All are good assumptions/synopsis at this point.
It could all fall through, but would not think they would go to another shell as a decent amount of money has been spent
the shell cost $45k and they have purchased a decent amount of the O/S. As i stated earlier today about $65k in large blocks totaling upwards of 35M shares was purchased in the last month.
Could be institution, large pocket penny gambler or it was insiders.
So if it were insiders they would be upwards of $100k deep in this RM, that is not including accounts, lawyers, auditors and such. So it may fail but doubt they would be quick to pull the plug and try again on another shell.
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