Methodology: each issue's direction is a live signal — long/short opens or holds a position, neutral means flat, and every direction change opens, flips, or closes it. Returns are direction-aware (a short gains when the price falls) and compound across positions from first observation to the latest issue. "Price move" is the stock's own raw change, shown separately. Neither represents actual portfolio performance.
Brief History (2 issues)
A 1.8% spread to close holds no retail appeal, and while break risk is small, the payoff is brutally asymmetric. Holders can ride to close or cash out here.
The deal price caps the upside; the residual spread compensates deal-break risk — professional arb territory. Holders can ride to close or cash out now; fresh money has no reason to enter.