Check out a few prospectuses instead of corp finance textbooks.
Also everything happens after the stock is halted. At no point can they sell into the market. Fiduciary obligations notwithstanding, the very act of selling something before your client is simply a non-starter.
They can greenshoe and get free warrants etc after the event, but nothing can be done before. Especially not a speculative short before the deal becomes public information.
Ann: Piedmont Announces Proposed U.S. Public Offering, page-40
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