Celsion Corporation (CLSN)

[sdtrond]

Couple notes:

If they bought 9K calls, that equates to 900K shares upon exercise, not the 9M you list in step 2.

If DITM calls bought, then exercised, they've spent $9.50+. Then they sell those for cascading $8-6... buying back their shorts for 6-8.

That means they are still out the $ for the days work.

That might work for one short, being short maybe the nearly 1M you show from the 9K call example. But we had 6M SI. I'd prefer to assume a smart short would simply hold those calls, hedging the origanal bad bet they made?