There's no such rule that I know of. I would take the advice on this board with a grain of salt. You can buy and sell as you like as long as you have settled funds in your account. Just my humble opinion.
By the way, looks like over 400,000 shares were accumulated at the ask of .12 in the last 3 minutes of trading. Also, the buyout seems to be coming up on boards, so they may see this as a great buying opportunity for a 3 bagger. It'll be interesting to see what the next couple of days hold. Hope we all make a profit!