Tryout,
I think 3 B is more likely ot those three choices. Unlikely anyone is holding certs, or having a third party do so. Hardly no one has long term sells in place at much higher prices. Thus, our shares are easy to short outside our boundaries, and it doesn't have to be naked.
Yet, when checked, very few shares are shorted. So, I think the direction of the pps, during quiet times, falls into the hands of the traders and short term flippers.
One thing is good. I don't see any toxant convertibles, and dilution is not really an issue.
Red