What we witnessed was panic selling driven by a malicious 3rd party report which made false assertions contrary to Tyro's recent disclosures.
The short sellers probably thought they could take the winnings and run, but they have been stopped in their tracks by this trading halt.
Every share that was short sold needs to be bought back on-market.
I expect to see the share price move back up to above $2.80 next week. The company's valuation deserves to have taken a small hit due to this incident, but it did not deserve more than half a billion of market capitalisation to be wiped out.
Ultimately, TYR is the lowest cost merchant fee processor and businesses always want to maximise the bottom line.
A year from now, this will be a small blip on the radar.
T.E.P.
Enjoy the show next week folks... I have a feeling burning short sellers are on the menu.
TYR Price at posting:
$2.32 Sentiment: Buy Disclosure: Held
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