This short is the premise of the company narrative .....all 57m shares short are bankrupting this company and preventing this revolutionary *eyeroll* treatment from the market.
A portion of that may be hedging but it's not likely to be a large number. Average duration in days of the shorting is about 170. If it was hedging, you would likely see a longer duration in days as the bulk of the options and warrants have been around for years. Some convertible note holders convert at FMV with a discount. Hedging would only work if you had a pre determined exercise price so it would not work for those holders. Others could convert into c shares with price range from about .35 to .50 after conversion common stock. These notes have also been around for over a year. Shorting the stock isn't free. Paying the fee as a hedge wouldn't make sense.
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