The word 'Adjust' refers to the OW Adjust (either Sunday or Monday). What you are referring to is 'Price Movement'.
Using (TOYS4), the 122 Million Shares LONG on Saturday did not affect Price Movement as the IPO Price was Frozen until such time as there were either 150 Million Shares Acquired or Midnight. Once Midnight occurred, the Price Freeze was Removed and the MovieStock Price could Move with Trades.
The Number of Shares held LONG does not affect Price. BUYING, SELLING, SHORTING & COVERING affects Price once the Price Freeze has been Removed.
You are Right - if Zero (0) Trades are made after the Price Freeze is Removed, there is no Price Movement.
Hope this helps.
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