So the DL hypothesis seems to be correct. (No, DL does not mean DenseLight.)

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So now: can someone explain to me what likely was going on that caused the drop in price with the corresponding number of shares being (in an authorized fashion) concocted from thin air in this exercise? I understand the shorting that took place prior to the exercise by the many - it was just a hedge at that point. Why would the share price drop to BELOW the exercise price at the point of exercise?

Was this just Cannacord taking advantage of the situation?