If acquired in the Open Market, ... wait a min, has there even been enough volume for them to accumulate 3.3mil shs. They would have had to be the buyer in almost every trade since Nasdaq.

and how would they get 3.3 mil shs without pushing the price up in such a slow go environment. Yet, the price has been dropping badly. Doesn't seem plausible and would have required a lot of manipulation IMO.

Where's that leave us?

 LO_L8_NC
something not quite right with your PIPE analysis as I think about it. If Insiders gave up some shs through a PIPE, that would be their private money, not go into company. Why would they give up their shs and then put the money into company. That would be called a Loan. And, after all these years, I would think Sankar et al would want a lot more than 3.50 /sh. more like $50/sh. Not an attack on your speculation, just looking for some discussion based on my interpretation.

In any matter, this is all great news. Need a few more institutions to validate ELVA's progress.