I agree the undecut has been happening forever. Probably from selling placement shares over time from fund raising + some flipping. Look at the overall trend; I have been waiting for that trend to break with possibly BLA submission, but these delays and financing issues have pushed it out, leading us to 30s. If the deal gets done, I suspect we will finally break through that trend.

But I was talking about the hidden ask at 34c not showing on l2. Looks from Schlingel's post it might be coming from orders from IB. Interestingly IB allows shorting, not sure if it is short or not. It also routes some orders through otcx, which isn't showing on the ask but is on the bid. Maybe that is the missing MM on l2 at 34c.