on this ticker...they're amateurs and going to ruin this ticker even for themselves.
4) also if anyone was paying attention to L2, not all of those sells into the bids were huge blocks. There was a crap load of whacking going on which further supports #3 that someone whacked it down to cause panic sell into the big bid supports before those big bids were eventually pulled so someone can just say "screw it...lets see if this baby hits trips!"
5) The PR orders could have been done a little bit better, but even still....the LOI would not make sense coming from a biotech "company". So I think there still is a changeover coming. Name change, new CEO, etc. SO if current CEO has a bad track record as someone pointed out, well he's out soon. Unless the bad track record was in reference to the new CEO coming in. Hopefully someone can clarify on that a bit.
Still a lot of pieces missing to the puzzle, but doesn't make sense for the "tax loss purposes" as someone pointed out. There are a ton more tickers out there to take advantage of for tax loss reason. But I agree, this is the highest volume we've had here in a quite a while, and it still held nicely given the amateur games played. These flippers clearly don't know what they're doing and going to ruin the party for everyone and themselves.
oh...JMHO
