Ann: MSB Reports Q3 Financial Results and Operational Highlights, page-213

I am not sure how this works
The private placement on 25 April $40million, net of transaction costs,@ $0.85 ~ 47058823 shares
The Proposed issue of securities on 26 Aprilwas 77,083,607 shares @ $0.85
Reported shorts went from 49,114,091 on 24 April to 32,314,251 on 26 April to 29,832,227 on 2 May.
I presume 15m shares of the placement went directly to covering shorts. That appears to be easy money for someone.

Trading volumes

.89

.88

.91

.88

1		2 May, 2023
2	2 May, 2023	$0.89	+0.02	+2.30%	$0.88	$0.91	$0.88	2,222,534	$1,988,679
+0.02	+2.30%
3	2 May, 2023	$0.89	+0.02	+2.30%	$0.88	$0.91	$0.88	2,222,534	$1,988,679
4	2 May, 2023	$0.89	+0.02	+2.30%	$0.88	$0.91	$0.88	2,222,534	$1,988,679
5	2 May, 2023	$0.89	+0.02	+2.30%	$0.88	$0.91	$0.88	2,222,534	$1,988,679
2,222,534	,988,679
6	1 May, 2023	$0.87	+0.01	+1.16%	$0.87	$0.895	$0.865	1,812,485	$1,589,926
7	28 Apr, 2023	$0.86	-0.02	-2.27%	$0.89	$0.895	$0.855	2,767,977	$2,413,371
8	27 Apr, 2023	$0.88	+0.005	+0.57%	$0.90	$0.90	$0.87	5,374,438	$4,763,480

MSB was 4.37% shorts on 25 May 2020 share price was $4.
In Nov 2020 shorts increased to over 9% Share price reached more than $5 .
On 22 May 2023 the shorts are 28,138.036 or 3.4% of shares.
The 4 week average trading volume is 2,296,100.

So I have no idea what people holding MSB shorts now are thinking. Did they miss out on the share placement or are they betting another FDA failure.