Although 10% of total volume has been shorted, you're not considering when the shorted stocks were sold. We can't find out, but it is more than likely that a lot of the short-sold stocks were sold at certain times when the stock seemed weak - Times where there was support, and then out of nowhere 2 million+ shares were sold, triggering substantial amounts' of stop losses/sales etc.
As I said, we can't really find out what exact times the short sales were transacted, but if you look at the charts, I highly doubt that the "90% of other holders" were selling down, and then once it was pushed down substantially, the shorters sold some "parcels". I am confident, and its obvious as to why this is most likely true, that shorters dumped huge "parcels" at times when ADN was at the brink of support on multiple occasions, and then this lead to holders stop losses and selling etc. That's the goal of shorters.. Plus the factor of the SP continuously declining and the nonsense spoken online - That would've also influenced holders' decision to sell. I personally think these holders don't really know the fundamentals behind the company, and followed the downrampers' herd - Hence, sold out.
YK
ADN Price at posting:
19.5¢ Sentiment: Buy Disclosure: Held
(20min delay)
