ATLC - Atlanticus Holdings: Discussion Of Short Interest

• We observe that the market is focused on short interest generally and we have received questions as to how this may affect Atlanticus Holdings specifically.
• Our analysis indicates that there is short interest in Atlanticus Holdings' stock that is material relative to both float and trading volume.
• We understand that this short interest is primarily the result of Atlanticus Holdings' 2005 convertible note offering.
• We believe there are circumstances that could precipitate the need to buy these shares back from the market in order to return them to Atlanticus Holdings.
• In our view, the ultimate resolution of this short interest could be a catalyst to unlock Atlanticus Holdings' current trading discount to intrinsic value.

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