If is smells like a scam....West High Yield
After WHY re-opened for trading at noon EDT today, the stock shot up from $0.36 to as high as $3.75 per share. It has since pulled back to $1.40 per share with almost 200,000 shares traded.
A bit of digging suggests no evidence that the buyer, Gryphon Enterprises, LLC, is a business sufficiently large enough to come up with USD$750M (or probably even 1% of that). Also, I noticed that WHY issued 1,893,333 units only about a week ago for $0.30 per unit. I doubt a company in the midst of negotiating an asset sale would do a financing, and a deal this size doesn't happen overnight.
If it walks like a duck and quacks like a duck, it probably is a duck. This one walks like a scam and smells like a scam. In my opinion, the regulators should have asked for more information from the issuer before allowing this stock to re-open for trading.