ZNO opened on 10:08. By 10:14, about 720K shares were transacted. Chances are (almost) all the 243K borrowed shares were bought (and returned) during that first 6 minutes.
From the transactions analysis, my guess is a number of buyers were lured in by the positive AHX's EPA approval announcement. On the other hand, as you said, some disappointed holders took the opportunity to unload and move on. Two of the large sellers appeared to be
and
ZNO management made the mistake after announcing $11M revenue in April last year and lead the market to believe that high volume sales would be maintained. PH continued to make mistake by stating that "This FY(21) revenue will be higher that the previous FY(20)". But he failed to deliver in a big way. The market thus completely lost confidence, as reflected by plunging of ZNO SP.
With micro company history like ZNO, I agree with you that "We need $dollars not potential". Therefore PH must build the business and deliver the $ in order to regain market confidence. Hence only contract with $ attached or improving revenue and increasing positive cash flow in the quarterly report could move the SP up.
ZNO Price at posting:
41.0¢ Sentiment: Hold Disclosure: Held
