$ONDS Lets dismantle this joke of a take. First off, “This is a Heights Capital desperation deal”. False on the very first premise haha. Desperation deals are priced at a discount with resets, ratchets, variable conversion, or floating strike protection. This deal was priced 17.5 % ABOVE the prior close. That alone invalidates the entire comparison. No hedge fund overpays in a so called “death spiral” structure. Period. If the company were desperate, Heights would have dictated terms, they didn’t. The market did. Second, “Shareholders got absolutely raped”. Um genius, shareholders got non discounted primary capital, immediate balance sheet strength, runway for accelerated M&A, dilution pushed into the future at higher prices If this was shareholder hostile, price would have collapsed on announcement. Instead, we’re printing 100M+ volume days with absorption as heights keeps rehypothecating shares. Markets vote in real time and so far his opinion losing that vote. Next.. “They sold 1 share and 2 warrants worth $6 to $7 for 1.22”. This is where he’s either incompetent or intentionally misleading. Warrants are not cash. Warrants require higher future prices, additional capital to exercise, and timw. That is conditional dilution, not immediate dilution. Calling warrant value “free profit” without acknowledging exercise cost is amateur hour. If the stock never goes higher, the warrants are worth zero. If it does go higher, shareholders benefit first. That’s how warrants work genius lol. Moving on to probably the dumbest take. “Hundreds of millions of free profit”. If Heights had risk free hundreds of millions locked in, we would see, heavy VWAP suppression, a controlled bleed, and obvious distribution Instead, we’re seeing forced liquidity and inventory stress. That’s not a hedge fund winning. That’s a hedge fund trapped in a rising underlying. (Pay me $28) More lazy nonsense? Sure. “BMNR and IONQ did deals at peaks”. Those companies had no step function revenue guide, no platform expansion, no M&A rollup strategy, and no backlog conversion underway $ONDS is in the middle of an inflection, not the end of one. Same counterparty does not mean same setup. More freshman level analysis. Bottom line is his entire argument depends on three things being true. 1. Discounted toxic pricing 2. Unlimited borrow 3. Weak demand None of those exist here. And this not a death spiral. If he actually believed his own argument, he’d be short and bragging with receipts. Instead he’s posting cope. They’re trapped. And the higher this holds, the worse it gets. Make them pay.