If there have been as many shorts as you say then people are positioning for a weak quarterly. Possibility of it being weak is rising by the hour, given there have been zero good news from this company. It could easily hit low 20s in the coming weeks.
Even at 20c it would be overvalued based on no material turnaround.
For what it's worth, I think the recent pump was to maintain the price so they could issue those settlement shares. Could have been straight manipulation.
Chart, page-7528
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