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GNC - The Hedge Funds' 'Long The GNC Convertible And Short The Stock' Bet Has Blown Up
GNC Holdings
GNC Holdings, Inc. (GNC) could experience a large short squeeze for two reasons.
Hedge funds have been long GNC's 1.5% 8/1/2020 Convertible Notes (cusip:36191GAB3) and short its short position since 2017. Currently, there are $159 million (face value) of the convertible notes outstanding and almost 24 million shares of GNC's short sold short (as of June 15, 2020). After GNC filed bankruptcy, earlier this week, a round lot of the convertible traded at $1.25 per bond (face value is $100).
Let me explain why this is a major catalyst. Let's say you are