We can see that UBS in pinning the stock down into the lower...

We can see that UBS in pinning the stock down into the lower range started today with buy side at 2.67 and sell side at 2.76
So to reverse it, one must start buying in order to force short covering.

Short selling occurred from 2.83 down to 2.68 today. Obviously UBS was frustrated the past few days at how well the stock held up despite them unloading 18% of shorts into the market.

So to me this seems like a last ditch effort to buy back stocks in the 2.70s range before they lose control

When shorts outstanding reaches around 20%, there tends to be a lack of shares to borrow for further shorts.