I will add that there exists a high probability that the CEO has already perjured himself here. That is Eli's trademark leverage to get a CEO to allow him to do unthinkable things with the stock. It seems Eli is very keen at finding pre bankruptcy candidates for his victims. People operating out of fear and financial peril make incredibly bad decisions. Eli looks for these low float, low OS companies in trouble and gives them the grandiose dog and pony presentation replete with a reach around handie.
No real CEO falls for this crap even if they are riding on vapors.