It depends on how they look at it. If they see it as an...

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.