RE:Short positions Installment receipts(IR)
AQN IR's trade in high volumes and IR is a convertible debenture with a call option built in ( strike is 10.6). Being in the money the volume is pretty high daily.
Market makers for IR if they are buying IR's to delta hegde their position are probably shorting the stock.
I am not 100% sure how they actually do it but a big chunk of the short position I feel is due to IR.
IR's cease to trade after feb 1st - so until then AQN stock pretty much follows IR.
IR's if converted to stock results in addition of 108M additional shares - is dilution but in this case raising capital for empire and the earnings are accretive which is the only reason why market is not punishing AQN stock.
aftet the IR hang over s over AQN should begin its grind higher up.....