most likely scenario, page-3

It would need to be closer to 5,000,000 shares than 50,000!

But yes, if they sold down at market, they could have had the effect if the buy queue looked something like this:

200000 0.335
200000 0.33
600000 0.325
600000 0.32
400000 0.315
200000 0.31
200000 0.305
200000 0.3
200000 0.295
200000 0.29
200000 0.285
200000 0.28
200000 0.275
200000 0.27
200000 0.265
200000 0.26
200000 0.255
200000 0.25

It would take less than 4600000 shares to drive it down to 25 cents - netting them about $1.4 million.

Then if they have their macros set to start purchasing immediately for the stops that are triggered, they could end up with something like this:

500000 0.25
1000000 0.255
1600000 0.26
1000000 0.265
400000 0.27
200000 0.275
200000 0.28

Ending them with 4900000 shares costing them $1.3 million - so in effect they netted $100,000 to pick up an additional 300,000 shares.

In reality, I think the buy queue was actually much thinner than that on the way down to 25 cents, which would have meant that it would have required less shares to pull it off.

Regardless, makes me wonder about that parcell of share options that were converted!

Cheers

Tim