One of the big deals about this exercising of the calls is that the rules are different for them... those shares have to be bought on the open market in order to satisfy that contract, no back room bullshit or dark pool trading that doesn't impact the price. Again... shit's different this time...
I feel like the most likely scenario is the markets halt trading on GME when it starts to go apeshit (pun intended). I still don't get how that's entirely above board, and it certainly feels like the deck is stacked against retail. I am assuming that halting trades does not excuse Wolverine from their obligation? Or if it does, said obligation would resume the instant trading resumes? Lol, what should I do with my 3 shares (currently in WeBull)? I am trying to keep them from being "artificially" sold, which I vaguely recall was an issue with Fidellity, RobinHood, etc. I love the Reddit posts, because I literally cannot understand a third of this. https://www.reddit.com/r/GME/comments/1dfaor5/the_market_maker_wolverine_now_needs_to_deliver_4/ I have to assume once the dust settles, there will be some major legislation, as some of these hedgies look like they have collaborated in ways that are highly illegal.
When DFV had his live stream, trading on GME was halted 13 times. When a squeeze hits, trading will halt a lot. The halt is a "cool down" period designed to stop algorithms from fucking up and driving a stock price to nothing in the blink of an eye. Literally, that's why they instituted halts like that... in the past a couple of automated trading platforms fucked up their algorithms and started to battle each other and in the blink of an eye drove the price of a stock to zero. They are also used to help out "uninformed" investors who may not be 100% following the news of a company all the time... so if bad news hits, they don't come home after work to find that their investment is worth 0$... it slows that dive down so that they have more time to react, compared to the pros who have automation and technology to exit immediately. The rules they set up to trigger halting (price has to fluctuate more than 10% in 5 minutes, which triggers a 5 minute halt) can be gamed by the institutions... if they see something they don't like, they can force through some trades that trigger the halt. Watching DFV's live stream, he literally triggered halts based on what he was saying. Some of the big players have AI hooked up to his live stream and were analyzing what was going on and automatically reacting to phrases to trigger a halt. (They were deathly afraid he was going to exercise his options on air with 500k people watching).
your three shares? leave them and forget about them until you see them worth crazy cash in the future. It will literally take days for any kind of monstrous price increase to happen, you won't miss anything.
Remember... a short position comes with infinite risk. That point is hammered home when you do any kind of training/testing to be allowed to trade options. These guys are set up to lose billions and billions of dollars because of their short positions. Hell... it's been estimated they are spending almost a billion dollars a day in some cases to stay afloat. Some hedge funds are going bankrupt as a result.