record date of next monday

Can someone confirm with me what next Monday record day means?

1) If I sell tomorrow this Friday, am I still eligible to the offer ?

2) According to normal record day means, it should be settle day, then it should be buy date + 3 trading days. This means every shareholder now is eligible regardless of they sell or not ?

If the answer is YES for Q1, then tmr, stock price should quickly go to 16 cents, otherwise, there is an arbitrary opportunity, any shareholder sell at any price open tmr more than 16 cents, then take the 16 cents will get a short profit.

This might be a good strategy for painful shareholders to test..