MMCAP shorted another 620,367 shares in Q1 - for a total short position of borrowed shares of 8,620,689 shares. They will need to cover this amount by March 1st, 2020.
On April 25th, MMCAP had to buy in the open market 49,623 shares at a price between 0.69 and 0.73. Most likely from an oversold position.
Based on the average share prices dating back to May 2018 - MMCAP's short position, and current market value may well have a paper value of over $2 million at 0.60.
They are hedged for 2 million warrants at 0.90 - that they could cover - and vulnerable up to $1.50 on the rest of their borrowed shares between now and March 1st.
The lower the price the better for MMCAP until then.
MMCAP's manipulation in full detail:
"How a handful of hedge funds cornered cannabis financing — and made a killing in the process -
The short-term nature of many hedge funds' investments raise important questions about the cannabis sector, and may give retail investors investors pause"