Weak hands are still on board, George. Not the weakest ones, but the weak ones. Those who watched (frozen solid instead of taking any action) how the price of BNGOW dropped to 2, the to 1 and now to 1/4, they do not whant to sell now, hoping for a last minute rebound, for a company announecement or an act of God. They lost already so much, that they as well may wait to see if they can get something back, and they are ready to risk the remaining 10% of their initial capital. These warrant holders do not have ANY cash to convert. To sell BNGOW for cash and buy BNGO now seems foolish to them: listen if Jack bought 1000 BNGOW at 4, and now they are worth 1/4, he sells it and gets $250 minus commisions, and he can buy 50 shares of BNGO for that pitty money. How much should the stock go up for him to recover what he lost? From $5 to $80? Even the biggest optimists here never mentioned this price (no, once Rod said $200. but it was a joke)! This sort of thinking IMO, is prevailing among the weak heands who have the warrants now. Little by little, they will be giving up, and selling, and here is your selling pressure...
Musya. |
