Ann: Entitlement Offer open, page-7

It depends on how they look at it. If they see it as an opportunity to have them exit then it could be perceived as a win.

In terms of smarts, the share price is back at the price the shorts were most comfortable with. That 20% discount from $1.44 sure helped to dampen any interest that may have been accumulating.

I would say that the shorts used the companies debt as a red flag and pointed this out to the ASX who most likely forced the hand of ASM to raise.

Normally, I would not entertain shorts even entering into an exit but in this case, they would know that there is a good chance that some offtakes are on the cards, which would be a strong driver of the share price.

It is all hypothetical and could be proven wrong tomorrow with one announcement. Until then we await.