Depending on the agreement they dont need physical stock. They can short it and then as I remember some of them get stock issued as collateral which they can sell if they have the power to convert their loan into shares or have options they can exercise to cover the "borrowing" of stock issued as collateral.
having looked at this company they do seem to hold for a bit so it may not be all bad but if the share price drifts I wonder if they are any different then.
Ann: Funding Agreement, page-32
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