Titan Medical Inc (TMDIF)

[chambers]

I too saw that this morning on Stockwatch.

This was not just the new issue flippers getting out of the financing and playing the warrants. There were a bunch of investors who held the last set of warrants (the series C warrants) that were shorting the stock against the warrants. The security was the warrant as they could simply exercise them to cover the short.

When the financing was announced they simply had a gift and could either cover their short position on the open market (and lock in their profit) or buy the new issue to cover the short position and keep the warrant (and again lock in their profit). I would say about half of the 2 million shares (in other words 1 million) were the flippers and half were the guys who held warrants from the last financing. Either way, good move as they made money.