You're correct. But, this is CNYC's IPO. Or will it be CNC? The price should shoot up pretty fast, but not to 10 bucks right off. There will be profit taking after it hits a buck. But, I could see $4 or more in a fairly short period, if they release all the good news that Bob Meister says they have.
I don't doubt that the stock is vastly underpriced currently. I would be happy with a $3 or $4 stock in a few months, but I expect more. Those who get trigger happy and sell right off could miss a big bonanza, later on! The sky's the limit here.
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