T+2 is T+2. You either have the shares or you don't. When you don't, you cannot sell shares that you don't have, can't cover and can't locate.
We genuinely have no issues with shorts or longs when operating legally. January is what happens when market makers follow the law and ensure to locate correctly at T+2. Late March and April, however, are what happens when funds do not follow the law and fail to locate correctly at T+2.
Market makers will never risk their market making license, or their loan and borrow business, so they follow the T+2 requirements to avoid penalties, sanctions and worse.
Funds, on the other hand, sometimes like to think that they are smarter than the system. In this case, they jumped the gun to try to arbitrage faster than other funds, and violated the law.
We will execute our business and all of this will ultimately be noise in the mid and long term. We took action, however, as we care greatly about both our private shareholders and our public shareholders alike (retail and institutional).
We encourage an active two sided and fair market. We also work hard to support longs like ourselves as those betting against us are not our friends. It is acceptable for those doing that to make those bets. We just want to ensure that their bets are wrong, and painfully wrong at that.
May you and all of the others here on either side of the trade have a wonderful Easter holiday weekend with your friends and families.
Recent PHUN News
- Phunware to Showcase Mobile First Conference Event Solution at IMEX America and the Global Gaming Expo (G2E) • GlobeNewswire Inc. • 10/03/2024 12:00:00 PM
- Phunware to Present at the H.C. Wainwright 26th Annual Global Investment Conference • GlobeNewswire Inc. • 09/03/2024 12:00:00 PM
- Phunware Reports Second Quarter 2024 Financial Results • GlobeNewswire Inc. • 08/08/2024 08:05:00 PM
- Phunware Announces Earnings Release Date and Live Conference Call for Second Quarter 2024 Financial Results • GlobeNewswire Inc. • 08/01/2024 12:15:00 PM
- Phunware Added to FTSE Russell Microcap® Index • GlobeNewswire Inc. • 07/01/2024 12:30:00 PM
- Phunware to attend the Hospitality Industry Technology Exposition & Conference (HITEC) • GlobeNewswire Inc. • 06/12/2024 12:00:00 PM
- Phunware Updates Announcement of “At-the-Market” Equity Offering Program • GlobeNewswire Inc. • 06/04/2024 09:30:00 PM
- Phunware Announces At the Market Equity Distribution Program • GlobeNewswire Inc. • 06/04/2024 12:30:00 PM
- Phunware Reports Significant Improvement in First Quarter 2024 Financial Results • GlobeNewswire Inc. • 05/09/2024 08:05:28 PM
- Phunware Appoints Hospitality Industry Veteran as Strategic Advisor to Propel Hospitality Sector Growth • GlobeNewswire Inc. • 05/07/2024 12:00:00 PM
- Phunware Sets First Quarter 2024 Earnings Call for Thursday, May 9, 2024 at 4:30 p.m. ET • GlobeNewswire Inc. • 04/25/2024 12:30:00 PM
- Phunware Signs Multi-Year Renewals of Mobile Solutions with Major Hospitality and Healthcare Customers • GlobeNewswire Inc. • 04/24/2024 12:00:00 PM
- Phunware Reports Full Year 2023 Financial Results • GlobeNewswire Inc. • 03/12/2024 08:05:00 PM
- Global Markets Await U.S. Inflation Report: Mixed Movements in Pre-Market Trading • IH Market News • 03/12/2024 11:22:57 AM
- Phunware to Participate in the 36th Annual ROTH Conference • GlobeNewswire Inc. • 03/06/2024 09:05:00 PM
- Phunware Sets Fourth Quarter and Full Year 2023 Earnings Call for Tuesday, March 12, 2024 at 4:30 PM ET • GlobeNewswire Inc. • 03/04/2024 01:30:00 PM
- Phunware Expands Hospitality Portfolio via a Multi-Year Partnership with Escapades Memphrémagog and PAL+ • GlobeNewswire Inc. • 02/27/2024 01:00:00 PM
- Phunware Announces Reverse Stock Split • GlobeNewswire Inc. • 02/23/2024 01:30:00 PM
- Phunware Announces Pricing of $10.0 Million Public Offering • GlobeNewswire Inc. • 02/07/2024 02:07:42 PM
- Phunware Launches Proposed Public Offering of Securities • GlobeNewswire Inc. • 02/07/2024 12:12:32 PM
- Phunware Appoints Industry Veteran Elliot Han to its Board of Directors • GlobeNewswire Inc. • 01/26/2024 01:00:00 PM
- Phunware Announces Pricing of $5.6 Million Registered Direct Offering • GlobeNewswire Inc. • 01/19/2024 01:00:00 PM
- Phunware Announces Pricing of $7.0 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules • GlobeNewswire Inc. • 01/16/2024 09:04:47 PM
- Phunware Announces Closing of $2.8 Million Public Offering • GlobeNewswire Inc. • 12/11/2023 09:05:00 PM
- Phunware Announces Pricing of $2.8 Million Public Offering • Business Wire • 12/07/2023 02:51:00 PM
FEATURED Element79 Gold Corp. Reports Significant Progress in Community Relations and Development Efforts in Chachas, Peru • Oct 9, 2024 10:30 AM
Unitronix Corp Launches Share Buyback Initiative • UTRX • Oct 9, 2024 9:10 AM
BASANITE INDUSTRIES, LLC RECEIVES U.S. PATENT FOR ITS BASAFLEX™ BASALT FIBER COMPOSITE REBAR AND METHOD OF MANUFACTURING • BASA • Oct 9, 2024 7:30 AM
BNCM COMPLETES MERGER WITH DELEX HEALTHCARE • BNCM • Oct 8, 2024 9:54 AM
CBD Life Sciences, Inc. (CBDL) Reaches Unprecedented Heights With Explosive Growth and Strategic Expansion in 2024 • CBDL • Oct 8, 2024 8:00 AM
Unitronix Corp. to Invest $3 Million in USA Unity Coin Project • UTRX • Oct 7, 2024 7:08 AM