As far as the low float I disagree on the risk - If you are playing with the house money the low float has no bearing on your downside risk - - yeah sure you won't be able to sell in the face of bad news but as you have said a million times you already wrote the shares off. On the other hand, the low float means any positive news should have a significant impact on the upside as people discover the stock - that is, of course, predicated on the type of news - if it is something that is transformative and combines with an entity that can utilize the losses and also has real cash flow well that would be huge.
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