You are technically correct, but let's take a step back and reexamine the source of the volatility.....it's uncertainty about securing funding. The stock will continue vacillate widely up and down but lack conviction in either direction, until that issue is solved either via funded partnerships or a secondary. IMO, until this is resolved we are range bound mid $3's to mid $4's. For some it may be an opportunity to arbitrage within this range, for others it's a matter of Risk/Reward and finding the entry point with the most manageable downside risk relative to the upside gain. I personally believe that, as already stated, the downside pressure grows incrementally stronger every day between now and the day before Thanksgiving, the last likely date before the holiday season, for a Q-4 funded partnership to be consummated. For those who are waiting for some encouraging or discouraging " progress " reports from third parties consider the adage " those who talk don't know, and those who know don't talk ". As a former CEO with over a decade of service in that role, I can attest to the truth of that refrain.
Hedge, looks like the consortium is moving the stock back up in order for the shorts to put some of that available 500K back to work. Weak rally so far if you look at the trades. VWAP is only $3.96 at 12:05pm. Hope it all backfires for the shorts with some big news soon.