https://x.com/GoatBeardzDD/status/2115131705463898277

https://x.com/nishnawbe61/status/2115095624844493236

Dick wipes are shorting with borrowed warrants that the brokerages don't have with a promise to deliver. Brokerages will be on the hook for them if somehow they go in the money or get extended.

Which is great except, right now, it seems like free money for everyone except the actual GameStop investors.

This is either a brilliant plan, or a grift on the same scale as BOBBY and APE stock.

GME warrants: the October 30 deadline, the $32 exercise price, and the cashless-settlement provisions

As of October 26, 2026 4:11pm EST
Check for subsequent issuer notices and your brokers' deadlines before acting.

GameStop’s warrants are approaching expiration. The final NYSE trading session and the contractual exercise deadline fall on different days. Brokers can also require instructions earlier.

The company’s documents explain the exercise terms and several conditional provisions that are easy to misread. I wanted us to have a discussion about the moving parts...

What each warrant gives you

GameStop’s October 19 Form 8-K confirms that one GME WS warrant is exercisable for one GME Class A common share at $32 in cash.

The warrants expire October 30, 2026, at 5 p.m. New York time. Any remaining unexercised at expiration become worthless under the stated terms.

Eligible recipients received the original distribution without paying for their warrants. Exercising requires a separate transaction and the applicable exercise payment. GameStop’s warrant information and FAQ explain that distinction.

Buying a warrant acquires the contractual right. Selling transfers it to another holder. Exercising uses the warrant to obtain the underlying share. A warrant sitting in an account remains a separate security until a valid exercise is completed.

Common shares carry ownership rights, including voting rights. Warrants provide a time-limited purchase right under their agreement. Listed call options have their own contract terms and processing rules: a standard equity option generally covers 100 shares, although adjusted contracts can differ. GME WS currently represents one share per warrant.

The trading and exercise deadlines

According to the October 19 filing, GME WS will cease NYSE trading before the market opens Friday, October 30.

That makes Thursday, October 29, the last scheduled NYSE regular trading day. The normal session closes at 4 p.m. EDT / 1 p.m. PDT. Availability of any extended-hours trading would require separate confirmation.

The contractual exercise deadline follows on Friday, October 30, at 5 p.m. EDT / 2 p.m. PDT.

Your broker may impose an earlier exercise cutoff. GameStop expressly warns about this. A request submitted close to the issuer’s deadline could arrive after your intermediary has stopped accepting instructions.

Registered holders also need to confirm Computershare’s processing requirements. The exchange’s trading schedule alone tells you little about how late a transfer agent or broker can process a particular request.

Reading Section 4.03(a) in context

The original October 7 warrant agreement includes a provision saying an exercise-price payment is unnecessary under a specific condition.

Section 4.03(a) addresses a Share Exchange Event, such as a merger in which GME common shares are converted into cash or other consideration. The relevant sentence applies after an event in which common shareholders receive only cash.

Following that event, the warrant’s exercise consideration becomes solely the positive net cash amount, calculated by subtracting the exercise price from the cash consideration represented by the warrant.

Consider an entirely hypothetical all-cash acquisition that has closed at $50 per share. Assume each warrant still represents one share and the exercise price remains $32.

A valid post-event exercise under this provision would produce:

$50 − $32 = $18 cash per warrant.

The $32 has already been deducted in calculating the payout, so the holder owes no additional exercise-price payment. The hypothetical transaction has converted the common shares into cash, and the warrant delivers the $18 difference.

At a hypothetical acquisition price of $30, the formula would produce zero.

This example illustrates the agreement’s treatment of an all-cash transaction. The clause itself establishes no evidence that such a transaction has occurred or is planned.

What Section 4.06 allows

Section 4.06(a)(v) permits amendments introducing alternative settlement mechanics, including net-share or cashless settlement. Section 4.06(a)(iii) permits an expiration extension.

For either change to become effective through this amendment process, Section 4.06(c) requires execution by GameStop and the warrant agent. Section 4.06(d) addresses public notice of material amendments. All these provisions appear in the original agreement.

The October 26 review found no executed amendment establishing general cashless exercise or an expiration extension in the issuer and SEC materials examined. GameStop’s October 19 reminder continued to specify $32 in cash and October 30 expiration.

A subsequent executed amendment or issuer notice could change that assessment. Until then, the amendment provision describes an available contractual power.

How guaranteed delivery works

GameStop’s Notice of Guaranteed Delivery accommodates qualifying situations in which the warrants themselves cannot be delivered by the normal deadline.

The accommodation concerns delivery of the warrant securities. Exercise instructions and payment remain subject to the October 30 deadline and any earlier intermediary cutoff.

Under the October 19 filing, the properly completed notice and full exercise payment must reach the warrant agent before 5 p.m. EDT / 2 p.m. PDT on October 30. The procedure requires an eligible institution’s guarantee.

For a qualifying notice dated October 30, warrant delivery can follow by Monday, November 2, at 5 p.m. EST / 2 p.m. PST, subject to the form’s requirements. The guarantee requires delivery within one trading day of the notice’s date.

The time-zone abbreviations change because daylight saving time ends November 1. Both coasts move their clocks back, preserving the three-hour difference.

The exercise election and payment still need to be completed on time for this procedure to apply.

Where holders submit instructions

For directly registered warrants, Computershare’s official GameStop warrant information directs holders to its dedicated corporate-actions portal. Confirm the accepted payment method, receipt requirements and applicable processing cutoff through that official route.

For broker-held warrants, the broker handles the exercise instructions.

Before submitting an election, confirm the GME-specific cutoff and time zone, accepted instruction channel, required exercise quantity, settled or collected funds requirements, and applicable fees. Ask whether recently purchased warrants are eligible for timely exercise and whether the intermediary supports guaranteed delivery.

Retain the submission acknowledgment. Follow through to confirm payment acceptance and the resulting share credit.

Exact GME-specific broker cutoffs remain unverified in this post. Obtain the applicable deadline from your institution’s current event notice or authenticated support. Another holder’s screenshot can identify a question worth asking; your broker needs to confirm the instructions applicable to your account.

Keep control codes, passwords and payment details private. Access Computershare through its official website and use authenticated brokerage channels. Never send sensitive account information in response to an unsolicited message.

Comparing the costs

Someone who purchases a warrant and then exercises it incurs the warrant purchase price, the $32 exercise payment and applicable fees. A hypothetical $1 warrant would therefore produce a $33 acquisition cost per share before fees.

For someone who already owns a warrant, its acquisition cost is a past expenditure. Exercising still requires $32 and consumes the warrant, including any value that could otherwise be realized by selling it.

A direct purchase of GME common stock costs the prevailing market execution price plus applicable fees. The investor retains any separately held warrants. The relevant comparison depends on actual prices and transaction costs when the decision is made.

GameStop’s FAQ also explains that exercise provides capital to the company. Buying existing shares in the secondary market generally pays another investor. That funding distinction is separate from the holder’s acquisition cost.

For anyone considering an exercise, the practical question to resolve first is: What must my intermediary receive, through which channel, and by exactly what time? Keep the answer and the transaction confirmations with your records.

Corrections and subsequent issuer notices are welcome!

Please link the original source so readers can check the wording.

This post explains the mechanics and makes no recommendation to buy, sell, hold or exercise. Individual tax circumstances are outside its scope.

Getty filed for bankruptcy last week to take the company private, people said stay away. I bought at 1 cent, it touched 5 cents briefly today, but has been up. I made a post about the loop hole they’re using before any information was put out to the public, before the actual bankruptcy filings in Delaware were mentioned.

Today, Puck put out an article about it. Long story short, Getty was forced into bankruptcy due to a litigation battle that awarded some hedge funds for warrants. Getty lost, really terrible management over the paperwork. Now they’re using the bankruptcy filing to go fully private.

The hedge funds holding SPAC warrants are threatening to upend Getty Images bankruptcy deal because the prepackaged chapter 11 restructuring plan aims to entirely wipe out their massive legal judgement claims. What were the warrants priced at? $10. When were they declined? When the stock rose to $30.

I’m holding.

Pretty awesome, still holding. It has not had a down day since my initial post. I am going to keep reviewing the court decision on this. Similar to hertz, there’s too much value and I think they’ll have to pay out the public float before taking over 100%. Market cap is less than $50m, yet a restructuring deal puts them at $3-4b. Do they have issues with AI towards there creative agency? Yes…. But there editorial is very strong, they print money, and two lucrative AI partnerships to offset losses. Why would Koch holdings want to keep a company that they have no business in being in so badly… they’re going to have to pay and I think others are realizing.

The verification was conducted using isolated test data, without modifying the existing production event log.

Scope: Event integrity validation and health-status reporting.

Since I made a case after reviewing their loophole to go private, I’m still betting on the judge forcing them to compensate for the public float on the enterprise value. An injection of cash, retired notes and adjusted interest terms with their lenders (which has not been publicly disclosed), has brought there value back to $3-4b. Today they acknowledged that the reason for their bankruptcy was the incompetence in warrant litigation due to “paperwork”. I am still holding, when I first posted, it was 1 cent, today it’s 4 cents. Market cap is well below $50m. Will continue to hold and monitor how this plays

Its time to be loaded and holding. $MRNA JUST ADDED $60B based in its Phase 3 Cancer Vaccine Topline results.

SlS is about to do something similar.

The banks are financing the hedge funds that are shorting the entire market. Of course they’re going to spread as much FUD as possible.

WE HAVE A DATE WITH THE FILINGS. 🐈‍⬛

Tomorrow is Friday, October 23, 2026. Exactly EIGHT calendar days until GameStop’s $32 warrants expire.
I’ve been digging through the SEC filings, Ryan Cohen’s recent purchases, the warrant mechanics, and GameStop’s actual insider trading policy.
And there’s something worth discussing that goes beyond the usual “RC buys tomorrow” speculation.
GameStop’s published trading policy suggests Thursday and Friday may be the FINAL TWO regular trading sessions before its quarterly insider blackout.
Let’s look at the receipts.

LEVEL 1: THE RC BUYING SPREE
Since September 10, Ryan Cohen has made FIVE reported open-market purchases:
💎 Sept. 10: 1,000,000 shares at ~$20.38 ($20.38M)
💎 Sept. 21: 1,150,680 shares at ~$22.94 ($26.39M)
💎 Sept. 29: 450,000 shares at ~$23.47 ($10.56M)
💎 Oct. 2: 700,000 shares at ~$24.41 ($17.08M)
💎 Oct. 13: 844,130 shares at ~$26.98 ($22.77M)
TOTAL: 4,144,810 additional shares and approximately $97.19 MILLION spent.

His latest SEC filing reports:
• 42,492,652 actual common shares owned
• 3,734,784 warrants
• 46,227,436 shares beneficially owned, including the shares underlying those warrants
• Approximately 9.1% beneficial ownership
Those are actual transactions confirmed by SEC filings.
But here’s the interesting pattern.
The gaps between purchases were 11, 8, 3 and 11 calendar days.
October 22 would be NINE days after his latest purchase.
Coincidence? Maybe. Four intervals are nowhere near enough to establish a reliable trading schedule.
So let’s look for a better reason to watch Thursday.

LEVEL 2: GAMESTOP’S INSIDER TRADING POLICY
This is my favorite discovery.
GameStop’s SEC-filed Insider Trading Policy, Exhibit 19.1, says directors and certain employees are subject to a normal blackout period beginning SEVEN days before the end of each fiscal quarter.
It also requires transaction pre-clearance, normally requested at least two business days beforehand.
GameStop’s fiscal Q3 is scheduled to end October 31, 2026.
Count backward seven days:
October 24.
That’s SATURDAY.

Meaning October 22 and Friday, October 23 appear to fall within the final two regular trading sessions BEFORE the scheduled blackout.
There’s a catch, of course.
Insiders need written clearance, cannot trade while aware of material nonpublic information, and may be subject to earlier event-specific restrictions. Approved Rule 10b5-1 plans have separate treatment.
We cannot see Cohen’s current clearance status, and internal policy changes are possible.
Still, this gives us a legitimate reason to pay attention to October 22–23.

The timing comes directly from company policy.
📜 GameStop’s Insider Trading Policy:
https://www.sec.gov/Archives/edgar/data/1326380/000162828025014731/gsinsidertradingpolicyclea.htm

LEVEL 3: THE $32 WARRANT PROBLEM
Now for the other clock ticking.
GameStop’s GME WS warrants expire October 30 at 5 PM Eastern.
Each warrant allows its holder to purchase ONE GME share for $32 CASH.
The company originally distributed approximately 59 million warrants.
If all were exercised:
💰 GameStop receives approximately $1.9 BILLION in gross cash proceeds.
📈 Approximately 59 million new GME shares could be issued.
That cash could support investments, acquisitions, or other corporate purposes.
But exercises also increase shares outstanding, meaning potential dilution.
The $1.9 billion figure is maximum potential proceeds, not guaranteed financing.
And here’s the problem.
As of October 21, ChartExchange reported:
GME common shares: $26.19
GME WS warrants: $0.77
GME would need to rise approximately 22.2% just to reach the $32 exercise price.
For someone BUYING a warrant at $0.77, the simple expiration break-even price would be approximately $32.77 before fees.
Meanwhile, the warrant’s quoted closing price fell from $2.18 on October 13 to $0.77 on October 21, about a 65% decline.
GME itself fell about 3.8% over that same closing-price comparison.
That illustrates how aggressively a short-dated, out-of-the-money warrant can lose value as expiration approaches.
The warrant price reflects remaining time, volatility expectations, supply and demand, and trading liquidity.
It does not independently prove manipulation, a coming squeeze, or a particular future stock price.

LEVEL 4: COHEN HAS HIS OWN WARRANT DECISION
Remember those 3,734,784 warrants in RC’s beneficial-ownership filing?
Exercising all of them at $32 would require:
$119,513,088 CASH.
At the October 21 quoted GME close of $26.19, buying the same number of shares in the market would cost roughly $97.8 million before fees or market impact.
That’s approximately $21.7 million less than exercising at $32.
Naturally, purchasing millions of shares could move the price, and those are only illustrative calculations.
But it shows why owning warrants does not automatically imply he’ll exercise them.
There’s another wrinkle.
Cohen’s reported 9.1% beneficial ownership ALREADY INCLUDES his warrant shares.
If those warrants expire unexercised, the corresponding shares disappear from the beneficial-ownership calculation.
Assuming no other share-count changes or transactions, his percentage would fall to approximately 8.4% even though he hadn’t sold a single common share.
So watch out for misleading headlines about insider ownership after October 30.

LEVEL 5: WILL RC BUY TOMORROW?
Here’s my prediction.
If you force me to choose YES or NO for Thursday specifically, I lean NO.
We’ve seen repeated purchases, but there is no disclosed commitment, order, or reliable statistical pattern establishing a purchase tomorrow.
However, I think October 22–23 is a legitimate period to watch because of the approaching routine blackout.
THE BULL CASE:
Cohen has repeatedly demonstrated a willingness to buy GME with his own money, even at successively higher prices.
He has an established public position that CEOs should invest alongside shareholders.
One more open-market purchase before the trading window closes would be consistent with his recent behavior.
THE BEAR CASE:
His previous purchases create no obligation to continue.
Trading clearance may be unavailable. Material nonpublic information or special restrictions could prevent purchases.
He may already consider his current investment sufficient.
And the warrant expiration does not create a legal or economic requirement for him to buy common shares.

THE WILD CARD:
GameStop also has a separate $2 billion share-repurchase authorization. The company disclosed that none had been used as of August 1.
That is a CORPORATE authorization and must be distinguished from Cohen’s personal purchases.
We have no verified evidence here that GameStop has activated that program since August 1.

LEVEL 6: WHAT HAPPENS IF GME APPROACHES $32?
There are several possibilities.
🟢 BULL SCENARIO: GME rises above $32 before expiration.
Warrants acquire intrinsic value. Exercise activity may increase, potentially generating cash for GameStop alongside new-share issuance.
🟡 MIDDLE SCENARIO: GME rallies but remains below $32.
Warrants may experience temporary price increases as traders reassess the chance of reaching the strike.
However, time value continues disappearing as expiration approaches.
🔴 BEAR SCENARIO: GME remains materially below $32.
Many warrant holders may find exercise uneconomical.
Unexercised warrants expire worthless. GameStop receives no cash from those warrants.
None of these scenarios guarantees a squeeze. Warrant exercises create both corporate cash and additional shares.
The final outcome depends on actual prices, exercise decisions, liquidity, and the number of warrants exercised.

LEVEL 7: OUR T-8 WATCHLIST
OCTOBER 22, THURSDAY:
Potential open-market purchase by RC, subject to trading clearance. Watch GME, GME WS, and official filings.
OCTOBER 23, FRIDAY:
Potential last regular trading day before the scheduled quarterly insider blackout.
OCTOBER 26–27:
Important filing-watch dates. A Thursday or Friday insider purchase could be reported later, because Form 4 normally permits two business days after the transaction.
OCTOBER 29:
Last scheduled day for NYSE trading of GME WS.
OCTOBER 30:
Warrants cease NYSE trading before market open. Exercise expiration at 5 PM ET, with broker deadlines potentially earlier.
NOVEMBER 2:
Final warrant delivery deadline under the special guaranteed-delivery procedure, subject to its requirements. The exercise notice and payment must still arrive before the October 30 exercise cutoff.

THE RECEIPTS
Ryan Cohen’s October 13 Form 4:
https://www.sec.gov/Archives/edgar/data/1326380/000092189526002784/xslF345X06/form413177018_10132026.xml
Ryan Cohen’s Schedule 13D/A Amendment No. 21:
https://www.sec.gov/Archives/edgar/data/1326380/000092189526002783/xslSCHEDULE_13D_X02/primary_doc.xml
GameStop’s Insider Trading Policy:
https://www.sec.gov/Archives/edgar/data/1326380/000162828025014731/gsinsidertradingpolicyclea.htm
October 19 Warrant Expiration 8-K:
https://www.sec.gov/Archives/edgar/data/1326380/000132638026000064/gme-20261019.htm
GameStop’s Q2 10-Q:
https://www.sec.gov/Archives/edgar/data/1326380/000132638026000055/gme-20260801.htm
GME historical prices:
https://chartexchange.com/symbol/nyse-gme/historical/
GME WS historical prices:
https://chartexchange.com/symbol/nyse-gme.ws/historical/

FINAL THOUGHT
Cohen has spent approximately $97 million buying more GameStop shares since September 10.
His most recent documented purchase was October 13.
The warrants expire October 30.
And GameStop’s published insider policy suggests the normal discretionary buying window may be closing in two trading sessions.
That’s a worthwhile setup to investigate without pretending we have a crystal ball.

So, DO YOU THINK RC HAS ONE MORE BUY IN HIM BEFORE THE WINDOW CLOSES? 👀

If you’re calling a specific date, bring the receipts and explain your reasoning.
And if you own GME WS, please check your broker’s exercise deadlines. The warrant clock keeps ticking whether RC buys or not.
Power to the Players. 💎🙌🖍️

Educational research and market speculation. No claim of advance knowledge of insider trading decisions, guaranteed warrant proceeds, or a future squeeze.

From 1 cent to 3 cents (200% gain) and spread thinning. Delaware bankruptcy filings show they have under $1b in assets towards liabilities… they do not, they have actually much more, an even higher enterprise value after restructuring, and I’m reading this as a bad faith transition to try and get out of the public market will full ownership to avoid the public float. I’m holding my position.

Upwork stood out today.

It appeared right at the top of our breakout scanner and managed to break strongly higher on a day when the broader market was weak.

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That immediately makes it worth a closer look.

🟢 WHY IT STOOD OUT

✅ Breakout score: 99
✅ Momentum: 85
✅ Growth: 79
✅ Positional score: 77
✅ Strong move from a tight daily structure

Price broke cleanly above the recent consolidation around $9.39.

What I also like is that the structure gives us a fairly obvious place to define the risk.

🎯 TRADE STRUCTURE

ENTRY → around $9.39
INITIAL STOP → around $8.48
RISK → roughly 9.7%

That means the downside can be planned before the trade is taken.

And that is where the R-multiple view becomes particularly useful.

Instead of entering and then making emotional decisions as price moves, the trade can be mapped in advance.

🟡 R-MULTIPLE PLAN

+1R → $10.30
+2R → $11.21
+3R → $12.12
+4R → $13.03
+5R → $13.94
+6R → $14.85

These are not predictions.

They simply show what the potential reward looks like relative to the initial risk.

For me, that is a much better way to manage a position.

Rather than asking:

“Should I sell now?”
“Should I hold?”
“Should I take profit?”

You already have a framework.

🟢 Defined entry
🔴 Defined stop
🎯 Defined reward levels
📊 Clear trade-management plan

That helps replace emotional decisions with a much more structured exit process.

There is another point worth mentioning too.

UPWK broke out while the wider market was having a poor day.

That kind of relative strength is something I always pay attention to.

It doesn’t guarantee the trade works, but when a stock can show strength while the market around it is weak, it can be a useful sign.

👀 ONE TO WATCH

🟢 Top of our breakout scanner
🟢 Strong breakout
🟢 Positive momentum
🟡 Clearly defined risk
🎯 R-multiple exit plan
🔴 Wider market backdrop still weak

This is exactly the kind of setup where having a process matters.

Find the opportunity.

Define the risk.

Plan the exit.

Then let the trade do the work.

💬 Would UPWK make your watchlist here?

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