One critical error with regards to 'low downside huge upside'....you forgot probability. NOR has low probability of a decent reward, based on history, and lack of current prospects.
I can imagine the traders taking a position in the past few weeks and months based on the 'low downside' premise only to discover there's nil upside catalyst, and then painfully selling out after the SP grinds slowly down.
And downside risk is not really low, it's catastrophically high. Nil cash, nil prospects, poor management. As close as to de-listing as you can get.
The downers are dominating, knocking the norons out of the park the last two days like David Boon dispatching with the Bangladeshi bowlers.
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