GBOED recently did a 5,500 -1 reverse split. Its the lovely nature of this market. If you hold something too long, expect to be holding a lot less of it, and at much lower prices.... but hang on a second. GBOED has actually gone up post split and in historic fashion. GBOE recently sat bidless and suddenly the company enacts an awful 5,500 to 1 reverse split and people decide to buy the stock?
It appears the 60 million shares that hit the market the other day when GBOED hit $.005 may not have been legitimate shares. Hence the rally from that $.005 price to over $.60 a share, briefly hitting $.73 today. It's what some refer to as a short squeeze as those shares would have to be covered, meaning bought back in the open market. Considering only 1.5 million shares were traded today, there is a long way to go to hit the 60 million mark.
You really have to love this market. At this stage GBOED has a shot at $1 tomorrow.
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