That is true but if he has more shares coming in like another traunche or something then he will short down. As I explained to Gannon they take full advantage of the look back period. They short when knowing they are getting more shares. That way they lower the pps and then ensure a very cheap conversion price with that look back period. Having said that my guess is their goal was to get the pps down to 18. With a 40 percent discount and look back that ensures they get future tranches at 001 and I think that was their goal. I told 514 2 weeks ago 18s should be good. That was my reasoning.
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