Today you've seen a perfect example A perfect example why the warrant repricing will prevent any meaningful move higher for the foreseeable future.
The warrant that were repriced Can't Be Sold in the market. They don't trade .
Anyone who bought a recent financing with warrants attached is now underwater.
Underwater on the stock, but not on the warrants.
If someone who unfortunately bought one of those issues needs a little money today, if they had bought say 15,000 units (arbitrarily), they could have sold stock at 83 at the opening and exercised their warrants at .75 and quickly pocketed $1200.
They didn't have to sell the stock at a loss to bring in some dough.
There are now millions of such Warrants outstanding.
A somewhat sneaky way of bringing in money by the company.
That's exactly what the warrant repricing was, to the detriment of existing shareholders.
This isn't going anywhere much higher for the foreseeable future.
The question now is can it hold .75.
It tested it yesterday.
Under .75, that source of money coming in disappears.