If those 9.6 million shares represent buying in the expectation of an early wind-up of the company, they won't chase the price too much higher than its present level.
On the other hand, if these are people who have it in their heads that the company has something with the oral insulin or with the "oral delivery platform" in general, then they might be willing to follow the price higher.
I'd say that somewhere around 4.5 cents a share is the level at which you will be able to tell what kind of buying is out there. In my opinion that represents the absolute upper bound on the price anyone would be ready to pay in the expectation (NOT the certainty) of an early wind-up and shareholder distribution.
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