Think about it, 1/20 of the company traded at 2.93 a share. I'd say my shares are worth at least 2.93 somewhere down the line. Were more caught short or more caught long? 5 million shares just bought at 2.93.
The whole thing was pretty wild. I don't think 8% of the float actually changed hands. Some of it was traded twice. But what a contrast to yesterday! I picked up 150k shares yesterday and couldn't keep this thing up. And then where was the supply? Hope the seller that's been out there took advantage of this and we've cleared the decks.
Demotion? to R2K causes accumulation. Almost 5 million shares sucked up in an instant via institutional buy programs. 5 million shares is 5% of the float just traded hands in the blink of an eye at 2.93.