I think a lot of it stems from their encounter years ago when the corrupt short position complained to the SEC accusing Zion of pumping the stock. Zion was placed under SEC investigation. That investigation is what hurt the long position and made the short position rich. It's a strategy used by the less than honorable traders to attack a company's stock. In the end, nothing came of the investigation, except perhaps some changes in the way they release updates, and Zion was given a clean bill of health.
Once bitten, twice as cautious. Now they only inform the investors when they are ready to announce their plans for their next steps. Again, the only people making money are the short sellers, traders, and employees of the company. Going long has been a losing proposition. Many longs have fallen and are no longer here. Sad really.
The long downtime between activity makes this a traders dream stock. Today, we saw a lot of those traders get out. They'll be back based on the schedule / timeline provided in the next press release.
For now, its wait and see while the company prepares for its next activity. I do trade this stock but only to attempt to buy more when it falls. I didn't this time because there is no telling when the company will find a prospective buyer based on what they have uncovered. It could happen at any moment.
In the meantime, Zion will have to raise capital which means another offering is in the works. Unless they find someone interested in partnering and sharing the cost for a stake in the company.
The only positive about the liquidation is that Zion carries no debt. Where Noble I think had 8 Billion in debt when they sold to Chevron, Zion has none, so all money from the sale would go to the shareholders.
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