That is total BS. Shorts may be covering some but the selling occurred before the reveal.
That is almost certainly correct.
Look at the short interest rates going into NYAS. They had grown to levels that imply shorting an upcoming event. It would be natural for some warrant holders to lock in their gains before the event. After the event, they could exercise and use those shares to cover.
And that is why the large increase in OS AFTER the event.
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