1 Ryan Cohen recall of 22.34M shares on loan as collateral
2 removes 11–15M loaned shares, stress on borrow pool. (Assuming 50% loan and no rehypotication
3 Point72 unwind of 3.85M put hedge results in 85% exposure gone, net long via calls.
4 Warrant dividend (59M issued) → shorts owe ~6M (on book assumes mismatches with synthetics calculated through FTD’s
5 Bb/ttZERO merger scenario → tokenized float audit, 15–25M forced covers.
Combined stress: 35–45% of float under pressure → 2021-style squeeze risk, extended duration 2025