USA Technologies Inc (USAT)

[Enterprising Investor]

Arbitrageurs would exercise warrants and sell common stock short.

Upon receipt, they would deliver the shares to close out the short position. However, there is a time lag between warrant exercise and share delivery. As a result, short interest could go up or stay stable. Once the expiration day passes, I would expect a steady decline (as long as the USAT story has not changed).