Globalstar, Inc. (GSAT) Hits -15%, Bounces As Longs Dig In

When Kerrisdale Capital first released its short thesis this morning, the characteristic plunge that we’re used to seeing from high profile shorts didn’t materialize, at least not at first. But when Kerrisdale CIO Sahm Adrangi began his presentation this morning the price fell by double digits very quickly, reaching -15% before bouncing back to -11% as opportunistic investors started going long to squeeze a crowded position and bulls built up their position even more. TLPS is an end run around traditional gatekeepers: Odeon Capital “Kerrisdale’s thesis reveals a material misunderstanding of what the TLPS opportunity is all about – their…