RE: Why would you18 Aug 2023 18:22
The CODX seller today bought for 12p/share just 7 trading days ago:-
09-Aug-23 08:36:25 12.00 1,625 Buy* 8.00 12.00 195.00 O
And sold them all today for 5p/share:-
Recent Share Trades for Codex Acq (CODX)
Date Time Trade Prc Volume Buy/Sell Bid Ask Value
18-Aug-23 11:02:33 5.00 1,625 Sell* 5.00 8.00 81.25 O
Including commissions, that's a likely loss of well over 60% in barely a week, for a new investment that was presumably intended to make a quick scalping profit.
O.K., a pre-commissions loss of £113.75 isn't a huge sum in absolute terms, but they can add up, and for someone dealing in these relatively small amounts it may be relatively more for them than most investors/traders.
ARA is a similar shell to CODX but with a much tighter spread: 6p - 7p at 6.5p mid, but with trading well inside that spread.
ARA's market cap. is £682,500: cash 31.12.22 £809K., with extremely low cash burn.
News of an ARA RTO at a large premium could well be imminent.
In addition, ARA's chart is breaking out upwards, and its technicals are supremely attractive.