RE:RE:RE:RE:RE:RE:Short Report.I'd say that's a fair assessment. The debs were issued Oct 2021, mature October 2026. Convertible, way out of the money at $3.80 per share. So basically, for a hedgy it's a high yield bond with a high risk of default due to it being small cap cdn tech company. So if the bond has 3 years and trades at 85, with a 6% coupon, I'm rounding in my head to get a 13% yield to maturity. Not bad when prime was 2%. If you buy the bond and short the stock, you 'hedge" the default risk. Ie if the bonds go to zero, the equity will surely be wiped out so your short will cover the loss on the bonds. That's how it works, more or less. The short position went to 2.3 million shares rather quickly Dec 2021. It wound down and back up again over the next several months, as traders settled in, around August 2022. It's not a coincidence the bonds traded fairly actively from Dec 2021 to Feb 2022 around the same time stick shorts were building. Since then, the short has been very steady between 2.3 and 2.5 million shares. And since then the bonds have traded "by appointment only", ie zippo until a small block traded this spring. Taken together, this trading activity or suddenly a lack thereof, is a very typical indicator of hedge funds holding the debt. The stock has dropped in half since the convert deal. This is quite common due to professional hedges like the stock to drop, so they may 'help" that happen. Plus the simple math that there is an artificial increase in the float of shares that arises from any short sale. Because it's a hedge position with short equity offsetting long convertible debt, the hedgy doesn't EVER have to cover. They can convert at maturity and unwind without having to buy a single share in the market. So zero chance of a short squeeze. When will this dead albatross be removed ? When the bonds mature in 3 years, or the company calls them early in two years , October 2025, at par (October 2024 callable if the stock is at a huge 35% premium to the 3.80 conversion price). It's all in the prospectus filed on 22 October 2021. The other option is the business explodes with growth that shrinks the relevance of the $57 million convertible into meaningless oblivion. It could happen.