I think this is similar to a share buy back, except GNBT did not "buy" the shares out of the float, they retired them (at no cost). In a share buy back, the value of the remaining shares increase - it's one reason why companies do buy backs when the they believe the shares are undervalued. So if this market is rational, the price should reflect today's market cap divided by the remaining shares in the float, or around $3.60/share.

That is if the market is rational. It may open tomorrow with bids in the $2.60 range, same as today's close. If it does, yes, we lost $20 million in market cap for no reason. It shouldn't happen, but I've seen far weirder things in the market, particularly OTC. At some point, a buyer and a seller are going to agree on a price and that will determine the pps - the market makers will adjust the morning bid/ask to get those two together (it may be market makers trading among themselves).

I believe that if the price doesn't start out in the $3.60 range, then there are forces looking to hurt GNBT. I also believe that when Joe starts showing revenues from the various companies, and we get an uplist to Nasdaq, those forces will not have enough money to keep the price suppressed. And then we will see a strong rebound.