$Invesco QQQ(QQQ)$ SLS shorts, what's the plan now?
The warrant shield is gone.
For years, shorts could hide behind a massive warrant overhang and point to dilution risk.
That game is over.
Now you're holding a short position overnight against:
A survival-driven Phase 3 trial
Event #80 pending
A company with cash
Significantly reduced warrant coverage
Think about how absurd that is.
You're betting against a trial that has survived multiple IDMC reviews and has taken more than 6 months longer than many expected to reach final analysis.
And you're doing it with far less protection than existed a few months ago.
Every day Event #80 doesn't happen, you're paying to carry the trade.
Every day you wake up short, you're one headline away from finding out exactly how much risk you've been carrying.
Good luck with that.
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