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Just back from an extended vacation but have been monitoring APPN from afar. The stock loan for my shares ended around $28.50 which is around the price of the recent private placements (not including discounts). The short was able to continue driving shares lower likely borrowing the shares from one of the recent firms who acquired north of 10MM Class A shares. This is my speculation.

http://archive.fast-edgar.com//20180322/AAA47222622292Z2222O...

http://archive.fast-edgar.com//20180319/AAA27222622292Z2222N...

These show that recent 10% owner Novak, Biddle VC continues to buy up thru $26.50, and we're below that with today's close. I would not be surprised seeing them continue to nibble cheap shares. Why is this happening? Here's a theory:

MF recommended this small company which they rarely do outside of their limited newsletters focused on hyper-growth and generally, well...small companies. But the Stock Advisor subscription has LOTS of people in it, and there is little doubt that MF helped moved the price after December's recommendation. Now if I were trying to close a private placement (or two or three) and the stock price started to jump, that would tend to cause some pain to the purchasers. So that is where the big short comes in, keeping the price depressed until these deals can get priced and done. Deals get done except the big short has some issues unwinding their position. Every time they try to buy any kind of volume the price takes off (I watched this in the daily price/volume charts). And as Schwab was gradually lowering my interest rate before it went to zero, the funniest thing happened. The rate actually went back up from 19% to 33% for a day, and then right to zero. Seems someone got their timing wrong and still needed my shares for that 1 day?!? Anyway, the short was able to use the shares of the private placement and so my shares were no longer needed.

The above links clearly show that 10+% insiders continue to buy at these levels. They and the big short were likely a little "put off" having to go thru such gyrations to acquire shares in Appian...all because of the barbarians at the gates!! The MF buyers and all that retail money came flooding into their party and caused a disruption. Shame on us! So I think the 10%+ investor and big short would take some enjoyment shaking out shares from weak handed retail folks.

This is really the best explanation to the price action that I have been witnessing. And I snapped up a bunch at $25.89 if they are going to play this way.

Bottom line... what do I know? I'll tell you. I KNOW that a 10+% investor owner KNOWS a lot more about Appian that I do. And I KNOW they are buyers are these levels!!! Think they KNOW something?

Gian
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