Regardless, some hold. Shulka, for one, says his investment in solar is based on a larger belief in solar technology. It also helps that he considers his investment "fun money" that he's more than willing to lose -- as opposed to, say, retirement funds. He'll still own something and have certain rights, even if the company goes to the pink sheets. There also may be lessons for his students if those shares actually do meet a delisting fate.

Indeed, what the deficiency warning means for the future of his investment is still unclear, as it is with most shareholders in a similar predicament. The company could be bought out. It could make a comeback. Nothing is necessarily preordained. It could get delisted and make its way back onto the NASDAQ at a later date.

Getting the delisting warning isn't cosmetic. It can't be completely dismissed. Still, the finance professor has seen few signs in his analysis that the stock is entirely doomed.

As he puts it: "My irrationality is perfectly rational."

-- Written by Sung Moss in New York

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