Yes I do think it's speculation. The more I think about it, the less likely I think the shorts are hedges. It would make much more sense to short as a hedge if the stock was trading above your exercise price. Most of these options and warrants are out of the money and have been for the last 18 months or so besides brief spikes. Exercise prices have even been lowered but we're still out of the money. Shorting just doesn't make any sense. Could you explain how this would work as a hedge with the SP being what it is?
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