RE:Shortscahclick wrote:
Shorts are still with us. The Jan 15 iiroc report shows ATH is short 37,963,658 shares.
They have big gonads or know something I don't.
I'd sure like to see ATH drop some whopper news so these shorts could have a nice meaningful religious experience.
I believe our day is coming soon :)
glta
No gonads at all explains it better. It's a total risk off move. I continue to suspect the short position is related to the Nov 2021 debt financing and the warrants attached to that. A presale of the warrant exercise is what's happened to lock in the huge profit rather than wait until 2026. The debt holders want their coupon and their principal back. The warrants were a "sweetener" or "extortion" depending on how you look at it. It's a big payday for debt guys and they don't want any equity risk. There were 31.8million warrants o/s at sept 30. That's down from 79.5 million at issue date, Nov of 21. Exercise was around $1 and had a 5 year term to Nov 26. If those warrants traded publicly, they would sell at a nice premium to intrinsic with 3.5 years left in them. It would also likely result in the debt holders cashing out by just selling the warrants rather than shorting the stock. The net result would be the short position would be close to zero. If you read this and get through to Eric tomorrow, ask him about the warrants, how they work, the impact on the short position. He'll explain it better than I can.