It is a pump and dump, and there’s no question about it. It is walked up with wash trades to give the illusion of interest and coax the newb’s into tossing a bid to dump on.
The company is fundamentally worthless, and that’s why it’s in bankruptcy. It had $15M of debt that it couldn’t pay, primarily because nobody in the industry has been interested in funding a phase 2 trial in the 3 years since the FDA approved it. Then they dumped 1.6B shares into the O/S and attempted a RS that was denied. With nowhere to go, they filed bankruptcy.
The “plan” gives another 1.4-1.5B shares to the unsecured creditors in exchange for debt. That will require either a RS or an increase in the A/S to accommodate. And they still won’t have funding for the trial.
There is no universe in which a company bankrupt over $15M of debt magically becomes worth billions or even 100’s of millions coming out of bankruptcy. That is all typical stinky pink pump and dump rhetoric and nothing more.
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