I'll join the game. I'm guessing the short number goes down as I think at least some of the shares in the financing were shorted. If I had participated in the financing that's what I would have done. Reason being that below market overnight financings usually hurt thinly traded stocks and if you participated and immediately shorted your position you would get the warrants basically free and also get to see if you can make money on the short. If the stock unexpectedly goes up you are covered and just get the warrants, if it goes down you still get the warrants and make money on the short. In the latter case you also have the option of turning some of the short profits into equity at the new below financing price. I already said in a previous post that I think some financing participants shorted the stock so I apologize for any repetition.