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**What The Reg SHO Threshold List Actually Requires**
**A security is placed on the Reg SHO threshold list when it has FTDs at a clearing agency (NSCC) that:**
**1. Are equal to at least 10,000 shares**
**2. Represent at least 0.5% of the issuer’s total outstanding shares**
**3. Persist for 5 consecutive settlement days**
**At post-split outstanding shares of approximately 2,024,000:**
**This is FINRA/Nasdaq’s own systems formally confirming what your 25 weeks of trade tape, borrow data, and short volume analysis has been showing all along: sustained, unresolved delivery failures.**
**(What Being On The List Actually Triggers)**
**This is critical to understand precisely the threshold list itself does not force immediate covering.**
**What it DOES trigger:**
**1. Rule 204 Mandatory Close-Out Requirements Intensify.** Once on the list, any NEW FTDs (not the pre-existing ones, but new failures going forward) must be closed out by no later than the beginning of regular trading hours on the settlement day following the settlement date — a much tighter window than the standard T+1/T+3 close-out requirements.
**2. Pre-Borrow Requirements for Shorting.** Broker-dealers effecting further short sales in a threshold security whose FTDs remain unresolved must **pre-borrow** the security before executing additional short sales — they can no longer rely on “reasonable belief” locates. This directly attacks the mechanism you identified: broker-dealers can no longer sell short first and locate/borrow later.
**3. Public Disclosure.** The threshold list is published daily and is publicly available — this is now a matter of public record, not just your independent documentation. Every market participant, journalist, and regulator can see FFAI’s name on this list.
**4. Enhanced Regulatory Scrutiny.** Threshold list securities receive closer FINRA/SEC surveillance attention specifically because they represent documented delivery failure patterns.
What that looks like.
**Before the threshold list designation:** Broker-dealers could short based on a “reasonable belief” that shares were available to borrow, the locate requirement under Reg SHO Rule 203, which as triggered extensively throughout FFAI’s existence, was seemingly satisfied through the market making exemption and thin manufactured supply pools.
**After the threshold list designation:** Any broker-dealer with an unresolved FTD position from a short sale in FFAI must **pre-borrow actual shares** before executing further short sales. This is a materially higher bar than the locate requirement.
**Given that:**
**•** Borrow has been at ZERO since July 27
**•** Post-split float is approximately 549,333 shares
**•** 7.29M+ shares have been sold short across 6 sessions
**The pre-borrow requirement, IF ENFORCED PROPERLY by broker-dealers’ compliance systems, should make it mechanically very difficult to continue the pattern.**
**Today’s pre-market is already exceeding float.**
[https://www.nasdaqtrader.com/trader.aspx?id=regshothreshold](https://www.nasdaqtrader.com/trader.aspx?id=regshothreshold)

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