Interesting. The PR details 4m total in purchases and suggests 5% of the float. Assuming float around ?250m?, that's around 12m total.
The blocks we've seen hit the ask have totaled 15m in a 10-minute spree. Moreover, several of the blocks were 2m shares, more than any individual total cited in the PR. I haven't been keeping track, but I'm guessing the blocks hitting the ask total over 100m at this point.
Of course, the buyer(s) could be flipping. Blocks have been hitting the bid as well. These could either be the buyer absorbing the sales of several smaller players (bundled in one package by an MM), or it could be the buyer flipping back to an MM or other big buyer.
As Phrozt wrote, the same block can be traded back and forth forever.
At this point, all the signals from the company are very positive, especially the promise of the merger. But having been in the pink market for a decade, I've learned to assume everything is a lie until I can prove it to myself first-hand or via an official filing.
That said, the size and consistency of the block buying this week suggests someone may know something and is accumulating all they can asap for a near-term payoff.
Only time will tell. As the Chinese curse goes, "May you live in interesting times." Hopefully the GLCC story will bring profitable times to us, rather than being the ever-possible pump/dump scam that's the general rule of thumb in pinks.
99.99% of all pinks are scams. Best to assume the other 0.01% are as well.
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