There are more microcap funds floating around than ever and many cap out between $50m and $100m in FUM. They can quite readily bid on market for stocks of ZNO size if they believe no further raises are needed or if there will be, they expect the SP to rally a lot on catalysts before the need arise. Not all instos just wait for CRs to get set. Vice versa for selling, don't always wait and can smash a SP trying to exit.
Chart, page-54
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