The Australian - Multiple suitors circling Z1P - DataRoom 7.40PM, page-114

The actual risk of having lost control of the share registry is that if management don’t accept an offer, the shorts could potentially push this down to $6 and pin it there for pretty much as long as they like - then what happens in a year when it’s cap raise time? Zip is forced to to undertake a dreadful cap raise at $6 a share, causing even bigger dilution, more ammo for shorts, and the stock becomes even less attractive as a long-term hold. With so many shares loose on the market, and the company wholly reliant on cap raises for survival, Zip Execs are not in a particularly powerful position here. Take a look at what happened to Bellamy’s - they were never going to get major access to Chinese market without agreeing to TO - which was preceded by a combined delay in reg approvals and short attack. The result? TO at well below it’s previous ATH.