Friday, January 05, 2024 3:03:14 PM
Up until November 2023, the market for Elite was basically controlled by three MMs: the notorious CDEL , ETRF and CSTI. The big move in the stock occurred when they were joined by 3 or 4 new MMs: GTSM, Puma and 2 others I cannot recall. One has since dropped out leaving a total of 11 MMs.
There is a pending lawsuit in federal court against Citadel and a few others by NWBO claiming illegal manipulation of the stock price. A motion to dismiss by the defendants was recently argued and a decision, which hopefully will be to deny the dismissal will hopefully by granted within the next few months. Thereafter I expect that the MMs will settle with NWBO since a verdict finding collusion would be a disaster for the MM community.
As opined by some here, the current block of stock at the .144 level is probably MMs repositioning their inventory for the next move up which should take this stock to new highs as record revenues are revealed in November.
The only way to avoid this manipulation would be to remove Elite from the OTC to another exchange which appears to be difficult without a reverse split to qualify for the minimum price requirement for the Amex , or Nasdaq listing. for small cap stocks.
My decision here is to sit back and enjoy the ride while taking advantage of any setbacks to add.
Good luck my friends and a belated Happy New Year to one and all.
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