Avita Medical Ltd (RCEL)

[melody432]

The drop was due to Avita being removed from the ASX 300 index in Australia. Evidently some index fund managers waited to dump their shares at the last minute. Meanwhile here in the states the stock closed last Friday at @18.60, about 1.60 above the equivalent price in Australia. Some smart cookie used it adroitly as an arbitrage play buying RCEL October 15 puts at 17.50. Those positions were well in the money at Monday's closing and have been closed for a quick profit. Miraculously the short positions in Australia have also been closed. So that game appears to be over.