This is an excellent opportunity for shorts to cover. According to Yahoo Finance over 55% of the float is short and today will provide the shorts ample liquidity to get out with massive gains. The initial drop will be steep, but it does have a decent chance of closing above $6 by the end of day. Now any takeover offer above $10 will look great.
This has a zero chance of closing above $6 today. You sound like a huge fool lol. The shorts are waiting for bankruptcy. The little retail shorts may cover today but the big short money which accounts for 95% of the outstanding short position, will wait for bankruptcy.
It will stay above $6 at this point (today that is, my belief) Y? because of the shrt cvring taking place will keep it above $6. Look at the Jun $5 put, if this were going down, the volume of 16 would be more like 600, but it's not. This leads me to believe this will hold tight where it is. Especially after the news announcement. THIS HUGE CHARGE IS GOOD NEWS, and you might see a run up (shrt covr rally) to $8 real soon, maybe it started today. FD-I'm short puts at 7,6,5 and will be happy to own at each level. I have 10+yrs as a broker, and technically this stock is Waaay oversld. Sure the chart looks horrid, but right now, anything dealing with dirts looks horrid. THIS WILL REBOUND!