It really is crazy what a vol smash we've had. Maybe it will be more clear in hindsight - the convert would certainly explain a lot of it (company effectively sold vol). But when vol gets smashed, deltas go down, which causes selling pressure. Maybe the Street just decided "to hell with it, it's summer and I want to generate some premium while I'm at the beach..." figuring nothing would happen once $ASTS launched Batch 2.
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