Yes, shorting is definitely a possibility.
But I don't believe scam. They required lots and lots of cash to get to where they are now. Apparently the only way they could get the cash they needed was by giving away subsidized (basically free) warrants along with the shares they issued (as a package deal).
Lousy way to finance development imho, but unfortunately, it is what it is. I hold small shares right now, but am looking to buy more aggressively later this year (probably somewhere in the Oct/Nov time frame). Until then, I'm just holding and watching PTN.
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