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.
ASM Price at posting:
$1.02 Sentiment: Buy Disclosure: Held
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