Lets assume that 3 days ago you bot from me 5 mill. shs.

I actually made a short sale to you & borrowed those shs. from someone still holding ARU or even from K. They have a pile of ARU shs. You can then tender those shs. to the offer.

The effect is to make long holders of 157 mill. shs. balanced by 152 mill. outstanding + a 5 mill. sh. short position. So the theory is the float is increased by 5 mill. shs.

This all assumes that there really is a 5 mill. short position.

Hard to believe it is real. You would have to think K is somehow involved in this.

A short position always has the effect of temporarily increasing the total outstanding.