Friday, August 20, 2021 11:15:51 AM
Someone has to make a move. People must own much more than the float. 300,000,000 more? 700,000,000 more?
If that is the case the brokers have to pay the cash out of pocket or try and buy back the shorts cheap and close them out by trying to keep the pressure on the stock down.
I do not think 300,000,000 will just sell so fast and if it is 700,000,000 may be near impossible by the divi pay date.
But by law they have to close the short and its only one day out of 60 they have to accomplish that.
The closer to the pay date the more they have to raise the bid to get those shorts closed.
If they shorted GNGR in 2012 at $.12 per share, 300,000,000 x $.12 is $36,000,000 and that is if those holders sell and those must be closed out with this corporate action today.
This may end up costing the shorts 700,000,000 x $.10 is $70,000,000
To close out 300,000,000 is not easy to do and 700,000,000 even worse for them.
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