tnh thanks for your explanation, I presume underwriters won't...

tnh thanks for your explanation, I presume underwriters won't want to take a loss or not much of one. If instos won't be getting them at < .40 anyway what's the point of shorting down below .40 after the final date - other than to maybe shake a lot of nervous investors out. Also perhaps to persuade other instos not to take part in the final bookbuild so others (shorters?) can get in at .40, plus maybe pick up some of the ones sold below .40. Just seems like a huge tree shake to me? In which case, maybe it will rebound quickly once the bookbuild is over, and therefore, maybe this is a very good time to buy in some more (make your own judgement).