We're currently in a stand still with no volume. Given the fact there is no buying pressure the MM"s are in total control unfortunately and seems they're really only trading amongst themselves. For the most part I believe the majority of shareholders that are still holding are in it for the long haul. But hey, it's June 1st!
My theory on what we're currently experiencing is that a preliminary prospectus has been filed:
"The preliminary prospectus (i.e. red herring) document is filed with the SEC confidentially and also provides potential investors with information regarding an upcoming IPO. (would explain whey we haven't seen an S-1)
However, the document is kept confidential between a limited number of parties (e.g. SEC, M&A advisors, prospective institutional investors) as the IPO details are not yet finalized at the time. (if someone knows something this might be why we saw the l2 action)
The red herring typically accompanies the bankers on the roadshow to help gauge interest among investors by describing the issuance of equity and the proposed details of the IPO offering."
"The red herring is a preliminary prospectus that comes before the S-1 and is circulated during the initial “quiet period” before the registration has become official with the SEC." (this would explain the lack of PR's, interviews, etc)
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