Ayala Pharmaceuticals Inc (ADXS)

[ignatiusrielly35]

Gantor is contemplating why Adage continues to hold. So I was guessing at his thought process that he doesn’t like. If holding the shares is only a hedge then selling shares would remove the hedge. So my question is why wouldn’t they have simply delivered the shares to cover already? I can’t think of any reasons for Adage to continue holding other than (1) because they know that they are suppressing the pps and that they will let it recover and ride it back up; (2) because the shares are a short hedge; or (3) because Adage will try to buy the whole company, or facilitate a sale to someone else.