I think the shorters are waiting for the eventual capital raise...

I think the shorters are waiting for the eventual capital raise to get out. Remember, Australia super does not own full 30% of Syrah yet. They have convertibles of about $100mill.
that convertibles is paying aust super about $14mill per year until it is converted at the discretion of Australia super.
added to that, the underutilized solar array that they commissioned but not fully used. They would be paying a big depreciation cost on those panels.
well, they say time is money. Andmay a year is a long time to be leaking money through every channel waiting for EV's to catch up.