Just my take. Why this was a perfect short

Most of these spammy small caps are pharmaceutical stocks -- not all of course, but most -- and those can be dangerous to hold overnight. You never never know if there is some big development that management has hiding in their tool of tricks, and if you do end up getting caught, even though the risk is small, you could potentially lose your ass.

With something like this, not only is it a PIPE transaction with a tons of warrants and convertible bonds, the sector is also kind of weak. Not much innovation going on. No surprise risk of big scientific breakthroughs, and also, you know it's a scam. With pharmaceuticals, unless you are a doctor or scientist, it's not as easy to know the exact conditions, but I'm not expert on pharma so I could be wrong. All I know is that they use a lot of latin scientific lingo and I have no idea wtf it means, and I'm pretty sure I'm not alone on that front lol

Just my take