Market Management?We seem to be capped at 50 cents. For most of this morning there was an ask at 50 cents for 2000 shares and the next ask at 77 cents for 4000 shares. (Towards noon, another ask appeared for 10,000 shares at 55 cents.)
So I put a bid in for 4,500 shares at 50 cents to take out the 2,000 share ask. It immediately filled all 4,500 shares (1,500 from Desjardins and 3,000 from Anonymous). And immediately there appeared an ask of 6,500 shares at 50 cents. Obiously an iceberg order at 50 cents.
This is like Monday's trading. Desjardins and Anonymous were the only sellers, always at 50 cents (except for a 500 share sale in the mid-40 cent range in which Desjardins was the buyer).
It is possible Anonymous is an Arb selling at 50 cents to buy units from the share offering at 40 cents. Maybe Desjardin's selling is from their investment bankers who are helping SDI in this financing and they are doing the same arb trade. It's just such small dollars, I don't know why you would bother.
I conclude two things:
First, you can buy all you want at 50 cents. Just ignore the ask volume and submit your buy order. You could also try to get some of the private placement units, but that may be reserved for the shareholders who held shares as of the record date last December and are entitled to vote in late February.
Second, we are unlikely to see a price higher than 50 cents prior to the vote on the financing in late February. Time to put this one on cruise control.