One could easily say...

Someone is trying to short the company, while others are anticipating the deal and buying. Could be 'the partner' is buying as much as they can. Or none of the above.

I do find the second part of your post very interesting because I know how many SaaS companies are out there. I recognize most of them on the list from either using their products, looking at their products or seeing them on institutions' 13Fs. A lot of the 30K SaaS companies are not public.

A few takeaways in addition to the article below.

Verb was ahead of their time hitting the NASDAQ
Not a lot of Microcap SaaS Companies for institutions to pick from
Great that VERB made the list. Wonder how many are not even on the list.

Quote:

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Here are five key insights into the SaaS market:

> There are currently approximately 30,000 SaaS companies.
> Globally, there are about 14 billion SaaS customers.
> The US has the largest proportion of SaaS companies (around 60%).
> Salesforce has the largest SaaS market share at just under 10%.
> The SaaS market is predicted to reach a valuation of $307 billion by 2026.

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https://explodingtopics.com/blog/number-of-saas-companies

https://www.mikesonders.com/largest-saas-companies/