Ann: Q1 FY24 Results - Zip achieves positive Group cash EBTDA, page-184

I believe the movement in the SP is primarily linked to the 41 million remaining short positions at the moment. It doesn't seem logical for anyone to maintain a short position at 30 cents or lower, especially if it was initially opened within the $14 to $2 range. Waiting for a collapse from 30 cents to 0 doesn't offer much opportunity for additional profit or hedging.The retail volume has likely dried up, so these 41 million shorts may not have enough trading volume to cover. It's more probable that automated bots are trading with day traders, which is why the selling pressure persists until the shorts are covered or genuine interest with high buying volumes returns to the market. I anticipate this will happen over the next two quarters, as the market may wait for one or two more quarterly reports to confirm positive cash flow.Super funds are unlikely to get involved until there's an index rebalancing with better ratings.

What remains to be seen is whether the shorts are covering their positions in significant volume or merely increasing them in an attempt to manipulate the share price to cover.