I think it will be interesting to see what that position looks like at the next report. That will be on November 27, right after Thanksgiving.
The new offering commenced Monday, October 16, 2017, and will end on December 6, 2017. I wonder how many investors moved right away or delayed action till later in the month. Of course, this is all speculation but interesting all the same.
It is good news to those of us who are looking for support from the short position as they cover at these levels. The only reason at this point in time to be short Zion is that you have no doubt that they are not going to find oil once they breech the high pressure zone of interest.
With this all said, I still do not think Zion is buying shares back on the open market. I just do not think that they have the capital to do so. All their cash is going to MJ#1. I also do not believe that it is legal for them to buy back shares without first filing the proper paper work with the SEC and announcing it to their investors.
I do not fully understand this shorting stuff. Please explain more about how this works please. Also does shorting interest rising mean more are hedging on a lower price and trying to drive it down??