ICZOOM Group Inc. - IZM

Some things just aren't meant to last...

On Saturday I pondered the fate of IZM and summed it up thus:

“I wouldn’t be surprised if one day we all wake up and find that IZM sold their 1.3M additional “units” for like $6 a share (the new prospectus assumes $9.08), and the stock opens down around there. “

This morning the stock opened at $6.35 on 2.37M shares of volume, so the price was almost right. The one place I got it wrong? They didn’t even get to sell their additional shares (curious who those 2.37M shares turns out to be…).

Yesterday the company announced that they were withdrawing their November 22nd 2023 registration statement for those 1.3M units and that they didn’t sell any securities as a result of any of that or subsequent amended filings.

That’s likely little comfort to those who purchased shares yesterday expecting some sort of a continued ramp.

This morning the stock briefly hit $100 pre-market before completely coming unglued, causing some angst among the twitter crowd. Apparently a few found the dangers of leaving open buy stop orders on the books.

Can’t say they weren’t warned.

Curious if anyone tried and managed to borrow a few shares. Feel free to drop me a note if this proved helpful.