The Hudson Bay Conspiracy Theory That Won't Die (But Should)
Look, I get it. Dilution sucks. Seeing a hedge fund show up with warrants feels sketchy. But reposting the same "warrant hedging = risk-free scam" theory on lots MDAI threads is financial illiteracy.
Warrant hedging isn't a scam. It's literally just risk management. If you hold a warrant and short stock, you still pay borrow costs, deal with theta decay, and face execution risk. It's not a magic money printer.
Hudson Bay isn't forcing anyone. They negotiated a Securities Purchase Agreement with Spectral AI. Shareholders get to vote. The company gets capital to actually sell an FDA-approved product. That's how pre-revenue MedTech survives.
The insider just bought shares with his own cash at $2.61, post-announcement, in a volatile session. If he thought this was a "scam," he wouldn't be buying.
Spectral AI isn't BBIG. They have FDA De Novo clearance (requires clinical evidence), BARDA funding (serious due diligence), clinical data showing 86.6% sensitivity vs 40.8% for physicians, and actual installations at burn centers.
Dilution is real and it hurts.
The real risk here is execution. Can they build a sales force, get reimbursement adopted, and prove ROI before cash runs out?
Everything else is just FUD for people who need the stock to fall.