Only small holders are expected to sell to CS at delist and even...

Only small holders are expected to sell to CS at delist and even many of them will transfer on a 1:1 basis. Those shares CS picks up when they make their delist offer and stand in the market will be passed on for placement to institutions at the NASDAQ float. It may be that only 5% of the stock or 2 M shares is actually readily available since 55% is principal/early supporter and 30% is institution-like and of the remaining 15% a large proportion is controlled by relatively few. I can't see CS picking up more than 4 M shares at delist even if the institutional holders part with some. They will not be offering more than they expect to sell for now will they? I suspect that most of the trade in recent weeks has been churning as traders play pass the parcel with the same shares.